A DESIGN and manufacture company has secured more than £650,000 in funding after landing new contracts.
The funding for Coventry-based PowerKut will be provided in several instalments as targets are met after the firm secured contracts in excess of £400,000 to design and manufacture magnesium alloy parts for the aerospace and defence sector.
The deals included parts used in nuclear submarines and military jet programmes.
Funding has been provided by Royal Bank of Scotland with financial advice from Leamington-based Harrison Beale and Owen.
PowerKut was established in 2002 and also designs and manufactures products for the mining, rail, construction, automotive, marine, plastics and general engineering sectors.
Managing director Peter Everitt said: “Securing this investment is extremely important for us as it allows us to take on additional work rather than having to pick and choose which clients we can do work for.
“Harrison Beale and Owen has been our business advisor for almost 10 years and they were pivotal in securing this investment.
“We approached several banks but RBS were the ones who really had their ears open and were prepared to listen to what we were trying to do here.
“To be able to secure this type of funding in the current economic climate is a huge boost.”
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