Coleshill-based automotive manufacturer, Sertec, has secured a £20m funding to accelerate its expansion plans and create jobs.
The business has experienced substantial growth on the back of improved sentiment in the automotive sector which has resulted in significant demand from its clients, the largest of which is Jaguar Land Rover.
Sertec specialises in steel and aluminium manipulation and assembly processes, including transfer and progression presswork; tube manipulation; wire forming; deep drawing; welded and self-piercing riveted components.
The rapid expansion means Sertec’s annual turnover has reached £200m for the first time, and the business now employs 1,200 people.
It has created more than 300 jobs in the past year, and is set to create hundreds more permanent job opportunities in the coming months.
To secure the cashflow to fund the business’ on-going growth plans, Sertec turned to long-term banking partner Lloyds Bank Commercial Banking for support.
The bank’s Commercial Finance team provided the working capital facility that will help the firm upscale capacity to meet escalating demand and further grow its order book.
Sertec was established in 1962, and its head office is on Gorsey Lane. It moved to its 120,000 sqft site,Wincaster House, in early 2014 using funding support from Lloyds Bank Commercial Banking.
Martyn Hughes, group finance director at Sertec, commented: “The uplift in confidence and performance in the wider automotive sector has had a significant impact on our business, and we are employing more people than ever before, recording record turnover figures and expanding rapidly to meet productivity requirements.
“To fulfil our growth plans we needed an injection of working capital, and once again we turned to Lloyds Bank and the team provided the right funding solution for us. They have supported our business strategy from the start, and we look forward to working with the team as we continue to drive towards long-term success.”
Chris Pennick, relationship director at Lloyds Bank Commercial Banking, said: “It is ambitious mid-market manufacturers like Sertec which have a strong management team in place that are driving the region’s economic growth.
“As the business expands its workforce and productivity levels we will continue to work with Martyn and the management team to help the firm achieve its long-term growth ambitions.”