Tool maker and rental firm RenQuip sees gap in market
A new tool manufacturing and equipment rental company has been launched by two experienced industry professionals.
Marc Gerrard and John Morgan have established RenQuip to plug what they say is a gap in the market.
Based in Dyce, Aberdeen, RenQuip is expected to double its payroll to 10 in the next 12 months, with five-year revenue forecast to hit £6 million, while long terms objectives will see the opening of bases around the UK and overseas.
RenQuip will specialise in the design and manufacture of installation and maintenance tools for the energy industry, offering bespoke products, product sales and equipment rental.
In addition to distributing and selling its own branded OEM equipment globally, RenQuip has established agreements to act as a distributor for well-established equipment and tool brands
Mr Gerrard was previously in senior management positions at HTL Group and EnerMech, while Mr Morgan was managing director of Equalizer International. Following its acquisition, he held a management role with Enerpac Tool Group in Aberdeen.
Mr Gerrard, said: “As a result of recent corporate acquisitions and restructuring in the sector, we have identified that there is a gap in the market.”
RenQuip has the backing of energy sector entrepreneurs Doug Duguid and Michael Buchan and their investment company I7V Renewables, which provides insight, investment and support to new and emerging businesses.
Mr Duguid said: “Marc Gerrard was a highly valued member of the EnerMech management team and I am delighted that I7V Renewables are able to support him and John Morgan in launching this forward-looking business.”