IN THE NEWS
COVENTRY ENGINEERING FIRM PENSO, CONVERTER OF MERCEDES VITO TAXI, GOES INTO LIQUIDATION
Coventry engineering firm Penso Consulting, which converted the Mer- cedes Vito taxi, has been liquidated and around 100 staff made redundant. According to the Coventry Telegraph, staff were informed the engineering consultancy was being liquidated and that they were being made redundant on Monday May 17. An announcement was made by direc- tors and staff were subsequently given a letter containing the announcement and confirming their redundancy, signed by MD Dave Roche and opera- tions director Jevon Thurston-Thorpe. The letter stated that the business had been hit hard by the coronavirus pan- demic and its impact on the global automotive and aerospace industries. It said: “As you will be aware, at the beginning of last year, the impact of
the global pandemic saw the immedi- ate cessation of demand for all of the principal activities of the group. “Automotive OEMs cancelled new vehi- cle developments, the aerospace industry cancelled all new aeroplane production and the demand for new taxis dropped to zero, as a result of lockdowns and travel restrictions.” The directors’ letter said that the com- pany responded to the downturn by bringing to market the lightweight Pod for the home delivery market but that a further blow had been the semi-con- ductor shortage that has led to a slowdown in the automotive industry. It said: “As a result a number of OEMs have stopped production, which has had a direct impact on the ability of the group to generate Pod sales. “With the business already facing sig-
nificant financial pressure as a result of the pandemic, the additional financial requirements caused by the semi-con- ductor shortage has meant that significant additional cash would be required to secure our future. “Therefore with no immediate alterna- tive funding available, we have no option other than for the group to enter insolvency proceedings today.” The letter added that the decision had “not been taken lightly” and all alterna- tives to liquidating the business had been “taken into great consideration”. Also that the board of directors “have tried our very best to keep the business trading”. The letter ended by directing employees to information on claiming statutory pay- ments and thanked workers for their service and contribution to the company.
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