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.
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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.
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