- Manufacturing and engineering sector to benefit from the extended sponsorship of Advanced Manufacturing Training Centre (AMTC) by Lloyds Bank
- Lloyds Bank doubles financial investment to £10 million over 10 years
- Lloyds Bank to support training and upskilling of 3,500 manufacturing graduates, apprentices and engineers by 2024
Lloyds Bank today announces it is investing a further £5 million to fund its sponsorship of the Advanced Manufacturing Training Centre (AMTC), doubling its original commitment and bringing total funding to £10 million over 10 years.
Lloyds Bank’s extra funding will support approximately 3,500 manufacturing apprentices and engineers by 2024, equipping them with the right skills required to be at the forefront of manufacturing in the future. The funds will lead to a 350 per cent increase on the original target for training apprentices, which was made in 2015, and support the AMTC’s commitment to address one of the biggest challenges that the manufacturing sector faces – the shortage of skills.
Set up in 2015, the Lloyds Bank Advanced Manufacturing Training Centre in Coventry is a state-of-the-art training centre, designed to help fund the creation of a new generation of engineers and technicians and help to narrow the UK’s manufacturing skills-gap.
The purpose-built facility provides apprentices with a range of training and experience of real-life projects from apprenticeship programmes, through engineer up-skilling courses and graduate development programmes, including executive level training.
For employers eager to grow their business and ensure they offer a competitive advantage, the Centre’s apprenticeship scheme provides business-ready technicians and engineers who have received specialist training with the skills to make an immediate difference in their organisation.
Lloyds Bank has been actively working with the Manufacturing Technology Centre (MTC) to promote the manufacturing sector and highlight the range of skills required within the industry and the different employment opportunities in the sector. In addition, the bank actively supports clients in their drive to diversify their workforce in order to address the skills gap.
Successes to date include:
- · Over the past 4 years, over 354 apprentices and engineers have benefitted from being trained and upskilled through the support of Lloyds Bank’s investment at the AMTC, many of whom have gone on to secure careers in areas such as aerospace and the automotive industries
- · Over 250 Lloyds Bank clients have to date been supported through the partnership with the MTC
- · Over 70 clients have undertaken a bespoke programme in their factories. to improve efficiency, improve productivity or adopt new technology
- The number of female apprentices have grown from one in 2011 to 10 currently, equating to 19 per cent of the total students at the AMTC, outperforming the average in UK industry (4 per cent)
- In 2011 there were no apprentices from a Black, Asian and minority ethnic background (BAME). Today there are 16, equating to 26 per cent of the total apprentices at the AMTC, again outperforming industry averages (11 per cent nationally)
The AMTC opened its doors to its third cohort of apprentices in September, giving new recruits the opportunity to train and learn alongside some of the world’s leading experts as well as access the very latest technology in manufacturing and engineering.
António Horta Osório, Chief Executive of Lloyds Banking Group said “Our extended sponsorship, from £5 million over five years, to £10 million over ten years, will see industry benefit from three and a half thousand apprentices and engineers being trained and developing new skills. This will help address the single biggest challenge that manufacturers consistently tell us about – the shortage of skills.
“The apprentices and skilled engineers who emerge from these world class training facilities play a central role in helping to drive up the productivity of the nation. They will be part of broader efforts to rebalance our economy – a more dynamic, open economy that is backed up by long-term investment in infrastructure, skills, science and the latest technology.”
Dr Clive Hickman, MTC chief executive, said he welcomed Lloyds Bank's commitment to manufacturing, and in particular the bank's ongoing sponsorship of the AMTC.
"The training centre is developing vital skills which are seeding industry in the region and far beyond, bringing on the next generation of manufacturing engineers and technicians. During their time at the AMTC they work on real projects gaining invaluable skills needed by UK manufacturing industry," he said.
He added, “The skills shortage has been an ongoing issue for manufacturing. Since the AMTC was established hundreds of apprentices and engineers have been trained and up-skilled, and are now working in the aerospace, automotive, defence, medical and process industries, filling vital roles."