When Marc Gerrard left Aberdeen’s Bankhead Academy he always knew he wanted to run his own business.
As a 15-year-old he just wasn’t sure what that would be.
Now fast forward 28 years and the 43-year-old is co-founder of tool manufacturer and rental business RenQuip aiming for a £6 million revenue within the next three years.
Marc and John Morgan set up the Dyce-based business in 2021 with the backing of investment company IV7 Renewables, headed by Doug Duguid and Michael Buchan.
The duo have since gone on to see their employee headcount nearly treble in the space of two years and revenue triple.
Journey from apprentice
Marc started his working career as an apprentice mechanic at Aberdeen Tool Rental where he spent 14 years working in various positions.
He then left and joined EnerMech, which was co-owned by Doug and Michael, and worked for eight years before joining HTL Group.
Marc said: “I left school early and started working for ATR.
“When I was approached by Doug and told he was starting another business which would then become EnerMech I saw it as a great opportunity to join them both.
“At EnerMech I worked through various positions but it was always in the equipment and rental area.”
During this time Marc completed his degree in business management at Robert Gordon University.
He was then presented with an opportunity to HTL Group, also based in Aberdeen.
He said: “When the opportunity came along I was already thinking about what would be the next steps for me.
“I always wanted to have and run my own business.
“I was conscious of the fact I’d been with ATR and EnerMech for a long time. I needed to get some experience at senior management level before I took the leap myself.”
Start of RenQuip plan
Marc spent five years there but when the company got bought over by Enerpac he knew it was time to move on and start thinking about his own business ambitions.
He said: “I got a real depth of knowledge during my five years there.
“When it was bought over I stuck around for a year but six months in I realised it wasn’t for me.
“Enerpac is a New York stock exchange listed company. Really corporate and a lot of red tape to make a decision.
“That environment doesn’t fit with my nature. I’m the type of guy who likes to get things done.
“At that point I had started thinking about what the my business would look like and how it would be funded.
“Things were going through my mind but I hadn’t put anything on paper yet.”
Marc was then approached by Doug who knew he was keen to start his own business.
He said: “Doug had sold Enermech and he ultimately started I7V.
“He explained what he was going to be doing and liked what I’d done in the past.
“He asked if my ambition was still to do something for myself because I’d told him this when I left.
“I had to come up with a business plan to present to him and we’d see if we could make something happen.”
‘Potential and knew we could deliver’
Two weeks later Marc spoke to his former Enerpak colleague John who was working his notice.
John to left school and entered the world of engineering with his first appointment as a welding apprentice with British Rail.
In 2006 he joined Equalizer International a design, manufacture and distribution company focused on flange maintenance tools as engineering design manager and progressed through group engineering and operations director positions to become managing director in 2016.
Then after some time with Enerpak the duo realised they both has good ideas and put them together to create RenQuip.
Marc said: “We decided to combine both ideas to the business plan and pitch to I7V.
“Then 18 months later we started the business.
“The guys saw the potential and clearly believed we could deliver on it.”
Global ambitions
RenQuip had five members of staff by the end of the first year and is now up to 14.
In its first year of trading it finished the year 20% up on forecast which was more than £1m.
The manufacturer of hydraulic and mechanical equipment has also enjoyed substantial global expansion and recently won a “significant order” for a Saudi Arabian operator.
It also does work in other countries including USA, Canada, Australia, Japan, Qatar, Israel, Iraq and South Korea.
Marc said: “We tripled in size within the second year and have so far seen solid growth.
“Just now we are tracking above target for our third year.
“By the end of 2025 we’ll be up to 20 people and anticipate by 2027 we’ll be pushing 30.
“We are aiming for £6m revenue in next three years.”
Conversation