Bridges Ventures announces further investment in Smart Storage

Bridges Ventures, the venture capital company with a social mission, has more than doubled its investment in Smart Storage Ltd, a Merseyside-based business providing self-storage facilities for a mix of domestic and commercial customers.

Bridges originally invested £2m in Smart Storage in March 2006. Since then Smart Storage has been successful, with two sites, open on the Wirral and Liverpool, achieving high levels of customer demand. The additional investment of £2.9m will enable the company to build on its proven track record with the purchase of freehold sites.

Royal Bank of Scotland is also backing Smart Storage with a substantial debt package.

The first two sites, and the identified new sites, are all located in the regeneration areas that Bridges Ventures targets.

Carolyn Maddox from Bridges Ventures said:

“We are delighted at Smart Storage’s success to date. We firmly believe that the purchasing of freehold sites will allow the company to build on their strong track record while also delivering a maximum return for our investors.”

Jon Wyles from Smart Storage said:

“Smart Storage has grown considerably since Bridges’ investment, capitalising on the under-developed market for self-storage facilities in the north west of England. Our success to date allows us to focus now on developing freehold sites which are vital for our long term strategic outlook.”

The follow on investment will come in part from Bridges second fund, Bridges CDV fund II. Investors in Bridges funds include leading members of the finance sector such as HSBC, Barclays Business Banking, Citigroup, 3i, Doughty Hanson & Co and Lloyds TSB Scotland. Other investors include pension funds, charities and endowment funds such as All Souls College, as well as wealthy individuals and families.