A Redditch electronics manufacturer is accelerating its growth plans and creating new jobs after securing a £4.5million funding package from Lloyds Bank.
Solid State is a manufacturer of industrial computers, electronic components, antennas and secure communication systems for clients including the BBC, Boeing, Motorola and GCHQ, that need hard-wearing equipment to withstand severe weather conditions, combat or constant use by consumers.
The business, which has achieved growth alongside seven acquisitions in the last decade, has an annual turnover of £30m, and plans to double sales over the next few years.
The company plans to target new acquisitions over the next two years to add to its development capabilities, and the investment follows a £34m contract win with the Ministry of Justice for the business’ Steatite division, to supply monitoring hardware for GPS offender tagging.
The expansion is expected to create a number of new jobs within the business in the coming months, adding to its existing workforce of 140 employees.
Gary Marsh, chief executive officer at Solid State, said: “We operate in a specialist market that relies on durable yet innovative products, and we are constantly looking at ways to expand our offering to clients and secure new business.
“We turned to Lloyds Bank for support because not only did they offer a solid working capital structure, but the team’s industry knowledge and understanding of the local area was instrumental in supporting our plans.”
Darren Baker, relationship director at Lloyds Bank Commercial Banking,added: “Solid State Plc is a leading mid-market business with an ambitious management team and a clear strategy to grow the business.
“Its on-going expansion will also boost the local economy with the provision of new jobs, and we are committed to supporting manufacturers like this that are fundamental contributors to driving the UK’s economic recovery,”