Sertec secures £20m funding package

Sertec secures £20m funding package

Coleshill-headquartered Sertec has secured a £20m funding package to support the management’s ambitious expansion plans for the 54 year old business.

The manufacturer is a key supplier to Jaguar Land Rover (JLR), producing over three million parts per week from its five operating sites in Birmingham.

The business has enjoyed significant growth over the last eight years with sales rising from £40m in 2008 to close to £200m today.

The new funding from BGF and Lloyds Bank will allow Sertec to accelerate their growth strategy and comes in addition to the £20m working capital facility provided by Lloyds Bank in August 2015.

Grant Adams, Sertec CEO, said: “Bringing BGF on board complements the strong partnership we have enjoyed with Lloyds Bank for over 50 years and allows us additional flexibility for our ambitious growth plans.

“The combination provides a well balanced source of support and funding, both now and in the future.

“Whilst we share important plans with JLR, we must also expand our customer base and extend our geographical reach into Europe.

“It is testament to our potential that this is BGF’s largest single investment in the automotive industry to date.”

The investment will facilitate Sertec’s continued expansion to support JLR’s exciting development of new vehicles such as last year’s launch of Discovery Sport and Jaguar XE and this year’s arrival of Jaguar’s new crossover F-Pace and the convertible version of the Range Rover Evoque.

The business invested heavily last year across all operating centres in new robotics, presses and site upgrades.