RCR Contract Hire, the Coventry-based contract hire and fleet management company, is changing its name to Paragon Vehicle Contracts. The company was acquired by the NHL Group - previously known as National Home Loans - last year, which has subsequently changed its name to The Paragon Group of Companies. Businesses within the group are now being re-branded.

Paragon Vehicle Contracts' managing director Gordon Atkinson said the group had ambitious plans for the business and was using its expertise in vehicle financing and management to support Paragon Car Finance, a new venture by Paragon into the consumer automotive hire purchase and contract hire field.