More rooms in Glasgow
Kangaroo raises £3.8m to expand storage
The new facility also allows for investment in its Dundee storage site and puts the building blocks in place for new storage developments.
The finance package from HSBC will help enable Kangaroo Self Storage to create additional units at the existing Glasgow site. The storage centre has a 35,000 sq ft footprint currently housing 588 storage rooms and will expand by an additional 355 rooms with work set to start this year.
Chris Stevens, managing director, said: “It’s a really exciting time for us as we embark on the development of the Glasgow site.
“As a result of a difficult property market during the recession, we’ve seen increased demand across all the sectors; with the number of householders moving back home to live with their parents, businesses taking advantage of the flexibility of our storage space in uncertain times and students increasingly using storage rooms over the summer holidays.”
Andrew Little, head of business banking in Scotland for HSBC, said: “Kangaroo Self Storage demonstrated serious growth aspirations and we were pleased to support their growth ambitions and business strategy.
“They are a great example of a well-run business in the rapidly expanding self-storage market. We’re expecting to see more acquisitions of development sites and organic growth from unit extensions in this sector.”
The finance was allocated from HSBC’s national £10 billion SME fund to actively support UK SMEs. £450 million is specifically designated to support Scottish firms and rebalance the economy outside of London.