City engineering firm to create 100 jobs

Tuesday 08 January 2013 Updated: 08/01 15:44

Latest News

Buy photos » Prince Andrew with Penso managing director Daniel Hurcombe on his visit to the factory in December last year. 51.011.03.cov.jg6

ENGINEERING firm Penso is set to almost double its workforce after buying its factory.

Bosses have predicted the £2million acquisition of the premises in Woodhams Road next to Coventry Airport - where 140 are currently employed - will lead to the creation of up to 100 new jobs over the next 18 months.

It will enable the firm, founded in 2004, to modify the building to install new hi-tech equipment to produce market-leading composite carbon fibre automotive parts which is expected to boost turnover to £25million.

Finance director Richard Owen said: "The acquisition of our premises is part of our overall growth strategy; it will allow us to modify the premises in a way we haven’t previously been able to do as a tenant.

"We believe there will be strong demand for advanced composite carbon fibre parts from automotive companies as they have to comply with stringent emissions regulations and our ability to manufacture these at high volume provides us with a distinct competitive advantage."

Penso's clients include Jaguar, Fiat and BAE Systems while it also converts Mercedes Benz Vitos to meet London taxi requirements. Prince Andrew visited the factory in December 2011.

The deal to buy the factory from Eco City Vehicles was completed with £1.4million of funding from HSBC.

Area commercial director Stephen Breen described Penso as a great example of a modern engineering company.

"It has enjoyed strong growth in recent years and we believe this acquisition provides the basis for further growth in the future."

Popular »

1 Secret Santa returns again

2 Poorest families set to pay higher council tax

3 Coventry terror teen in court

4 MP fights Police Closures

5 Worst council budget cuts to jobs and services unveiled

More news »

Crime hits new low

THE year ended with the lowest crime levels

Free wifi at University Hospital

FREE wifi is now available at University Hospital.

Mayor praises award winning Severn Trent choir

THE award-winning Severn Trent choir celebrated their recent

Gaza fund-raiser pulls in huge donation

AN ASTONISHING £25,000 was raised in just one

Regional news »


Rugby Observer
Winter shelters bracing for increased demand

HOMELESS shelters in Rugby are bracing themselves for another busy ...

Solihull Observer
The countdown to Christmas has begun

THE COUNTDOWN to Christmas began in Shirley as townsfolk turned ...

Leamington Observer
School children coach evacuated on M40

SCHOOLCHILDREN were safely evacuated after smoke started to fill their ...

Redditch Standard
Cash stolen from elderly man at ATM

AN ELDERLY man had £200 stolen from him in broad ...