Associated Asphalt secures funding from Paragon Bank

Associated Asphalt Contracting Ltd has secured a £2.6 million funding package from Paragon Bank’s SME Lending team to support the launch of a new site in Tonbridge, Kent.

The company has recently completed the installation of a brand-new Parker Roadstar 1500 mobile asphalt plant on their new site in Smithers Lane, East Peckham. The new centre will focus on supplying businesses in the Tonbridge area with asphalt for a range of uses, including highways and civil engineering projects.

Associated Asphalt Contracting Ltd is a high-quality civil engineering enterprise offering fully comprehensive solutions to the highways, airfield and construction sectors. The company was established in 2014 and has seen significant growth in recent years.

The new site will create several new jobs and support the company’s expansion strategy. The site is now operational.

The latest funding package expands Paragon’s relationship with Associated Asphalt Contracting Ltd. Paragon provided a £2 million funding package to refinance the company’s plant at Heathrow in 2023, enabling the firm to send a brand-new plant to fulfil a contract overseas.

Refinancing its existing plant has given the company the flexibility it needs to work on overseas contracts, with a new contract already in the pipeline.

Both deals have been led on behalf of Paragon by Todd Auger, Business Development Director in the SME Lending Vendor Team.

He added: “Todd at Paragon Bank has been amazing in arranging funding for multiple Asphalt Plants. Despite complications in our requirements, he has been able to find solutions and accommodate fluctuating timescales with great communication.”

“We are pleased to have supported the business with funding across two of its asphalt plants, including this new site in Kent. This not only creates new jobs and supports the local economy, it also enables the company to grow its turnover and expand its services