Brands Hatch Performance expands offering with new financing facilities from Paragon Bank

Kent-based automotive firm Brands Hatch Performance (BHP) says it has been able to expand its products and services thanks to an invoice and asset financing facility from Paragon Bank.

BHP worked with Paragon’s SME lending division to secure five-figure financing to expand its manufacturing capability so it can make parts for the growing car restoration market and improve delivery times.

In addition, a credit line facility was established for customers to provide them with greater choice over payments.

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BHP’s managing director Morgan Gaskin, said: "We are passionate about providing our customers with the highest standard of service and products and thanks to the introduction of our manufacturing and credit line facilities we are now pleased to offer an enhanced range of services.

"The pandemic provided us with the opportunity to evaluate our operations and develop new ways of supporting our customers.

"As people increasingly chose to work at home on their vehicles, we needed to supply them with a growing number of replacement parts while supply chains were quickly decreasing in capacity fast. It provided us with the impetus to start manufacturing in-house so that we could better serve our growing customer base.

"Paragon shares our vision for Brands Hatch Performance and the growth potential created by the evolving market and customer needs.

"They took the time to understand our ambitions and delivered invoice and asset financing solutions that will provide customers with an enhanced service and greater choice."

Commenting on the credit line facility, Adrian Taylor, Paragon’s head of invoice finance, said: "I’m delighted that Paragon has helped Brands Hatch Performance to increase payment options for their customers.

"Through providing credit line facilities, customers now greater choice over how to acquire parts and services they need – and as SME specialists, it is fantastic to see a thriving business grow from strength to strength."

Paragon Bank is a subsidiary of Paragon Banking Group - a FTSE 250 company based in Solihull in the West Midlands.