Aston Martin supplier invests for growth after new funding deal
A major supplier to global automotive brands such as Aston Martin has invested in new machinery following a six-figure funding deal.
Coventry-based metal components manufacturer, PAB Coventry, has invested £600,000 in the new machinery to ensure it can continue to capitalise on the strong demand within the automotive sector.
The firm supplies high quality sheet metal components, pressings and assemblies to businesses across automotive, renewable energy, defence and rail sectors. This service is supported by its traditional pressing and stamping services, which drives 50% of its revenue.
Besides Aston Martin, the firm – which is the market-leader for its products – also supplies to Lotus and other high-end manufacturers.
The funding, from Lloyds Bank Commercial Banking, has enabled PAB Coventry to purchase a new pressing and laser cutting machine, which the business anticipates will improve productivity by 40% and create wider opportunities for future growth in the high-end vehicle market.
Now in its 31st year of trading, the business generates annual revenue of £8.5m and is targeting accelerated growth through a three-year £3m investment plan, geared towards achieving revenue of £13m by 2020.
Mark Brazier, CEO at PAB Coventry, said: “It’s an exciting time to be working in the automotive industry. We’re seeing healthy demand from our customers at home, especially from the automotive sector, and this looks set to continue with some exciting developments in the pipeline.
“The knock-on effect of the weak pound means that the demand we’ve had from our clients overseas is also thriving, and the funding we’ve received enables us to capitalise upon this window of opportunity.”
Mark Harnett, relationship manager at Lloyds Bank Commercial Banking, said: “For a business located in the heart of the thriving automotive industry in the West Midlands, the new machinery offers a means of meeting the demand of a market that is growing, in the UK and abroad.
“Enabling PAB Coventry and other SME businesses to take advantage of these opportunities is part of our commitment to helping Britain prosper.”
Pictured, from left: Mark Harnett, Mark Brazier and Julie Cranmer (Lloyds Bank Commercial Banking).
