In the latest edition of Aycliffe Business, we sat down with Durham Precision Engineering and MD Peter Coates…
Name: Peter Coates
Position: Managing director and owner
Company/organisation: Durham Precision Engineering
Age: 52
From: Brought up in Esh Winning originally and then Spennymoor
Lives: Ferryhill
1: What was your favourite subject at school?
A: Woodwork, back then there was no sort of design and technology classes, so I guess looking back woodwork was the draw for a budding engineer.
2: Who was your childhood hero, and why?
A: The Bionic Man (Lee Majors). What he couldn’t do wasn’t worth doing! I always tried doing things instead of saying to myself I couldn’t, If I tried and failed then at least I had tried!
3: How did you get to where you are now?
A: I began as an apprentice toolmaker and having a family at a young age (19) made me knuckle down and provide for my family instead of going out and spending my hard-earned wages. I quickly progressed from apprentice to qualified, to design engineer, to senior engineer and eventually senior manager by the age of 30. I put all that down to having the responsibility of a family at a young age. A career move provided the opportunity to get into business ownership via a buy out from administration and then I progressed to acquiring other businesses, both locally and in the Midlands.
4: Which is your favourite organisation on Aycliffe Business Park and why (excluding your own)?
A: The UTC as the young talent they are producing is nothing short amazing. We have had many for work experience and taken some on as apprentices, and they are all very positive young individuals who have had a good grounding of skills from their time with the UTC.
5: Which Aycliffe business or individual do you tip for future success?
A: C&A Embroidery and Print – Laura, the owner, is very proactive and passionate and is rapidly growing the business’s reputation and sales. She has grown the company to be very professional and provides quality products at a low cost, but remains as flexible as they were when they were first starting.
6: What’s the best business decision you ever made?
A: To sell my tier one automotive company, DPE Automotive, to an American PE, fund and then go on to become the group’s automotive CEO, leading their global expansion for three years. I took them from $25m annual turnover to $500m by working closely with the group chairman and CEO to build and/or acquire other automotive companies around the world.
7: What’s the worst decision you’ve ever made?
A: To enter the world of hospitality by acquiring a couple of bar/restaurant/hotels! Its like a vortex for your free time and whilst it can be lucrative (or it was back in the early noughties), it’s a constant draw on your spare time. I guess to generalise the worst decision it is taking too much on in business by yourself and always going for something to grow your empire when sometimes you need to sit back and grow what you already have instead.
8: If you could change one thing about your organisation, what would it be?
A: The interaction of the management team so that challenges are reviewed, and adjustments made themselves instead of letting me resolve the issues and give the guidance. I guess I am guilty of getting too involved on the finer details, but I just can’t help getting involved in everything, and I mean everything… even menial maintenance tasks, if I can I will, that’s my attitude at work.
9: Are you an early riser or a night owl?
A: An early riser! Even after an over indulged Saturday night around the bars of Durham City, I still wake up at 5am ready to go!
10: What is your business mantra?
A: Find a way to do it, not an excuse not to.
11: What advice would you give to a small startup?
A: Try, try and try again, failures are just experiences in not doing things the best way, the more you fail the more you learn, the key is adapting and not repeating. Persist, persist, persist and never tell yourself you can’t achieve something without at least trying to do it.
12: What does the future look like for you?
A: I have succession planning running now, looking as far ahead as key people who have 12 or 13 years to retirement, and we have been taking on apprentices or developing personnel into bigger roles. The next steps are to investigate what the succession plan will be for me, that said I can’t see myself ever getting into spending time in an allotment or playing golf all day, I think I’ll be a thorn in a few sides here yet for a long time.
13: What does the future look like for your organisation?
A: For DPE, the future remains bright, we continually have record years of turnover year on year and subsequent growing profits. This is being used to re-invest ant into plant and equipment and extend the factory. We continue to take on apprentices and grow our skills base, so the future is bright and full of growth potential.
14: What would you say to the Prime Minister if you saw him on Aycliffe Business Park?
A: When is the government going to recognise that everything wrong and failing in the country is down to positive net migration for the last 25 years and its drain on resources and money. We are a country that can fund 50 million people and services but with a population now of 70 million.
15: Which is your favourite local charity?
A: Solan Connor Fawcett Trust based in Spennymoor – we are a loyal supporter of them and the work they do to support people suffering cancer.
16: Which is your favourite local restaurant?
A: Well, I will say The Bake Lebanese in Eldon Square, Newcastle, but it is opening in West Auckland new retail park soon so I can say its local.
17: What would be your ideal evening meal?
A: A good old Indian Curry, but it must start with popadoms and dips, followed by a mixed Tikka starter.
18: What do you like to do in your spare time?
A: Go on breaks in our motorhome and away in our second home of Cyprus as much as we can. I also like to keep myself as fit as I can by training regularly.
19: What is your favourite film, and who is your favourite actor?
A: Dead Man’s Shoes is my favourite film, a real eye-opening movie. Favourite actor has to be Tom Hardy, what a talent
20: What would you like to see more of?
A: Respect for authority – it seems to have diminished around the world these days?
