AR Banks, the Hampshire-based heavy haulage and lifting specialist, has announced it will be expanding its fleet after securing funding from Paragon Bank. This is the latest in a series of funding arrangements between AR Banks and Paragon’s SME Lending division, which across the last six years now totals over £620,000.

“Thanks to the funding support provided by Paragon and the arrival of a new Scania 500, equipped with a rear mounted lorry loader, to our fleet, we can now not only provide our customers with greater flexibility, but also increase the volume of business we are able to undertake,” said Stuart Banks, who founded the company in 2011.

“Working with Paragon for many years, we continue to be impressed over their commitment to understanding our business, our requirements, and supporting our growth as we expand the range of our services. We look forward to continue working with Paragon in the years ahead.”

In total over £290,000 were secured to acquire a Scania 500 8×2, equipped with a rear mount lorry loader. AR Banks specialises in the engineering, marine, rail, aviation and construction industries throughout the UK and Europe, with an operating licence for 15 trucks and 15 trailers.

“A thriving haulage sector is essential to the UK economy, with countless businesses depending on them to ensure the smooth running of their operations – and it is vital that haulage firms can expand to meet the demand and requirements of their clients,” added Steve O’Reilly, Paragon SME Lending Business Development Manager for the South East.

“Building longstanding relationships with fantastic businesses is at the core of what we do, and through working closely with A R Banks over recent years, I have been delighted to see the business grow and the benefit that Paragon funding has brought to them and the wider UK economy,” he concluded.