The Paragon Group of Companies PLC (PAG.L) on Wednesday announced the acquisition of further unsecured consumer loans, through its Idem Capital Securities subsidiary, from Royal Bank of Scotland PLC under the terms of a forward flow agreement.
The consideration, which is being financed from Paragon's cash reserves and which represents the value at which the acquired loans will be taken on to the Group's balance sheet, is £0.1 million.
Paragon said the investment is expected to be earnings enhancing in the current financial year. It is anticipated that there will be opportunities to make further modest acquisitions under the agreement.
The acquisition follows the announcement, on October 27, of the acquisition of a portfolio of loans from Royal Bank of Scotland for consideration of £43.2 million and the announcement, on January 10, of the acquisition of further unsecured consumer loans from Royal Bank of Scotland for £0.2 million under the forward flow agreement.
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