PAB Coventry, which makes components for clients in the automotive and defence sectors, secured £425,000 from Lloyds Bank to buy a 20,000 sq ft property adjacent to its headquarters on Charter House Industrial Estate in Canley.
It comes after the business secured a string of contracts that are set to begin in 2016. It will also add 21 staff to its 67-strong workforce in the next three to four years as it aims to expand its presence in the rail and aerospace industries.
Mark Brazier, director at PAB Coventry, said: “We have experienced a strong demand for our products, which looks set to continue thanks to the new contracts we have secured, but our existing premises didn’t have the space for us to grow our operations to the extent we need.
“The support of Lloyds Bank was instrumental in the purchase of the new site, which will allow us to accelerate our expansion plans. The move will also give us the capacity to grow the business by exploring different avenues of opportunity in the rail and aerospace industries.”
Mark Harnett, relationship manager at Lloyds Bank Commercial Banking, added: “Manufacturing businesses like PAB Coventry are integral to driving economic growth in the region, and the investment in a second premises marks an important milestone for the business in enabling it to continue to build on its success and take on new work.”
P.A.B. Coventry Ltd
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