A Midlands engineering firm has expanded its operations after securing £1.2 million of funding.
Coventry-based PowerKut, established in 2002, expanded out of rented accommodation and bought two bases including a new headquarters in Coventry.
The firm, which also designs and manufactures products for the mining, rail, construction, automotive, marine, plastics and general engineering sectors,
The expansion was put in motion after the firm successfully negotiated investment with RBS, while obtaining additional top-up investment from peer-to-peer network ThinCats, organised by Ludgate Finance.
The additional funding of £170,000 has helped the firm to invest in new equipment, which will bring £100,000 of previously sub-contracted work back in house.
Peter Everitt, managing director at PowerKut, said securing the funding given the current economic climate was a huge boost to his company.
“Securing such major investments has enabled us to become the masters of our own destiny and expand in our own way and at our own pace,” he said.
“The traditional investment from RBS has given us the flexibility to invest in new property, while the alternative peer-to-peer funding has allowed us to obtain the working capital we needed to improve our services across the board.”