Storage Vault to Open Seven New Sites Across Scotland after HSBC Funding
Publisher Scottish Financial News
Storage Vault, providers of high quality self-storage, office and studios spaces, will extend its roll-out of new workspace centres across Scotland following agreement of a £5m funding package from HSBC, more than doubling its business and creating up to 15 new jobs in the next year.
The first of the new sites is expected to be completed in January 2018 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 additional sites will more than double Storage Vaults’ current offering of three centres where the first workspace based in Paisley is one of the largest facilities in the country spanning 180,000 sq ft.
Scott Wilson, relationship director at HSBC in Scotland, said: “We’ve seen the market for self-storage grow by 10-15 per cent annually in the last five years, presenting real opportunities for ambitious businesses. Securing the right commercial property is becoming more competitive, particularly in the central belt, and Storage Vault helps address the gap with an innovative solution, which we are more than happy to support.”
The finance was allocated from the bank’s national £10 billion SME fund to actively support UK SMEs, of which £500 million is specifically designated to support Scottish firms.
Anthony McAteer, managing director of Storage Vault, said: “The funding deal provided by HSBC adds more firepower to our investment pot and supports our ambition to grow beyond the original plan of 10 sites from our equity investment. Scotland has a rich landscape of start-ups and SMEs and by providing new ultra-flexible storage and work spaces we are doing a small part to make it easier for someone to make the leap to start a business or grow an existing one. We’re excited to be working with HSBC and are looking forward to the opening of the many sites we have in the planning and development stages.”
Storage Vault has received £50 million of investment from Scottish Capital, the investment vehicle for entrepreneur John McGlynn.