Space Station Self Storage, headquartered in Slough, England, recently bought Storage Corp., a self-storage facility in Kings Heath, England. The acquired property is in the Birmingham metropolitan market and will be the company’s first location outside of Greater London. It will be rebranded under the Space Station name, according to the source.
The facility had an occupancy of 75 percent at the time of purchase and is being managed by existing staff, the source reported. Renovation plans for the facility are expected to be complete early next year. The transaction was financed through a £1.03 million loan from the Royal Bank of Scotland (RBS).
"This is an exciting period for us as we expand our services into the Midlands,” said Kevin Prince, business manager at Space Station. “We have built our reputation in Slough as a credible self-storage provider, and acquiring Kings Heath will allow us to increase our annual turnover to £4.3 million this year.”
“Space Station is a fantastic example of how the bank can support local [small and medium-sized enterprises] achieve great success,” added Steve Bennett, senior relationship manager at RBS. “I wish Kevin all the best as he embarks on the refurbishment program and establishes the Space Station brand name in Birmingham.”
Founded in 1983, Space Station opened its first facility in Colnbrook, a village of Slough. Prior to the acquisition, the company operated five self-storage facilities comprising 250,000 square feet.
Sources:
- Birmingham Post: Space Station Takes Over Kings Heath Site
- The Business Desk: Self Storage Group Picks Birmingham as Base for First Venture Outside London
