PowerKut agrees RBS investment deal
A Coventry-based design and manufacturing company has secured more than £650,000 in funding after landing several new contracts.
PowerKut obtained the investment from RBS. It will be provided in several instalments as targets are met after the firm secured contracts in excess of £400,000 to design and manufacture specialist parts for the aerospace and defence sector.
Under the contract agreements, PowerKut will create parts used in nuclear submarines and military jet programmes.
Peter Everitt, managing director of PowerKut, said: "Securing this investment is extremely important for us as it allows us to take on additional work rather than having to pick and choose which clients we can do work for.
"To be able to secure this type of funding in the current economic climate is a huge boost."
The first chunk of funding heralded the arrival of a group of new machines which will eventually see the factory increase efficiency by making time-savings of up to 80 per cent.
PowerKut was assisted by Leamington Spa and Coventry-based financial advisers Harrison Beale and Owen (HB&O) on the deal.
