Mark Harnett at Lloyds Bank Commercial Banking, Mark Brazier at PAB Coventry, Julie Cranmer at Lloyds Bank Commercial Banking
The Coventry-based metal components manufacturer has received £600,000 in new machinery to capitalise
PAB Coventry supplies some of the biggest names in the automotive industry, including Aston Martin, as well as the defence and aerospace industries.
The firm 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, where PAB Coventry is a market leading supplier.
This service is supported by its traditional pressing and stamping services, which drives 50% of the businesses revenue.
The funding has enabled PAB Coventry to purchase a new pressing and laser cutting machine, which the business anticipates will improve productivity by 40% and create wider opportunities for future growth in the high-end vehicle market.
Now in its 31st year of trading, the business generates annual revenue of £8.5million and targeting accelerated growth through a three year £3million investment plan, geared towards meeting its objective of £13million revenue by 2020.
Mark Brazier, CEO at PAB Coventry, said: “It’s an exciting time to be working in the automotive industry.
“We’re seeing healthy demand from our customers at home, especially from the automotive sector, and this looks set to continue with some exciting developments in the pipeline.
“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.”
“Enabling PAB Coventry and other SME businesses to take advantage of these opportunities is part of our commitment to helping Britain prosper.”
Lloyds Bank Commercial Banking provides comprehensive expert financial services to businesses of all sizes, from start-ups and small businesses to mid-sized businesses and multinational corporations.
Since the start of 2011, Lloyds
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