County Durham-based Storage Place Ltd (TSP) has secured a £400,000 investment to open a new facility locally and create up to 40 new jobs.
The round was co-led by Maven Capital Partners, The Finance Durham Fund, established by Durham County Council, and overseen by Business Durham, and the North East Development Capital Fund, supported by the European Regional Development Fund. The investment was split down the middle.
“The Storage Place is a fast-growing and highly profitable business in an exciting space. As e-commerce and Amazon remain as popular as ever with consumers, Paul and the team have strategically developed the business into a reliable, cost-effective order fulfilment service provider operating in a market with exponential growth. This investment is an opportunity to back a great local business with the added benefit of significant economic development for County Durham and the wider North East," says Michael Vassallo, Investment Director at Maven.
TSP operates warehouses across the UK which was originally a warehousing and distribution firm for heavy industry and auto motives when it was founded in 2002 but now in the currently digital climate it has turned it full attention to e-retail order fulfilment.
“We are delighted to have secured this investment from Maven to help us grow our business, expand our regional operations and create more jobs for the area. Both Michael and I local to the region and excited to expand even further across the North East and support further job growth," says Paul Griffiths, Managing Director of Storage Place.