While details of the deal first emerged last week, OakNorth has now revealed that it provided a £377m load to UK Storage Company as part of the deal.”
OakNorth Bank has revealed its role on one of the UK’s largest independent self-storage providers being bought by an investor syndicate.
Originally focused in the South West, the UK Storage Company has a portfolio of 28 well-invested sites comprising both leasehold and freehold properties that consist of 11,000 storage units.
Founded in 2005, the business has expanded its geographic presence through a “carefully considered site selection process”, with facilities spanning from Redruth to Leeds. It now employs about 40 staff.
UK Storage Company Ltd was equally owned by Keith Taylor and Cathy Taylor. It has now been bought by an investor syndicate consisting of funds advised by Davidson Kempner Capital Management LP and Pithos Capital.
FinnCap Cavendish, part of finnCap Group, advised on the deal, with the lead advisers being partner Peter Gray and director Nehal Patel.
While details of the deal first emerged last week, OakNorth has now revealed that it provided a £377m load to UK Storage Company as part of the deal.
Martin Williams, director of debt finance at OakNorth, said: “The UK’s self-storage market has experienced significant growth over recent times, driven by people who are reconfiguring their homes to accommodate hybrid working or unable to upsize and instead choosing to put their possessions elsewhere.
“UK Storage Company, which enjoys an excellent reputation for delivering a top-quality service, is in a perfect position to capitalise on this opportunity.”
He added: “We thrive on supporting sector specialists such as Pithos Capital and established investors such as Davidson Kempner in acquiring a fast-growing and previously family-run business like UK Storage Company and helping it to achieve its growth ambitions.
“We’re excited to be part of the company’s growth story.”
