Bank backs £50m turnover auto firm to fulfil JLR contracts
A STAFFORDSHIRE aluminium die casting manufacturer supplying to the automotive industry has installed new machinery to support contracts with Jaguar Land Rover and Bentley.
Tamworth-based JVM Castings, which has an annual turnover of £50m and employs more than 450 people, produces metal parts for a variety of clients in the automotive sector.
Due to such strong contracts, the company was able to secure the backing of Lloyds Bank Commercial Banking in its quest to re-equip.
Recent figures from the Society of Motor Manufacturers and Traders show that more cars were produced in the first half of 2016 than any year since the millennium. This uplift has led to a growing demand for JVM Castings’ products.
In order to streamline its manufacturing process and increase the volume of die casting parts it produces – including engine bodies and brackets – the firm recognised the need to install new machinery.
The firm has banked with Lloyds for more than a decade so made the approach and explained why it needed the funding. The agreed finance package enabled the purchase of new equipment, which was bought using a working capital facility.
Wayne Murcott, managing director at JVM Castings, said: “As activity in the automotive sector has escalated in recent years, so has the demand for the die castings our company makes.
“We have the skills and product range to capitalise on this, and the new machinery will allow us to stay competitive and meet increased client demand.
“Lloyds Bank has fully supported our decision to invest in new machinery, allowing us to accelerate our growth plans and ensure our production processes are more efficient.”
Kelly Henney, director of mid-markets at Lloyds Bank Commercial Banking, said: “Having worked with the firm for two decades, we understand how the changing manufacturing and automotive space has a direct impact on the success of the business.
“JVM has gone from strength to strength, and investing in new machinery is a natural step towards further progression.
“We are committed to supporting the growth of ambitious mid-market businesses like JVM Castings that are driving long-term sustainable growth and bringing skilled job opportunities to the region. I look forward to working with them again in the future.”
