Insider Media Limited

Birmingham manufacturing company Sertec Group Holdings has secured a trade finance package from Lloyds Bank Corporate Markets. The multi-million pound deal will support the group as it manufactures specialist car parts for Coventry-based car giant Jaguar Land Rover (JLR).

The new deal, which includes a trade finance facility encompassing import trade finance and letters of credit, is anticipated to secure jobs in the local area for the next ten years.

Simon Hayden, trade finance director for Lloyds Bank Corporate Markets in Birmingham, said: “Sertec has been an important player in the West Midlands automotive industry for nearly 50 years and already manufactures parts for every vehicle in the Jaguar Land Rover range.

"Historically, when the group has required new tools to manufacture parts it has pre-funded these programmes itself. But our new package enables Sertec to purchase the tools it requires without tying-up short-term cash flow, minimising the group’s exposure to risk.

Sertec’s new contract win with Jaguar Land Rover is one of the company’s biggest to date, with initial order releases nearing £10m in sales output.

Chris Pennick, relationship director for Lloyds Bank Corporate Markets in Birmingham, said: This deal is an excellent example of how the bank can draw on colleagues in specialist banking fields to tailor new financial packages as and when our customers need them and we’re very happy to have been able to support and help protect future manufacturing at Sertec.

"The automotive and manufacturing sectors are key to the economic success of Birmingham and the surrounding area.”

Established in 1962 by three tool makers, Sertec Group Holdings today has a turnover in excess of £50m and employs more than 400 staff.