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Birmingham Post
Birmingham Post
Business
Laura Watson

Coventry engineering firm gears up for growth after £4.2m investment

Coventry

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.

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