Fundraise of £10 million completed in March 2017
Following a successful fundraise of £10 million, the investee companies have been in the acquisition and establishment phase for the four managed storage sites.
Storage (WM) Ltd
We have previously advised that the proceeds from the sale of the company’s Cannock site would be used to part fund the development of a 45,000 sq. ft. site at Burton and that construction was well advanced.
In our last report, we reported delays were being experienced in completing the internal fit out of the building, due to COVID-19 restrictions at a key supplier’s manufacturing facility. These issues were overcome and the Burton facility commenced a soft launch in late July 2020, effectively becoming fully operational from August. Initial enquiry levels and trading have been strong, despite the backdrop of COVID-19 and Management are very pleased with the early signs.
Storage (NW) Ltd
We have previously advised that the proceeds from the sale of the company’s Bolton site would be used to part fund the development of a 42,000 sq. ft. facility in Wigan.
Despite the Government’s restrictions following the Coronavirus outbreak, work on the Wigan site is almost completed and the site is taking bookings.
Please see www.surestore.co.uk for further information.