Chesterfield-based plant company SH Plant Ltd has secured support from Paragon Bank’s SME Lending Division, enabling the acquisition of two trucks through an asset finance funding amounting to £400,000.
The investment allowed SH Plant to add two Volvo articulated dump trucks to its growing fleet. Notably, one of the articulated dump trucks was acquired through an auction, with the financing agreement in place with Paragon Bank before the auction took place. This approach expedited the deal, enabling SH Plant to finalise the transaction with the auction house swiftly, completing the collection within a week.
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The second vehicle was purchased directly from Volvo, facilitated by Paragon Bank.
As a family-run business specialising in rock extraction, soil stripping, hauling, and restoration works within the quarrying industry, SH Plant is led by company Director Terry McGrael. With over 40 years of industry experience, Terry collaborates with his wife, Hazel, and daughter Rosie in managing the day-to-day operations.
Todd Auger, Business Development Manager in Paragon’s Vendor team, led the deal on behalf of Paragon’s SME Lending division, overseen by Terry Lloyd.
Terry McGrael, Managing Director of SH Plant Limited, expressed satisfaction with the collaboration, stating, “It’s been great to work with Todd and the Paragon team for the purchase of our two new Volvo articulated dump trucks that will help us to expand our business operations. We’re pleased that we were able to source the vehicles from two different suppliers, one directly from Volvo and the other via auction, and still work with Paragon to fund both.”
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By GlobalDataTodd Auger from Paragon Bank highlighted the flexibility they offer in the method of purchase. He stated, “It’s been a pleasure to work with Terry again, we’ve had a relationship with SH Plant Limited since 2021 and have helped the company to acquire various types of machinery and vehicles to support its expansion over the years.
At Paragon, we can offer flexibility when it comes to the method of purchase, therefore we were thrilled to be able to support Terry to purchase one of the vehicles at auction, helping him to agree the funds before the auction took place.”
