ASTON MARTIN SUPPLIER IN LLOYDS BANK FUNDINGUncategorized
A Coventry-based metal components supplier to Aston Martin has received £600,000 to buy new machinery after experiencing strong demand at home and overseas.
PAB Coventry supplies quality sheet metal components, pressings and assemblies to businesses across automotive, renewable energy, defence and rail sectors. It received the funding from Lloyds Bank Commercial Banking.
The cash has enabled the company to purchase a new pressing and laser cutting machine, which the business anticipates will improve productivity by 40 per cent.
Now in its 31st year of trading, PAB generates annual revenues of £8.5m and has targeted accelerated growth through a three-year £3m investment plan, geared towards meeting its objective of hitting a turnover of £13m by 2020.
Chief executive Mark Brazier said: "Its an exciting time to be working in the automotive industry.
"Were 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 weve had from our clients overseas is also thriving, and the funding weve received enables us to capitalise upon this window of opportunity."
Mark Harnett, relationship manager at Lloyds Bank Commercial Banking, said: "For a business located in the heart of the thriving automotive industry in the West Midlands, the new machinery offers a means of meeting the demand of a market that is growing, in the UK and abroad.
"Enabling PAB Coventry and other SME businesses to take advantage of these opportunities is part of our commitment to helping Britain prosper."