A R Banks

Hampshire-based heavy haulage and lifting specialist AR Banks is set to expand its fleet after securing funding from Paragon Bank.

The Southampton-based firm, which provides HIAB crane hire and lift services, has secured over £290,000 to acquire a Scania 500 8x2, equipped with a rear mount lorry loader.

The new acquisition 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.

AR Banks specialises in the engineering, marine, rail, aviation and construction industries throughout the UK and Europe. It has an operating licence for 15 trucks and 15 trailers.

Founded in 2011 by Stuart Banks, the company provides a 24/7 response service to clients throughout the UK.

Banks said: “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.

“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.”

Steve O’Reilly, Paragon SME lending business development manager for the South East, added: “Steven O’Reilly: “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.

“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.”