Pailton Engineering in Barclays cash boost
Coventry-based Pailton Engineering has received a £400,000 cash injection from Barclays Corporate. The company said the deal was struck to support future growth following its acquisition of a Scottish company.
The asset finance and working capital deal comes after the company grew through acquisition, through which it has entered new markets in the rail industry and renewable energy markets
Pailton Engineering, which is headquartered in Holbrooks, manufacturers steering systems for the truck, construction and military sectors.
Managing director John Nollett, who won Insider's 42 under 42 Entrepreneur of the Year award this year, 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."
