Self storage group picks Birmingham as base for first venture outside London
A SELF-STORAGE business is expanding into the West Midlands after a major funding deal.
Slough-based, Space Station, is enlarging its footprint after securing loan facilities of £1,030,000m from The Royal Bank of Scotland.
Space Station owns and operates five self-storage facilities in and around Slough and Greater London area, in addition they run management contracts for two facilities in North London.
The move into Birmingham marks the business’ first venture outside of Greater London.
The company has acquired a site in Kings Heath for its sixth location and the premises are set to undergo a phased refurbishment ahead of completion next year.
Still trading as Storage Corporation, the new store is gradually being integrated into the Space Station business and full branding will follow over the next few weeks.
The property is currently 75% occupied, which is the industry average, and is being managed by existing staff.
RBS has been an active supporter of Space Station since the company was founded over 30 years ago.
Kevin Prince, Business Manager at Space Station, said: “This is an exciting period for us as we expand our services into the Midlands. We have built our reputation in Slough as a credible self-storage provider and acquiring Kings Heath will allow us to increase our annual turnover to £4.3m this year.”
Steve Bennett, Senior Relationship Manager at RBS, added: “Space Station is a fantastic example of how the bank can support local SME’s achieve great success. I wish Kevin all the best as he embarks on the refurbishment programme and establishes the Space Station brand name in Birmingham.”