My Lockup, a North Yorkshire-based storage company, has received a substantial investment from HSBC UK for its expansion plans. With HSBC’s support, My Lockup will develop and improve its 11 sites across the North East, Yorkshire and Lincolnshire, enhancing lettable space capacity. Consequently, it will offer a larger provision of storage facilities in rural areas across the North. The funding package is expected to enable My Lockup to generate a 25% increase in turnover over the next year. The bank made the investment through its commercial broker scheme, allowing commercial finance brokers to provide leads to HSBC’s relationship managers, facilitating customers’ expansion with capital expenditure, asset purchases or other investment opportunities.
My Lockup is ecstatic with the funding as it will aid the business in offering top-notch prices, security, and services to its constantly expanding customer base. Kevin Doyle, Managing Director, of My Lockup, said, “The expansion of our storage sites is an important milestone for the business.”
The self-storage industry in the UK has experienced exceptional growth over the past few years, particularly because of the rise of hybrid work models and businesses seeking additional space. Jennifer Lavers, Relationship Manager at HSBC UK, said the investment would have a positive impact on My Lockup’s business, creating and delivering more self-storage provision across the North of England.
Currently, My Lockup provides private storage rooms to over 2,000 customers renting for either household or business purposes.