Smart Storage gains more backing from Bridges
The Merseyside-based company gains a further £2.9m from its original investor
Smart Storage has received another funding injection from Bridges Ventures in order to continue its expansion.
Bridges originally invested £2m in the Merseyside-based company in March 2006 and since then the company has opened two of its self-storage sites.
The recent £2.9m funding means that the company will be able to buy more freehold sites and continue growing. The company has also received a large loan from the Royal Bank of Scotland of an undisclosed sum.
Bridges which trumpets itself as a VC with on a ‘social mission’ is helping to fund new sites all of which are in ‘regeneration areas’ – previously busy industrialised areas where there are now few jobs.
Jon Wyles, managing director of Smart Storage, said: “Smart Storage has grown considerably since Bridges’ investment, capitalising on the under-developed market for self-storage facilities in the north west of England.
“Our success to date allows us to focus now on developing freehold sites which are vital for our long term strategic outlook.”
Carolyn Maddox from Bridges Ventures added: “We are delighted at Smart Storage’s success to date. We firmly believe that the purchasing of freehold sites will allow the company to build on their strong track record while also delivering a maximum return for our investors.”
© Crimson Business Ltd. 2007