A COVENTRY engineering name has been re-born after a £4.2million investment and is looking to expand.
Penso Group went into liquidation in May 2021 due to the impact of Covid-19.
Directors Jevon Thurston-Thorpe and Dave Roche contacted the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) Growth Hub as part of their plans to establish a new business in the wake of the liquidation of the previous group of companies.
The expert team at the CWLEP Growth Hub helped Penso Consultancy Ltd, Penso Composite and Penso Manufacturing secure a 29,000sq ft Technical Centre in Westwood Way, Westwood Heath.
It also helped the company receive targeted Covid-19 support from the Business Support Team at Coventry City Council which helped get the new firm off the ground.
And the three businesses have received £4.2million investment from the McDermott Group and currently employ 45 people with Darren McDermott taking office as chairman of the Group, and Iain Muir as commercial director.
Jevon Thurston-Thorpe, a director at Penso Consulting Ltd, said: “It was really difficult when Penso Consulting went into liquidation because we had built up so much expertise and relationships, and the Growth Hub and Ian Flynn from Invest in Coventry and Warwickshire helped us massively.”
He added the new Westwood Way centre was perfect for their consultancy business.
Justine Chadwick, account manager at the CWLEP Growth Hub, said it was great the hub played a part in finding a big enough space to incorporate all the different elements of the new Penso business.
“Our specialists are now on the hunt for a new base in the area to help the business realise its growth potential.”
Coun Jim O’Boyle, Cabinet Member for jobs, regeneration and climate change at Coventry City Council, said: “Coventy and Warwickshire has a rich manufacturing heritage matched only by its ambition to lead the green industrial revolution.
“But this is only possible thanks to companies like Penso who are investing in the future of their workforce with their eye on creating new job opportunities.”