International automotive supplier Sertec has awarded a shareholding to its Group Quality and Projects Director Peter Pugh, in a move to reward and secure his services for the future.
Part ownership will take the form of growth shares, based on the increasing value of the business.
Peter joined Sertec as a Quality Engineer when the company acquired GN Hicks in 1993 and quickly developed to become Quality Manager for the Birmingham based business. His drive and devotion to improving quality procedures saw him rewarded with a place on the Group Board in 2010.
This coincided with Sertec Birmingham earning the accolade of Jaguar Land Rovers Best Supplier for Quality Performance and being awarded JLRQ accreditation in the same year.
Announcing the provision of Growth Shares to Peter, Group Finance Director Martyn Hughes said As the shape of our business changes through growth, we need to add more pillars of strength to the solid foundations which already exist at Sertec. Peter has been a long standing and influential policy maker on quality projects within the Company and he is very much part of the succession plans for the years ahead.
Group Managing Director Dave Steggles added, Sertec is evolving to the needs and aspirations of the global automotive industry; and as we expand our international footprint, Peters stringent supervision of standards within the Group is essential to our future.
Sertecs principal shareholders decision to offer growth shares to key people within the business has been fully endorsed by investor partners The Business Growth Fund, who first teamed up with the company in February this year to inject capital to help accelerate growth.
Sertec has since opened a new Logistics Centre at Hams Hall near Coleshill for the distribution of finished goods and additionally, with extended syndicated banking facilities provided by Lloyds and Santander together with a further BGF investment, has acquired Wild Automotive, in a deal which increased the size of the business to £250 million, now employing over 2,500 people.