PTI acquired by Yorkshire entrepreneur

Kevin Parkin — an entrepreneur from Yorkshire — has acquired Tamworth-based Precision Technologies International (www.ptiltd.co.uk) thanks to £1.2 million of funding from Finance Birmingham plus support from Panoramic Growth Equity and Santander Invoice Finance.

PTI has more than 50 years of experience in the manufacture of specialist precision parts across a range of sectors, including Formula One, medical, oil and gas and aerospace. The firm plans to explore new markets and to create at least 15 new highly skilled jobs, including a number of apprenticeships.

Mr Parkin, who is the former managing director of Davy Markham, said: “We are keen to retain high-quality engineering expertise in the UK, and PTI is certainly at the cutting edge of providing specialist low-volume components that are used in extremely demanding conditions. To maintain this service — from manufacturing to the testing and inspection of products — there is a demand for engineering expertise that can only be achieved by a dedication to apprentice training and a philosophy of continuous improvement.

“The superb foundations that already exist and the skills upon which this business has been developed will continue through these training schemes, and we will continue to invest in fine-tuning these capabilities. I am keen to work with our local universities and academies to source the very best talent from what I know are exceptional manufacturing and engineering departments.”