News in brief: Paragon on trail of a banking licence, Horsemeat scandal haunts Greencore, Utility Warehouse ups profits to £35m

Buy-to-let mortgage provider Paragon is applying for a banking licence to kick-start its consumer lending business.

Paragon is one of the first to apply through the Prudential Regulatory Authority. Its original buy-to-let business is booming with the mortgage pipeline at the end of March up from £100 million to £240 million. Profits rose 10% to £48.2 million.

Horsemeat scandal haunts Greencore

Ready-meals maker Greencore said today that conditions remain tough in a UK market still reeling from the horsemeat scandal. Revenues were flat at £573 million in the first half to end March but profits rose 10% to £26.5 million. Greencore made the Asda bolognaise sauce in which horsemeat traces were found in February.

Utility Warehouse ups profits to £35m

Telecom Plus, which trades as the Utility Warehouse selling cheap power and services to cash-strapped consumers, pushed up profits by 13% to £34.6 million last year as it signed up more customers. Revenues rose 28% to £601 million. Chief executive Andrew Lindsay said the quality of customers was also improving with lower bad debts and more than half taking at least four services.