Harrison Clark Rickerbys supports Paragon Banking Group's acquisition of property lender
PUBLISHED: 10:14 12 July 2018
The transaction demonstrates our continued progress in diversifying the Group’s income streams into specialist lending markets.”
Highly specialised financial expertise from Harrison Clark Rickerbys (HCR) supported Paragon Banking Group’s acquisition of development finance provider Titlestone Property Finance and its associated loan book for an aggregate enterprise value of around £274million.
Titlestone provides finance for small and medium-sized residential property developers. As part of the acquisition, Paragon Banking Group has gained a c£226million lending portfolio previously owned by Oaktree Capital Management L.P via Titlestone entities.
Led by Rich Wilkey, head of HCR’s Cheltenham office and its corporate team, and Rachel Reeves, another corporate partner, the deal drew on specialist expertise from the firm’s finance and banking teams, including partners Tim Littler and Jon Whitbread.
Rich said: “Paragon Banking Group is a successful business and has been a client for some time. We have worked closely on some major transactions, but this is one of the most complex and specialised so far. The teams have worked seamlessly together to deliver a sophisticated service, which on the back of the transaction will enable Paragon to continue to grow and diversify in this sector. I am delighted that we can continue to support them in their plans for the future, they are a great client to work with.”
Richard Woodman, Paragon Banking Group’s Chief Financial Officer, said: “The transaction demonstrates our continued progress in diversifying the Group’s income streams into specialist lending markets. The UK development finance market represents an excellent long-term opportunity and Titlestone will enable us to accelerate our growth in this area.
“We appreciate the sophistication, expertise and professionalism of HCR, who worked seamlessly with our team to deliver this important transaction for the Group.”
Harrison Clark Rickerbys has 470 staff and partners based at offices in Worcester, Cheltenham, Hereford, Birmingham, the Wye Valley, the Thames Valley, Cambridge and central London who provide a complete spectrum of legal services to both business and private clients, regionally and nationwide. The firm also has a number of highly successful teams specialising in individual market sectors, including health and social care, education, advanced manufacturing, agricultural and rural affairs, defence, security and the forces, and construction.