Cinch Self Storage
Self-storage provider set to scale following acquisition
Read time: 3 mins Added: 03/01/2023
A South East based self-storage provider is poised to drive further growth following the acquisition of a local competitor.
Cinch Self Storage is now set to operate at three new locations, formerly owned by PD Self Storage, in Gillingham, Sittingbourne and Mitcham. The acquisition caps off a period of significant growth for the business, with the three new locations taking the total number of trading sites to 12 – a figure that, along with its headcount of nearly 40, has nearly doubled in the past 12 months.
Plans for the Cinch Self Storage’s new sites include boosting its energy performance by introducing new solar panels, efficient LED lighting and additional insulation, all to bring them in line with the wider group’s sustainability credentials.
The business, which has around 500 customers at each store, is now looking to enhance its portfolio further, with a number of new self-storage facilities now in development around the South East. Their target is to have more than 20 sites operating by the end of 2023.
Cinch Self Storage attributes its recent growth to a number of factors, including firms moving to more agile working patterns which is seeing some businesses reduce their office space. This has led to greater demand for storage solutions to house unused equipment and furniture, that can also be accessed again at a moment’s notice as soon as they look to scale.
Additionally, roughly 25% of its customers are using the storage units while they move house – a direct result of the recent housing boom. The business places significant focus on customer service, supporting those who are potentially undergoing stressful moves, and it retains a Trust Pilot rating of 4.9 stars – the highest of any self-storage operator in the UK.
Richard Owen, director at Cinch Self Storage, said: “Self-storage services are often required during major life events and shifts in business operations. It’s fair to say that the last two and a half years have provided those in abundance, and we’ve needed to be agile to ensure that customers have received the support they need.
“This new acquisition complements our already growing portfolio, and with a number of new sites in development, this promises to be an exciting 12 months ahead. The support that we’ve received from Lloyds Bank has been invaluable during this period of rapid growth.”
Paul Kibby, relationship director at Lloyds Bank, added: “Cinch Self Storage is an excellent example of how putting customers first yields success.
In spite of recent challenges, their growth has been phenomenal over the past year as the business has put itself head and shoulders above its competitors.
But Cinch’s acquisition and investment in new sites is also representative of the business community’s desire to invest. Driving growth is a strong way of mitigating the current inflationary squeeze, and we’re looking forward to being by Cinch’s side as it continues its upward trajectory.”