Investment Backs Company Expansion Plan
A YOUNG engineering company has secured an investment of pounds 150,000 from Corus-subsidiary UK Steel Enterprise.
Pinnacle Re-Tec, set up in 2006, plans an expansion that will take it to a pounds 5m turnover in the next three to five years. The company has developed processes and technology to provide a highly sophisticated re-engineering service for companies seeking replacement components for rotating equipment.
UK customers include British Energy, Invista, Conoco Phillips, BASF, Hammerite and McCain Foods with a substantial number coming from the North, especially Teesside, and the Middle East and North Africa are growing markets.
Industries including steel, oil and gas, chemical, power, water and food processing use Pinnacle’s replacement parts for pumps, steam turbines, compressors and other equipment.
The service combines state-of-the-art 3D measuring and design software with sound engineering knowledge and process and is particularly valuable where equipment is obsolete or from an unknown manufacturer.
"We can re-engineer spares back to the original design even if they are complex hydraulic shapes or from worn or broken samples," explained Toby Heintz.
"A business mentor introduced us to UK Steel Enterprise and their input and support has been vital right from day one. In fact, we established the company in Derwentside because it is a steel area and we would be eligible for UKSE backing.
"It is not easy for young companies to attract investment from banks or venture capitalists but UKSE is very flexible because its bottom line is about creating successful businesses."
The company is planning to double both its workforce and the size of its workshop. The UKSE investment package includes an unsecured loan, some equity investment and a loan under the Small Firms Loan Guarantee Scheme Pinnacle Re-Tec can be contacted on 01207 693971 and at www.pinnacle-re-tec.co.uk
UK Steel Enterprise Ltd, a subsidiary of Corus, aims to encourage job creation and business
development in areas affected by changes in the steel industry. It helps new and growing
businesses with tailored finance packages and high quality managed business premises. The
North of England office covers the areas of Tees Valley, Derwentside and West Cumbria.
Further information from UK Steel Enterprise Ltd at:
The Innovation Centre, Vienna Court, Kirkleatham Business Park, Redcar TS10 5SH Tel: 01642
777777 or
The Innovation Centre, Queens Meadow Business Park, Hartlepool TS25 5TG Tel: 01429 239500
Email: kirkleatham@uksteelenterprise.co.uk or hartlepool@uksteelenterprise.co.uk
Website: www.uksteelenterprise.co.uk
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