19th Jul 2016 08:21
LONDON (Alliance News) - Pennant International Group PLC said on Tuesday it acquired two commercial premises in Cheltenham to expand the logistics support solutions, products and services firm's business capabilities.
In response to additional design, development and production requirements to service a "record order book", Pennant acquired two commercial premises at Staverton Connection Business Park in Cheltenham, near to the company's existing facilities.
The new premises have a combined floor space of over 8,000 square feet, which will nearly double Pennant's production space to over 20,000 square feet. The firm serves the defence, rail, aerospace and naval sectors.
It said it expects the new facilities will be fully operational by the beginning of September.
"This long-term investment provides a clear indication of our confidence in the future growth, prosperity and success of the group," said Phil Walker, Pennant's chief financial officer.
Shares in Pennant were up 6.3% Tuesday morning at 59.00 pence.
By Lucy Heming; [email protected]
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