PAB Coventry, (
www.pabgroup.co.uk)which makes components for customers in the automotive and defence sectors, has bought a 20,000ft2 property adjacent to its headquarters on Charter House Industrial Estate in Canley, thanks to £425,000 worth of funding from Lloyds Bank. This comes after the business won a number of contracts that are set to begin next year. It will also add 21 new staff to its 67-strong workforce in the next three to four years, as it looks to expand its presence in the rail and aerospace industries.
Director Mark Brazier 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.”
Another firm to purchase premises after receiving funding is Cranage EMC Testing, which provides electrical product testing and certification solutions for manufacturers in the UK and abroad. The company, which received £540,000 in funding from Santander Corporate & Commercial, has out-grown its leased premises and is using the funding to move into a freehold property in Market Drayton.
Cranage was founded in 1992 by husband-and-wife team Keith and Pauline Richens, who have been joined by their son Mark. Mrs Richens said: “We are working closely with UKTI and Shropshire Chamber of Commerce, as well as using Santander’s Trade Portal and other tools, to better understand trade opportunities and learn more about overseas markets. After our appointment as an Authorised Testing Facility for products exported to Canada and North America, it became clear that our facilities needed to improve, so we felt it was time to purchase our own freehold premises.”