CPP acquires Browns Lane site
Car production company CPP Global Holdings has signed a deal with Advantage West Midlands to purchase 23 acres of land in Browns Lane, Coventry. CPP also revealed it has applied for part-funding for the project through the Regional Growth Fund (RGF).
The Coventry-based automotive specialist signed an exclusive option agreement to purchase the site and plans to bring all its current operations in the city to the new location within five years.
The company currently operates from five sites across the city and employs around 250 staff working on component manufacturing, body-in-white engineering, prototype vehicle production and low-volume vehicle assembly.
CPP said the success of its RGF bid would be "key" to the progress of the Browns Lane project.
Founder and co-owner Brendan O’Toole said the move would allow the company to expand significantly.
He said: "This is a decisive moment in CPP’s strategy to cement Coventry’s reputation as a world-class centre of automotive excellence. In conjunction with my business partner, Vladimir Antonov, we’ve successfully and significantly grown CPP over the last few years, with further expansion planned.
"Bringing together the group’s various businesses and facilities within a single, purpose-built location is possibly the most exciting part of the entire plan."
O’Toole founded CPP 16 years ago and it currently has its headquarters at the Seven Stars Industrial Estate in the city.
John Mutton, leader of Coventry City Council, said the move was "a massive boost for the city and the local economy".
CPP said it intends to submit planning applications before the end of 2011, with the multimillion-pound redevelopment project expected to start in the second quarter of 2012.
Full details of the automotive group’s proposals will be announced when planning approvals are finalised, added O'Toole.
In January, CPP acquired Bowler, the manufacturer of all-terrain supercars and a month later signed a memorandum of understanding to acquire Spyker Cars from its holding company. That memorandum of understanding has now lapsed but CPP said it "remains confident of concluding a deal to acquire Spyker Cars".
