Automotive manufacturer Sertec has secured a £20m funding package from Lloyds Bank Commercial Banking to help fund the relocation of its new head office and investment in new equipment.
Lloyds Bank’s team based on Colmore Row in Birmingham has arranged the deal, which includes a £7m increase in trade finance facilities to support Sertec’s exposure to tool stamping imports from China. The finance package also includes term loan and asset finance facilities to fund future capital expenditure projects, and the deal takes the business’ total funding facility with Lloyds Bank to more than £38m.
Coleshill-based Sertec is engaged 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. Established in 1962, the business has an annual turnover of more than £130m and employs over 1,000 people at its head office and across its network of global operations.