UK-based car component manufacturer Sertec Group Holdings has received £20m ($28.3m) in investment from the bank-backed British Growth Fund (BGF) and financial services firm Lloyds Bank.
Lloyds, which provided the capital through its Lloyds Bank Commercial Banking division, previously supplied Sertec with £20m in working capital in August 2015, having previously provided it with £38m up to March 2014.
Sertec manufactures more than three million aluminium and steel car parts each week using processes like presswork, tube manipulation, welding and wire forming for clients such as Jaguar Land Rover, Ford and Volvo.
The company said the latest funding would help accelerate growth plans. It is working on new launches for vehicles such as the Discovery Sport, Jaguar XE and a convertible version of the Range Rover Evoque.
As part of the deal, Mike Baunton, chairman of auto parts maker VTL Group and trade body The Society of Motor Manufacturers and Traders’ Industry Forum, has taken up a position as non-executive chairman of Sertec‘s board.
The deal coincides with the announcement that the Mosedale family, who founded Sertec, are retiring from the business after 54 years.
Barclays, HSBC, Lloyds, RBS and Standard Chartered established BGF in 2011 to help small and medium-sized businesses actualise their growth plans.