Storage company makes space for growth with seven-figure funding deal

A North-Yorkshire-based storage company is set to expand its storage facilities after receiving a seven-figure funding package from HSBC UK.

My Lockup plans to grow and improve its existing sites with the bank funding.

With support from HSBC UK, the company says it will make a significant expansion to its 11 sites in the North East, Yorkshire and Lincolnshire, increasing lettable space capacity and, in turn, enabling a larger provision of storage facilities in rural areas across the North.

As a result of the expansion, My Lockup is expecting a 25% increase in turnover over the next year.

The funding deal came through HSBC UK’s newly launched commercial broker scheme.

Under the new scheme, accredited commercial finance brokers will be able to provide business leads to HSBC UK’s relationship managers.

It will allow HSBC UK to provide customers with more help in the expansion of their businesses through asset purchases, capital expenditure or other investment opportunities.

Kevin Doyle, managing director of My Lockup, said: “The expansion of our storage sites is an important milestone for the business.

“The funding will allow us to continue providing the best prices, security and service to our growing customer base.”

Jennifer Lavers, relationship manager at HSBC UK, said: “It’s fantastic to support My Lockup in its next stage of growth and to see its operations continue to expand.

“The UK self-storage industry has experienced exceptional growth over the past few years following the rise of hybrid work models and businesses needing to acquire more space.

“This investment will undoubtedly have a positive impact on the business while creating more self-storage provision across the North of England.”

My Lockup provides private storage rooms for over 2,000 customers to rent for business and household use across the North East, Yorkshire and Lincolnshire.

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