Lloyds TSB Commercial Finance in Birmingham has demonstrated its commitment to its long standing customer Sandwell Castings by arranging a finance package to enable the management team to buy the business from administrative receivers.
The 120 jobs saved are all based at the company’s foundry in West Bromwich where it manufactures aluminium and copper castings for customers in the automotive and heavy vehicles industry.
The management team, led by joint managing directors Martin Allport and Steve Lloyd, were keen to undertake the buy-out of the 60-year-old business. Having spent a collective 40 years with Sandwell Castings, they were well placed to recognise the value of the company’s technical skills and experience in the industry.
Fellow directors Peter Green, sales and marketing director and David Blackmore, finance director complete the new management team.