A South East self-storage provider is set for further growth following the acquisition of a local competitor, with the support of a seven-figure finance package from Lloyds Bank.
Cinch Self Storage is now set to operate the three new locations – formerly owned by PD Self Storage – in Gillingham, Sittingbourne and Mitcham.
The acquisition caps off a period of significant growth for the business, with the trio of sites taking the total number of trading locations to 12.
This figure – along with the company’s headcount of nearly 40 – has almost doubled in the past 12 months.
Plans for the Cinch Self Storage’s new sites include boosting its energy performance by introducing solar panels, efficient LED lighting, and additional insulation in a bid to bring them in line with the wider group’s sustainability credentials.
The business is now looking to enhance its portfolio further, with a number of self-storage facilities in development around the South East.
It is targeting to have more than 20 sites operating by the end of 2023.
Richard Owen, director at Cinch Self Storage, said: “Self-storage services are often required during major life events and shifts in business operations. It’s fair to say that the last two and a half years have provided those in abundance, and we’ve needed to be agile to ensure that customers have received the support they need.
“This new acquisition complements our already growing portfolio, and with a number of new sites in development, this promises to be an exciting 12 months ahead.
“The support that we’ve received from Lloyds Bank has been invaluable during this period of rapid growth.”
Paul Kibby, relationship director at Lloyds Bank, added: “Cinch Self Storage is an excellent example of how putting customers first yields success. In spite of recent challenges, their growth has been phenomenal over the past year as the business has put itself head and shoulders above its competitors.
“But Cinch’s acquisition and investment in new sites is also representative of the business community’s desire to invest.
“Driving growth is a strong way of mitigating the current inflationary squeeze, and we’re looking forward to being by Cinch’s side as it continues its upward trajectory.”
