- Tipton manufacturer of power supply units secures £85,000 investment
- Funding boost will support the company’s cash flow during the period of interruption caused by the coronavirus pandemic
- Funding was secured from the Midlands Engine Investment Fund via delivery partner BCRS Business Loans and the Coronavirus Business Interruption Loan Scheme
A Tipton-based designer and manufacturer of power supply units and battery charging systems has secured a coronavirus funding boost from BCRS Business Loans.
PSU Designs, which has a large design and manufacturing facility in Tipton, secured an £85,000 investment from BCRS via the Midlands Engine Investment Fund (MEIF) in conjunction with the Coronavirus Business Interruption Loan Scheme (CBILS).
Although the company has a decent pre-existing order book, disruption caused by the Covid-19 outbreak has made fulfilment more difficult and as a result of this turnover is down.
PSU Designs will use the funding to support its cash flow until operations reach normal levels, safeguarding many of its jobs.
Nick Arkell, Managing Director at PSU Designs, said:
“Securing this funding boost using the CBILS scheme was an essential step in managing our cash flow during the current period of disruption caused by the coronavirus.
“We are fortunate to have a strong order pipeline confirmed with loyal blue chip companies across the world, so right now it is a case of managing overheads while our turnover is reduced until we reach a point where it is safe to return to work.
“As soon as operations return to normal, we intend to pick up growth plans of developing more orders with new and existing customers, which is bolstered by our reputation and a rare offering of custom design and manufacturing expertise to produce formally approved power supply products that meet worldwide and specific industry safety standards.”
PSU Designs uses analogue and digital microprocessor techniques to produce power supply units for industrial, medical, military and consumer electronic applications. PSU Designs’ battery charging and microprocessor control techniques have seen the company produce a range of the latest amendment EN54 power supplies for the Fire Detection Industry.
