Paragon Automotive offloaded in £105m deal

Paragon Automotive, the fleet inspection, refurbishment, storage and logistics group which has bases in Derby and Corby, has been sold to British Car Auctions in a deal worth £105m.

In what has been reported as one of the UK’s largest deals to complete so far post-Brexit, the minimum of £105m consideration, could rise a further £30m if the group hits trading targets over the next two years.

The deal was handled by the corporate team members of Howes Percival’s automotive sector group.

Founding shareholder of Paragon Robert Wilkinson said: “Howes Percival were my obvious choice as my lawyers to handle this significant transaction. They’ve acted for me for the last 30 years and as usual, I trusted them to execute and deliver a complex deal to a tight timescale, to cut through the detail and keep focussed on the big picture.

“Once again, we have achieved a superb result for the shareholders and the business and its employees.

“Howes Percival are an integral part of my team, and we will continue to work together as I concentrate on building my residential property development business, Mulberry Property Developments, into a significant house builder in the Midlands.”