Coleshill-based Sertec — a car parts firm that serves automotive companies such as Jaguar Land Rover — has secured a £20 million finance package from Lloyds Bank to fund its growth plans.

The group undertakes a range of steel and aluminium manipulation and assembly processes, including transfer and progression presswork, tube manipulation, wire forming, welding and riveting.

Its annual turnover passed the £200 million mark for the first time last year, and the business now employs 1,200 people. It has created more than 300 jobs in the last 12 months and says that it is set to create hundreds more in the coming months.

Group finance director Martyn Hughes said: “The uplift in confidence and performance in the wider automotive sector has had a significant impact on our business. 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, so we turned once again to Lloyds Bank. 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 — with a strong management team in place — that are driving the region’s economic growth. As the business expands its workforce, we will continue to work with Martyn and the management team to help
it achieve its long-term growth ambitions.”

Pictured from left: Mark Parsons, head of Midlands at Lloyds Bank Commercial, Martyn Hughes, group finance director at Sertec, and Chris Pennick, relationship director at Lloyds Bank Commercial.