New Tonbridge plant for Associated Asphalt Contracting
Associated Asphalt Contracting Ltd secure £2.6 million funding package to support launch of new site in Kent
ASSOCIATED Asphalt Contracting Ltd have 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 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, which is now operational, will create several new jobs and support the company’s expansion strategy.
The latest funding package expands Paragon’s relationship with Associated Asphalt Contracting, after Paragon provided a £2 million funding package to refinance the company’s plant at Heathrow in 2023.
This allowed Associated Asphalt Contracting to send a brand new plant to fulfil a contract overseas. Refinancing their 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 were led on behalf of Paragon by Todd Auger, business development director in the SME Lending Vendor Team. He said: ‘Associated Asphalt Contracting Ltd is an ambitious, expanding company. 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, but also enables the company to grow its turnover and expand its services.’
Sagar Bakhai, Associated Asphalt Contracting Ltd’s finance manager, said: ‘Our new plant in Tonbridge is integral to our expansion strategy, enabling us to broaden our geographical presence and offer our services to a wider range of customers.’
He added: ‘Todd at Paragon Bank has been amazing in arranging funding for multiple asphalt plants. Despite complications in our requirements, he was able to find solutions and accommodate fluctuating timescales with great communication.’
