Pictured above: Richard Fray and John Nollett
An award-winning Coventry engineering firm has received a cash
injection from Barclays Corporate to support further growth.
Pailton Engineering Ltd, named manufacturer of the year in this
year's Coventry Telegraph Business Awards, is being backed by
Barclays Corporate with a £400,000 asset finance deal and
working capital facilities.
This follows the winning of a number of new orders which have
been secured by the Holbrooks-based company who manufacture
steering systems for the truck, construction and military sectors.
The company has also recently opened up new markets in the rail
industry and renewable energy markets through a recent acquisition
in Scotland.
Managing Director John Nollett said: "The economic downturn has
had an adverse affect on a number of industries, some of which were
key to our business. I am a strong believer that UK engineering is
one of the best in the world and our strategy to diversify into new
markets, as well as continuing to invest in new technology and
training, has paid off and has resulted in new orders for the
business. I am pleased that Barclays Corporate shared our vision
for the business and has continued to support us with our latest
growth strategy.
The business, which was established in 1969 by John's
grandfather, is no stranger to diversification. The company first
made precision tools for what was then a booming motor industry in
Coventry. During the 1980's and the consolidation of the supply
chains within the manufacturing sector, Pailton decided to focus
its efforts on steering systems.
Richard Fray, Relationship Director at Barclays Corporate in
Warwickshire said: Pailton Engineering is a great example of a UK
manufacturing business which has not only weathered the economic
downturn but has grown over the period by optimising opportunities
to diversify into new markets. They have enjoyed tremendous success
within the military industry which has seen the company win a
number of new orders which has put the company in a strong
financial position. John's insight has been invaluable which has
not only secured jobs but created new ones and I am delighted that
Barclays Corporate has been able to work with Pailton on their
latest expansion."