Liquidated engineering group receives £4.2m of investment

Following a £4.2m investment, Coventry engineering firm Penso Group is ready to expand.

The company went into liquidation in May 2021 due to a fall in demand for the production of new aeroplanes and taxis and a shortage of semi-conductors required to produce lightweight pods for the home delivery sector.

The group of businesses – Penso Consultancy Ltd, Penso Composite and Penso Manufacturing received a £4.2 million investment from the McDermott Group. Darren McDermott has taken office as chairman of the group, and Iain Muir as commercial director.

Employing a total of 45 people, the company aims to take on 100 more staff.

The directors of Penso, Jevon Thurston-Thorpe and Dave Roche have also contacted the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) Growth Hub in an effort to establish the new business.

CWLEP Growth Hub has helped the group secure a 29,000 sq ft technical centre in Westwood Heath.

Jevon Thurston-Thorpe, a director at Penso Consulting Ltd said: “It was really difficult when Penso Consulting went into liquidation because we had built up so much expertise and relationships.

“We are also driving to grow Penso Composite specialising in lightweight structures and pressed formed carbon fibre, and with Penso Manufacturing

“We are really hoping to grow our low and zero-emission purpose-built taxi production together with launching a range of ‘Penso Bespoke’ products that will leverage our unique skills.”

Justine Chadwick, account manager at the CWLEP Growth Hub, said: “Coventry and Warwickshire has a global reputation for its expertise in the automotive sector whether that is in skills or manufacturing which is playing a part in Penso’s plans for the future.