6:57 pm, March 4, 2009
PARAGON has acquired a large part of Camden Group from administrators, it has announced.
The UK’s leading fleet vehicle processing and captive fleet management company has snapped up significant elements of the group from administrators, Zolfo Cooper, in a rescue deal for an undisclosed sum.
As part of the deal, Paragon has purchased 150 acres of land and vehicle processing facilities across two of the company’s sites at Islip and Corby in Northamptonshire.
Paragon has also acquired Camden’s stake in a joint venture in Livingston, Scotland. Paragon says the deal will secure significant employment.
Camden Group Services, formerly known as Camden Corporate Fleet Services, went into administration last month.
However, administrators have said that Camden Retail will close – resulting in the loss of hundreds of jobs.
The group was created last year and contained two distinct operating divisions – Camden Fleet Solutions providing a range of services for the fleet sector and Camden Retail operating the company’s Ford, Vauxhall, Renault and Nissan retail outlets as well as Camden CarStore, the company’s independent used car centre based in Milton Keynes.
Paragon managing director Stephen Hucklesby said: ‘Our acquisition marks a major milestone for Paragon.
‘We believe that this deal adds significant strength to our existing vehicle processing business, and despite the challenging trading conditions that the industry as a whole is experiencing, we have confidence that our enlarged business can weather the storm.
‘We are committed to providing and delivering quality to all our customers at all of our sites. The acquisition of Camden Fleet Solutions is good news for our existing customers as our expertise continues to grow.’
The company has recently launched Paragon Remarketing, a clever new online auction service for car dealers. Car Dealer has featured the new venture extensively. Read more here.
