Coventry-based metal components manufacturer, PAB Coventry, has received £600,000 in new machinery to capitalise upon the strong demand at home and overseas from some of the biggest names in the automotive industry, including Warwickshire-based Aston Martin, with funding from Lloyds Bank Commercial Banking.
PAB Coventry supplies quality sheet metal components, pressings and assemblies to businesses across automotive, renewable energy, defence and rail sectors – customers include Lotus and other high-end vehicle manufacturers. This service is supported by its traditional pressing and stamping services, which drives 50% of the businesses revenue.
The business generates annual revenue of £8.5 million and is targeting accelerated growth through a three year £3million investment plan, geared towards meeting its objective of £13 million revenue by 2020.
Mark Brazier, CEO at PAB Coventry, said: “We’re seeing healthy demand from our customers at home, especially from the automotive sector.
“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.”