A Coventry engineering firm which went into liquidation last year has set its sights on growth after receiving a £4.2 million investment.
Penso Group, which was based in Woodhams Road off Siskin Drive, went into liquidation in May 2021 due to a combination of factors including the fall in demand for production of new aeroplanes and taxis and and a global shortage of semi-conductors.
The group of companies - Penso Consultancy Ltd, Penso Composite and Penso Manufacturing - was bought out of liquidation by the McDermott Group which ploughed £4.2 million into the business. As part of the deal Darren McDermott took up the role of chairman of the group and Iain Muir took office as commercial director.
At the same time, Penso also received support from the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) Growth Hub to secure a 29,000 sq ft technical centre in Westwood Way, Westwood Heath.
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Now bosses at the company - which employs 45 staff - have revealed they are eyeing up future growth with plans to create dozens of new jobs in 2022.
Jevon Thurston-Thorpe, a director at Penso Consulting, said: "We expect to see significant growth in the business in the next 12 months and hope to employ around 100 plus staff across the three businesses by the end of next year.
"The McDermott Group has brought in new capabilities that we didn't have in the past, as well as the huge investment, and our mission is to grow Penso to exceed the size of business we were previously."
Justine Chadwick, account manager at the CWLEP Growth Hub, said: "Coventry and Warwickshire has a global reputation for its expertise in the automotive sector whether that is in skills or manufacturing which is playing a part in Penso's plans for the future.
"It is great the Growth Hub has played a part in finding a big enough space to incorporate all the different elements of the new Penso business and our specialists are now on the hunt for a new base in the area to help the business realise its growth potential.
"We are also making sure they are aware of all the networking opportunities that are available which is key to strengthening all aspects of the business."
Councillor Jim O'Boyle, cabinet member for jobs, regeneration and climate change at Coventry City Council, added: "It's great to see Penso back with their strong ambition in the rapidly growing green automotive sector.
"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."
