A storage company is targeting expansion after securing a seven-figure funding package from HSBC UK.
My Lockup provides private storage rooms for more than 2,000 customers to rent for business and household use across Yorkshire, the North East and Lincolnshire.
With support from HSBC UK, My Lockup is set to make a significant expansion to its 11 sites, 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, the business is expecting a 25 per cent increase in turnover over the next year.
The funding deal came through HSBC UK’s newly launched commercial broker scheme, with accredited commercial finance brokers able to provide business leads to HSBC UK’s relationship managers. This 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, added: “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.”
