PAB Coventry Ltd, based on Charter House Industrial Estate in Canley, specialises in the design, prototyping and production of sheet metal components for clients operating in the automotive, aerospace and defence industries across the UK.
In 2015, Lloyds Bank funded the purchase of a 20,000 sq. ft. site next to the business’ original premises, giving it the space for additional machinery so it could meet rising demand from both existing and new clients.
Lloyds Bank Commercial Finance has now provided an asset finance facility to buy the equipment, a second laser cutting machine. As a result, the firm’s production capacity has tripled, with its annual turnover now expected to increase by 60 per cent, from £5million to £8million in the next two years.
The business, which currently employs 62 people, now expects to hire a further seven people, with four appointments on its shop floor and three new office staff.
Mark Brazier, director of PAB Coventry, said: “The second new machine is part of our long-term vision for the business, ensuring we have the resource and capabilities to continue to grow and explore new avenues to market, as well as tap into further opportunities within our existing client base.
“Our long-standing relationship with Lloyds Bank has been an integral driver to our success, providing us with both the capital and expertise to ensure we have a platform for growth.”
Lauro Rodi, regional manager at Lloyds Bank Commercial Finance, said: “The asset-finance facility is an ideal tool to support PAB Coventry’s growth. It will enable the business to maintain a healthy cash flow while it invests in assets that will substantially bolster its production capacity, ensuring it has the resource to capitalise within the region’s buoyant industrials sector.”