Paragon Group of Companies buys more RBS loans

10th Sep 2012 15:03

The Paragon Group of Companies has purchased further unsecured loans through its Idem Capital Securities subsidiary from The Royal Bank of Scotland under the terms of a forward flow agreement.The consideration, which is being funded through the firm's cash reserves, totals £25,000, representing the value at which the acquired loans will be taken on to the group's balance sheet. Paragon previously purchased a portfolio of loans from The Royal Bank of Scotland for £43.2m, under an agreement which included subsequent announcements of further modest acquisitions of unsecured consumer loans from time to time. The company expects this latest acquisition to be earnings enhancing in the current finanial year. The share price fell 2.25% to 200p by 15:19.NR