A Solihull finance company has opened the London Stock Exchange on the first day of trading its inaugural retail bond which raised £60 million.

Nigel Terrington, chief executive of Paragon Group, and colleagues were in the City on a landmark day for the FTSE 250 company.

Paragon, which has three offices in and around Solihull, is a specialist finance provider and acquirer of loan portfolios.

It launched its first retail bond last month and received such a high level of interest it closed the offer four days early.

Mr Terrington said: “It was a privilege to open trading at the London Stock Exchange during such an exciting time for the Group.

“We are delighted with the positive response we received from retail investors.

“We believe that strong demand for the bond demonstrates the long term strengths of our business and we are delighted to have successfully accessed a new source of finance and diversified our debt financing profile.

“Building on last year’s record profits we continue to grow our business through lending and the acquisition of loan portfolios.”

Paragon is recruiting for its customer services team in Solihull.