Paragon has acquired significant elements of The Camden Group from the administrators, Zolfo Cooper, in a rescue deal.

 Paragon has purchased 150 acres of land and vehicle processing facilities across two of the company’s sites at Islip and Corby in Northamptonshire.

Paragon has also acquired Camden’s stake in a joint venture in Livingston, Scotland.

The deal secures the future employment of 370 employees.

The acquisition excludes the Group’s retail division.

As such, Camden Retail will cease trading, resulting in the redundancy of 277 employees.

Alastair Beveridge, partner, Zolfo Cooper said: “In the context of recent turmoil in the automotive industry, this deal represents a positive outcome for creditors and employees of Camden Fleet Solutions.

"Paragon Automotive has an established background in the fleet industry and is well-placed to take the business forward.

“We are grateful to all staff, whose dedication and commitment has enabled us to continue trading the business throughout the administration process.”

Stephen Hucklesby, Managing Director, Paragon Automotive, said: “Our acquisition of Camden marks a major milestone for Paragon Automotive.

"We believe that this deal adds significant strength to our existing vehicle processing business, and despite the challenging trading conditions that the industry as a whole is experiencing, we have confidence that our enlarged business can weather the storm.

"We look forward to working with our new colleagues as we plan for the long-term future of our combined businesses.”

Stephen Hucklesby, Paragon managing director, said: “Our acquisition marks a major milestone for Paragon.

"We believe that this deal adds significant strength to our existing vehicle processing business, and despite the challenging trading conditions that the industry as a whole is experiencing, we have confidence that our enlarged business can weather the storm.

"We look forward to working with our new colleagues as we plan for the long-term future of our combined businesses.”

“The acquisition of Camden Fleet Solutions is good news for our existing customers as our expertise continues to grow.”