Duo land major funding package to launch storage business

Business partners Mike Wilson and Andy Wood have secured a major investment package to launch their unique self-storage business.

The duo have been backed by investors Seneca as they look to launch their SureStore brand.

The North West entrepreneurs have already acquired three store locations in Bolton, Wigan, and Northwich, totalling 120,000 sq ft.

They now plan to roll out a managed storage model, which will see them acquiring and opening a total of 10 sites across the North West and the Midlands over the next 18 months.

Once operational, all 10 purpose-built facilities will deploy the latest industry cloud-based software.

This will allow customers to be the first in the UK to be able to select, book and manage their storage space online.

The SureStore concept was born when the two found themselves sitting next to each other on a flight to a self storage World Expo back in 2015.

The business is only now taking off, thanks to the recent sale of Wilson’s previous brand, Smart Storage, in a deal worth £13 million, and Wood’s Storage Boost business for an undisclosed sum in 2017.

The duo have now secured a new investment package from private equity funders, Seneca Partners to help realise their ambitious expansion plans.

Mike Wilson, 44, from Alderley Edge joined Smart Storage, the North West’s leading independent self storage business in 2007 and spent his first six years as chief financial developing the growth of the business.

In 2013 he became chief executive, replacing one of the founders, and then subsequently completed a management buyout of the business with funding from Seneca in 2014.

He successfully exited this business in March 2018 for £13m, giving Seneca a 6x return on their initial investment.

He serves on the Board of the Self Storage Association UK and will lead the operational and strategic direction of SureStore as it continues to expand.

Andy Wood, 43, originally from Nantwich, was formerly European sales director for a storage construction company, responsible for the design and build, project management, sales, business marketing and strategic planning for over 100 storage centres.
In 2005 he co-founded Storage Boost to become an award-winning operator of three storage facilities in Cheshire and Staffordshire.

He is active in the European storage industry as a consultant and investor and will lead on the acquisition and development of the new storage facilities for SureStore.

Mike Wilson said: “We are excited to be behind this drive to take personal and business storage to the next level and are particularly gratified that it has started here in the North West.

“The UK market, now worth in excess of £750m, is growing fast, by as much as 30% over the last five years.

“Customers are increasingly seeking accessible, secure, technologically-advanced solutions to their many and varied storage needs.

“Alongside state-of-the-art storage, we aim to offer a range of additional services including parcel collection and mail redirection, all of which can be accessed remotely.”

Andy Wood added: “We have been spurred on by the knowledge that business users in self storage are growing exponentially.

“At the last count there were 150,000 separate businesses using self storage in this country.

“Business owners are recognising that there is a flexible and cost-effective alternative to fixed leases.

“Naturally, they demand the most up-to-date premises and highest levels of customer service. That is where our managed storage brand strategy comes into its own.”

SureStore Bolton opened at the beginning of May and is now seeing its first space reservations and move-ins.

Plans for a 40,000 sq ft site in Wigan are currently being developed and a refurbishment of an existing building is under way in Northwich.

Additional facilities in Cannock, totalling 72,000sq ft had also been added to the SureStore portfolio.

The company was advised by Napthens LLP, and banking facilities are being provided by NatWest.