Penso going for growth after securing funding package

COVENTRY-based engineering company Penso Consulting is aiming to break the £25m turnover barrier after securing a funding package from HSBC.

The funding has helped it with the £2m acquisition of its Woodhams Road premises and it hoping that in the next 18 months not only will it reach its turnover target but it will create 100 new jobs.

HSBC’s Coventry and Warwickshire commercial team provided a £1.4m funding package to support the acquisition, in a deal led by HSBC Commercial manager Colin Fawcett, after Penso moved its full banking relationship to the bank earlier in 2012.

David Slade of Wright Hassall Solicitors advised HSBC on the transaction.

Penso acquired the 42,000 sq ft premises from Eco City Vehicles at the end of December and will now modify the building to install a high volume advanced composite carbon fibre parts manufacturing cell. The cell is currently in research and development phase but the company plans to move to manufacturing stage within the next eight months. 

Penso was founded in 2004 and provides engineering consultancy and niche manufacturing services to the UK automotive, renewable energy, defence and aerospace sectors. Clients include Jaguar Land Rover, BAE, Fiat and Mercedes Benz, for which it provides second stage manufacturing services on the Vito Taxi.

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.”

HSBC Coventry and Warwickshire 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.”

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