Member Article

Coventry engineering outfit to create 100 jobs

Coventry-based Penso Consulting are aiming to expand their operations, leading to a potential 100 new jobs.

The engineering company have acquired new premises on Woodhams Road from Eco City Vehicles, and are set to adapt the building to a high-volume advanced composite carbon fibre parts manufacturing cell.

Penso hope the move will propel them to reach £25m turnover in the next 18 months, from their current £16m turnover.

Penso Finance Director Richard Owen said: “The acquisition of our premises is part of our overall growth strategy; it will allow us to modify the premises in a way we haven’t previously been able to do as a tenant.

“We believe there will be strong demand for advanced composite carbon fibre parts from automotive companies as they have to comply with stringent emissions regulations and our ability to manufacture these at high volume provides us with a distinct competitive advantage.

“We were looking for a banking partner that could share our vision for the business and support our growth plans and I’m pleased to have begun our new relationship with HSBC. I have been impressed with the bank’s desire tounderstand and work with our business.”

Funding from HSBC’s Coventry and Warwickshire Commercial team supported the move and area commercial director, Stephen Breen, added: “Penso is a great example of a modern engineering company that is striving to lead the field.

“It has enjoyed strong growth in recent years and we believe this acquisition provides the basis for further growth in the future. We are pleased to welcome the company to HSBC and look forward to working with it as it progresses.”

This was posted in Bdaily's Members' News section by Tom Keighley .