Paragon Bank has provided asset finance funding to specialist construction company Recycled Roadways Ltd to fund plant equipment to support the business’ growth following the COVID-19 pandemic.
Recycled Roadways Ltd provides specialist aggregate and asphalt crushing, screening and recycling services to blue chip companies nationwide. The company is part of KKB Group, which is a multi-disciplined contractor that specialises in providing niche services to the remediation, recycling, plant hire, plant sales, and civil engineering sectors.
The crushers are used to produce a wide range of mineral-based materials, often to bespoke specification. The new equipment will allow the business to fulfil a large contract based in the south of England with a leading blue chip company, where imported minerals will be processed to service their sites across the country.
Paragon Bank has an ongoing relationship with KKB Group, having supported the business for eight years, funding more than 30 assets over the last five years alone.
The funding deal was provided through the Government-backed Recovery Loan Scheme (RLS), which aims to power the recovery of businesses impacted by the pandemic. Paragon was one of the first funders to be accredited by the British Business Bank to offer the scheme.
Del Bhanot, Director at KKB Group, said: “Our business offering is multi-disciplined and complex so it’s very important for us to work with funders who understand our business model. As our business grows, it is key for our partners to have known our business pre-COVID and understand our journey and growth plans for the future.
“When we secure new contracts, it’s also vital for us to be able to secure funding for new equipment quickly, through a reliable and reputable funder that equipment manufacturers trust. We’ve worked with Paragon for around eight years now because they tick all of our boxes and know our business inside out – the team has funded multiple assets for us as a result.”
Peter Pike, Regional Sales Director for Asset Finance at Paragon, said: “This funding deal is the latest in a long list of assets we’ve financed for KKB Group over the last few years. This will allow the team to fulfil a large-scale contract processing aggregate materials across the southern region.
“Thanks to the introduction of the Recovery Loan scheme, we are increasingly able to offer solutions for innovative equipment that will help future proof businesses and transform them for the better as they focus on their post-COVID growth.”