Consett reverse engineers land six-figure investment

Consett-based reverse engineering firm Pinnacle Re-Tec Ltd has secured a six-figure investment to increase capacity at its North East base.

The investment from the Finance for Business North East Technology Fund, managed by IP Group plc, will enable Pinnacle to service larger contracts from the Middle East, Far East, Africa and Europe.

Pinnacle is one of only a handful of businesses in the world with the capability of reverse engineering complex parts and assemblies by original equipment manufacturers (OEMs), often improving and enhancing these during the rebuild, creating time and cost savings for clients.

Toby Heintz, managing director of Pinnacle Re-Tec Ltd, said: “It can be very costly for users of large industrial pumps to go back to the OEM for a spare part. As such, we developed the idea of an independent measuring service that relies on a mix of modern and traditional technology to re-engineer and manufacture parts, with the added capability of identifying and addressing any weaknesses in the original design.

“The technology provides detailed information which is combined with the know-how of our engineers in order to overcome breakdown and repair issues economically and efficiently. This is critical when you take into consideration the markets we work in – the pumps we deal with are not off the shelf products and are used in power stations, oil refineries and other sites of that type of scale. What we are finding is that we are able to beat the OEM on delivery times and bring down the prices quoted by a significant percentage.”

Ian Wilson, investment manager at IP Group plc, which manages the Finance for Business North East Technology Fund, added: “As a company carrying out skilled engineering and manufacturing in the region, Pinnacle Re-Tec Ltd is a great example of the kind of business we work hard to attract and invest in. It has ambitious growth plans, a strong management team and proven customer base, as well as established revenue streams.

“The team has very niche reverse engineering expertise and this investment is giving them the working capital needed to push ahead with their growth plans.”