A manufacturing group is expecting to create hundreds of new jobs at its bases in Birmingham and north Warwickshire after securing £20 million in new capital.
Coleshill-headquartered Sertec will use the new backing from Lloyds Bank to supports its expansion plans which have already seen it create more than 300 jobs over the past year and increase turnover beyond £200 million for the first time in its history.
Sertec specialises in a range of 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 1,200-strong business says it 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.
To secure the cashflow to fund its ongoing growth plans, Sertec used long-term banking partner Lloyds Bank Commercial which has provided a working capital facility that will help it increase capacity to meet escalating demand and grow its order book.
Sertec was established in 1962 and moved to its 120,000 sq ft 'Wincaster House' home early last year, also using funding support from Lloyds Bank Commercial Banking to support the relocation.
Martyn Hughes, group finance director at Sertec, said: "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, added: "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."
Mark Parsons, head of Midlands at Lloyds Bank Commercial Finance, said: "Sertec has enjoyed considerable growth in recent years and needed a working capital facility that would enable it to build on this success and drive further expansion.
"We worked closely with our colleagues in the commercial banking team to identify the right funding solution for Sertec and look forward to supporting the business as it continues to create multiple job opportunities for the local economy."