West Midlands-based manufacturer, Coventry Engineering, has secured a £400,000 loan to create seven new jobs in the next three years and invest in new equipment to enable 24/7 production.
Coventry Engineering secured the funding from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group, Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
The funding will enable the company to increase the manufacturing of its precision static and driven spindle tooling, which is used in some of the world’s most demanding and high-profile industries including the medical and aerospace sectors.
The company brings together three specialist engineering businesses; Coventry Toolholder, CTL Centreline and Coventry Engineering Services. Each of these is well established in their sectors and provides machine tool builders, users and other manufacturing industries across the globe with high quality precision tooling solutions and services.
Andrew Flynn, Managing Director of Coventry Engineering, said: “We are proud to make our products using both traditional and modern manufacturing techniques. This funding will enable us to expand the modern end of our range with cutting-edge solutions, so that we can better serve our customers and continue to innovate and grow as a business. We are excited to recruit new and highly skilled professionals and are grateful to the FSE Group for guiding us through the application process which will enable this recruitment to take place.”
Chris Bailey Investment Manager at The FSE Group, which manages the MEIF Debt Finance Fund, adds: “Engineering plays a key role in driving economic growth and productivity and so we are delighted to have been able to support Coventry Engineering. The company is well placed to continue from its current success with a senior management team boasting over 30 years’ experience in the manufacturing industry. The business has a strong reputation with tried and tested applications and technology. We look forward to seeing their new products and services which will no doubt expand their client base and lead them into new sectors.”
Mark Wilcockson, Senior Investment Manager at the British Business Bank, said: “The MEIF was established to support businesses contributing to the region’s key sectors – such as manufacturing. This latest funding package will allow Coventry Engineering to increase its production capabilities and create seven new jobs. SMEs who are looking to expand, innovative or grow should consider the MEIF funding options available.
Sean Farnell, board director at Coventry and Warwickshire Local Enterprise Partnership, said: “This funding will enable Coventry Engineering to continue to invest in state-of-the-art machinery from its Exhall base as well as create new jobs. Supporting SMEs is the backbone of CWLEP’s Strategic Reset Framework since they are vital to the success of our economy.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the region.