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July 2018
UK & Ireland, > £500m

Liberty advises the management team of Titlestone on its Acquisition by Paragon Banking Group

Liberty is pleased to announce that it has advised the management team of Titlestone, led by Robert Orr, on their acquisition by Paragon Banking Group.

Paragon Banking Group PLC has announced that it has acquired the entire share capital of Titlestone Property Finance Limited for c. £48 million.  At the same time Paragon is acquiring a portfolio of development finance loans for circa £226 million from a series of special purpose vehicle companies.  Titlestone and the SPVs are owned by funds ultimately controlled by Oaktree Capital Management L.P.

Titlestone is a leading provider of residential development finance.  It directly serves a range of small and medium-sized residential property developers and benefits from a highly regarded and experienced management team.

To date Titlestone has committed over £2.2 billion across more than 330 developments, with a strong repeat business rate and an outstanding credit record which fits well with Paragon's approach to lending.

The Titlestone Senior Management team found it very useful to have Liberty looking after our interests as negotiations progressed between buyer and seller. Mick and his Team were always available to discuss matters and overall we were delighted with their service and the outcome achieved.

Robert Orr
Managing Director of Titlstone

The management team at Titlestone have an outstanding track record and, with the support of Oaktree Capital management, built a business from start-up to a significant player in this niche lending area.  We enjoyed working with Robert, Chris and the senior management team in agreeing a future management incentive plan to allow them to grow the business further as part of Paragon.

Michael McDonagh