My Lockup plans to develop and improve existing websites with bank funding.
With support from HSBC UK, My Lockup will expand significantly to 11 locations in the North East, Yorkshire and Lincolnshire, increasing its rental space capacity and thereby enabling the provision of more storage facilities in rural areas across the North.
Thanks to the expansion, My Lockup expects revenue to grow 25% next year.
The financing deal was made possible through HSBC UK’s newly launched commercial broker program. Under the new scheme, accredited trade finance brokers will be able to provide business intelligence to HSBC UK relationship managers. This will enable HSBC UK to offer customers more help in expanding their businesses through asset purchases, capital expenditure or other investment opportunities.
Kevin Doyle, chief executive of My Lockup, said: “The expansion of our storage facilities is a major milestone for the business. This funding will enable us to continue providing the best prices, security and service to our growing customer base.”
Jennifer Lavers, relationship director at HSBC UK, added: “It’s fantastic to be supporting My Lockup in its next phase of growth and to see the company’s operations continue to expand. The UK self-storage industry has seen exceptional growth over the past few years following the rise of hybrid working models and businesses needing more space. This investment will certainly have a positive impact on the business while creating more self-storage facilities across the North of England.”
My Lockup provides private storage rooms to rent to over 2,000 customers for business and home use across the North East, Yorkshire and Lincolnshire.
Having used Auto Storage in Alaska in 1996, founder Kevin Doyle opened a small facility in Topcliffe, North Yorkshire in July 2008. Other locations in the area include Thirsk, Scarborough, Northallerton , Knaresborough, Cayton and Bridlington.