A Coventry manufacturer has secured a £400,000 loan to invest in new equipment and create new jobs over the next three years.
The funding, from the Midlands Engine Investment Fund (MEIF), will enable Coventry Engineering to switch to 24/7 production and create seven new jobs over the coming years.
The company brings together three specialist engineering businesses – Coventry Toolholder, CTL Centreline and Coventry Engineering Services – all of which provide precision tooling solutions and services. It operates in a variety of sectors, including aerospace, defence, motorsport, medical, and oil and gas.
Andrew Flynn, Managing Director of Coventry Engineering, said: “We pride ourselves on manufacturing our products using both traditional and modern manufacturing techniques. This funding will allow us to expand the modern part of our range with cutting-edge solutions, so that we can better serve our customers and continue to innovate and grow as a company. »
Andrew added: “We are delighted to be recruiting highly qualified new professionals and are grateful to the FSE Group for guiding us through the application process that will enable this recruitment to take place.”
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Chris Bailey, Chief Investment Officer at The FSE Group, which manages the MEIF Debt Finance Fund, said: “Engineering plays a key role in economic growth and productivity and so we are delighted to have been able to support Coventry Engineering.
“The company is well positioned to continue its current success with a management team with over 30 years of experience in the manufacturing industry. The company has a strong reputation with proven applications and technology. We look forward to see their new products and services that will undoubtedly expand their customer base and lead them into new sectors.”
Sean Farnell, Board Director of Coventry and Warwickshire Local Enterprise Partnership (CWLEP), added: “This funding will enable Coventry Engineering to continue to invest in state-of-the-art machinery from its Exhall base and create new jobs.
“Support for SMEs is the backbone of CWLEP’s strategic reset framework, as they are critical to the success of our economy.”