The Paragon Group of Companies plc has acquired a portfolio of closed UK consumer credit card receivables from MBNA Europe Bank Limited.

The cost, will be taken on to the group’s balance sheet, is £55.7 million.

The acquisition is expected to be earnings enhancing to Paragon in the current financial year.

Nigel Terrington , chief executive of Paragon, said: “We are extremely pleased to announce a further significant portfolio acquisition through our investment division