£1M Investment For Coventry Automotive Manufacturer
27th June 2016
A Coventry-based manufacturer that provides specialist modification to vehicles in the automotive, aerospace, defence and rail sectors has received a £1million investment.
Penso City Vehicles will use the funding to invest in tools to modify the Mercedes Vito Tourer into a low emission taxi, including improving its turning circle and enabling side door wheelchair access. The deal will see the business create 20 new jobs and safeguard a further 50 in the next 12 months.
The firm, which currently employs more than 200 people at its new factory in Coventry, has more than 15 years engineering experience working with automotive firms; including Jaguar Land Rover, Aston Martin, Bentley, Ford and defence firm BAE Systems.
The funding has been provided from the £24m Tooling Funding Programme – supported by the Regional Growth Fund which is designed to help toolmakers and component manufacturers fund the design, development and manufacture of tooling or to expand their tooling capacity. Additional investment was provided from the AMSCI fund, designed to improve the global competitiveness of UK advance manufacturing supply chain clients.