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Storage Vault Going for Growth with HSBC Funds

  • Publisher The Scotsman

Self-storage business Storage Vault is extending its roll-out of workspace centres across Scotland following a multi-million-pound funding package.

The first of the new sites is expected to be completed in January, in Scotland Street, Glasgow. The remaining six are in the planning stages and set for Polmadie, Hamilton, Maryhill, Bishopbriggs, Edinburgh and East Kilbride, which will be an extension of the existing site. The £5 million HSBC funding package was allocated from the bank’s UK-wide £10 billion SME fund, of which £500m is specifically designated to support Scottish companies.

Anthony McAteer, managing director of Storage Vault, said: “The funding deal provided by HSBC adds more firepower to our investment pot and supports out ambition to grow beyond the original plan of ten sites from our equity investment.”

Storage Vault has also so far received £50m of investment from Scottish Capital.