Coventry based automotive firm Penso will target growth after winning £4.3m in funding. The firm is set to expand to meet increasing demand for its vehicle systems.
The organisation produces technical engineering and product design for several sectors in the UK and overseas, including automotive, defence, aerospace, rail and energy industries.
The company secured £3.3m of funding from Lloyds Bank Commercial Banking and will use the funds to develop a disused plant next to its existing site.
Additionally, Penso has secured a £1m invoice discounting facility from Lloyds Banks Commercial Finance to generate cashflow.
Penso Consulting employs 168 and has a yearly turnover of roughly £9m.
The 10-year-old firm is set to invest in new machine to extend product offering to target customers in Europe, as well as, enabling it to manufacture composite lightweight structures.
Sales director Michael Collins said:
“Our business has grown considerably in recent years and we have prided ourselves on expanding Penso Consulting’s capabilities to meet demand for our quality vehicle systems from our growing customer base.
“We had simply outgrown our existing operation and, as a result of this, it was vital to extend our manufacturing plant to enable us to maximise the capacity and efficiency of our processes on site.
“Lloyds Bank has a sound understanding of the mechanics of our business and has worked closely with us to support the expansion, understanding our business strategy and growth objectives and what we were looking to achieve, and we are grateful for the bank’s support.”
Adrian Burden, relationship director at Lloyds Bank Commercial Banking, said:
“Penso Consulting is a successful and dynamic manufacturing business, providing high quality specialist automotive solutions for its extensive customer base, which span a wide range of industries.”