Case Study – Paragon Services
How we helped fast-track Paragon’s growth
Having taken his business from a lockdown start-up to a respected scaffolding and access agency, Josh Allwood of Paragon Services defied the pandemic to achieve rapid growth. In fact, the business reached a turnover of £4.1 million in its second year.
Josh initially set up alone, ready to offer a variety of opportunities for contractors and armed with plenty of pre-existing relationships gained from his years of industry experience. But he needed a back office that could keep up with the big influx of business that he had in his sights.
Launching in lockdown
Although Paragon was well placed to progress quickly on the client front, they teamed up with a supporting agency who provided the financial backing – including for an office – to help get things off the ground. But they needed more security in the form of a funding partner and back office support, to give them the flexibility and freedom to grow.
So, Josh wasted no time in searching for a reputable service that could offer him exactly that. After communicating with Shelagh Ward, Josh and the team formed a strong lockdown relationship, which laid the foundations for his recruitment expertise to realise its full potential.
Starting with week-to-week invoice funding, we freed up cash flow across Paragon’s rapidly expanding client base. Further financial support was also made available to help with monthly bad debt payments. And to protect Josh against further risk, we introduced him to a trade credit insurance provider. This helped him manage credit limits and keep tabs on any clients that were close to exceeding theirs via regular email notifications.
We also assisted with Paragon’s back office admin tasks, along with efficient payroll processing to give them the peace of mind to focus on acquiring new business. And although Josh was clear on how he wanted things to run, our approach of always putting Paragon’s best interests at heart was much appreciated – even if it meant challenging the norm. It’s this care and support that helped him to outgrow his initial supporting agency, set up independently, and take on more staff.
By going above and beyond with advice and application, Shelagh and the team helped take Paragon from an initial £10,000 monthly turnover to £4.1 million in year two. Now with total control over his business, Josh’s one-man band has extended to a five-person team, with approximately 130 contractors under his wing.
In just two years, our flexible funding and back office support has empowered Josh’s expertise to flourish. Looking ahead, Paragon plans to double their internal staff as well as expand on their Yorkshire base with a new London office. They anticipate a £13 million annual turnover within the next five years.
We have no doubt that Paragon Services is destined for continued growth, and we look forward to supporting them on this journey.
—“We work very closely together. It’s a great partnership, and I’ve got where I am because of them.” – Josh Allwood, Managing Director at Paragon Services