Paragon Bank continues to support UK SMEs, providing a funding package of £865,000 to Nuneaton-based demolition specialist, AR Demolition Ltd.
AR Demolition approached Paragon for support in order to update some of its fleet with the latest machines and equipment to ensure that the business remains at the forefront of the sector. The funding package of £865k enabled the business to purchase three new excavators and two Scania trucks, with full warranties in place, and also assisted with cash flow.
This funding was particularly key in supporting the business through the ongoing Covid-19 pandemic.
Matthew Munro, Finance Director at AR Demolition, said: “The support from Paragon’s Construction Finance team has given us the security we needed and has provided us with fixed cashflows for the next five years or so, which will enable us to manage current capacity levels comfortably.
“Paragon’s team is great and is very knowledgeable about our industry. Having met with various funders in the three years that I have been with AR Demolition, Paragon was the first one that knew more about the assets than I do!
“We experienced a challenging period, coming off the back of a tricky year and the ongoing pandemic, yet Paragon’s Construction Finance team was able to understand and articulate our situation very quickly and put a case together based on our history, current situation and future aspirations.”
Terry Lloyd, Head of Construction Finance at Paragon, said: “I’m really pleased that we have been able to support AR Demolition through the uncertainties of the ongoing Coronavirus pandemic and provide the business with some stability entering 2021.
“Over the past year, it has been our priority to support our customers and our team’s specialist knowledge of the sector has enabled us to work closely with AR Demolition to fully tailor our support to suit the needs of the business.”
AR Demolition is a leading demolition specialist and family-run business, carrying out a wide range of projects for a variety of clients, from large-scale industrial demolition to groundworks.