Acquisition of Portfolio

RNS Number : 2386U

Paragon Group Of Companies PLC

19 December 2011

 



RNS Announcement

Acquisition of portfolio

The Paragon Group of Companies PLC ("Paragon") is pleased to announce the acquisition of a portfolio of closed UK consumer credit card receivables from MBNA Europe Bank Limited.

The consideration, which is being financed from Paragon's cash reserves and which represents the value at which the acquired receivables will be taken on to the Group's balance sheet, is £55.7 million.  The acquisition is expected to be earnings enhancing to Paragon in the current financial year.

Commenting on the acquisition, Nigel Terrington, Chief Executive of Paragon, said: "We are extremely pleased to announce a further significant portfolio acquisition through our investment division, Idem Capital.  This is the seventh portfolio that has been acquired by Idem and brings the total investment to date to £145.2 million.  Portfolio acquisitions have become an increasingly important part of the Group's activities and Paragon's track record of loan servicing, risk management and portfolio investments position it well to exploit similar opportunities as they arise in the future."

For further information, please contact:

Nigel Terrington, Chief Executive

Nick Keen, Finance Director

Tel: [phone]

 

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