Multimodal distribution terminal in Bristol is part of expanding West Midlands as Penso indicate

This funding exemplifies the confidence that investors have in the area. It helps predict an optimistic 2013, one where growth and expansion will play a major role in all industries and businesses.

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.

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. 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.”

This is yet another piece of news proclaiming growth and expansion in the Midlands and one that supports a future that investors will be interested in. This is excellent news for the whole area and will have a knock on beneficiary effect.

Source: The Business Desk