- Founded in 2018 by young entrepreneurs Richard Owen and Joshua Nimmo, Cinch Self Storage offers flexible, secure, accessible and low-cost storage and office spaces;
- Starting out with just one store in Bicester, the group now operates 27 sites nationwide offering several options for consumer and business storage requirements;
- The £11.7m loan from OakNorth will support the development of two new sites in Bedford and Leeds;
- The UK’s self-storage sector is set to grow at a compound annual growth rate (CAGR) of 2.4% from 2025-30, driven by smaller average home sizes, hybrid working, and a boom in e-commerce businesses[1].
London, 9th June, 2026: OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided an £11.7m to Cinch Self Storage to support the development of two new purpose-built self-storage facilities in Bedford and Leeds.
Founded in 2018 by Richard Owen and Joshua Nimmo, Cinch Self Storage has grown rapidly to become one of the UK’s leading independent self-storage operators. Since opening its first facility in Bicester, the business has expanded to 27 locations nationwide, providing flexible storage solutions for both consumers and businesses. The business has built a strong reputation for offering modern, secure, and technology-enabled storage facilities in strategically selected locations across the UK.
The new Bedford and Leeds developments will add over 120,000 sq. ft of lettable self-storage space to the portfolio. The Bedford site will see the expansion of an existing self-storage facility and 21 offices, through the addition of a substantial extension, while the Leeds development will involve the transformation of a prominent brownfield site into a purpose-built self-storage facility serving one of the UK’s most undersupplied storage markets.
Richard Owen and Joshua Nimmo, Co-founders of Cinch Self Storage, commented on the transaction: “We’re delighted to be working with OakNorth once again as we continue to expand our platform and deliver high-quality self-storage facilities in strategically important locations across the UK. Both Bedford and Leeds represent compelling opportunities, benefiting from strong local demand fundamentals and limited institutional-grade supply. The support from OakNorth will enable us to accelerate the delivery of these projects and continue providing flexible, secure storage solutions for households and businesses. We remain confident in the long-term outlook for the self-storage sector and are excited to bring these new facilities to market.”
Damien Hughes, Senior Director of Property Finance at OakNorth, added: “Richard and Joshua have built an impressive business and established a strong track record in the self-storage sector. Having supported the team previously, we’ve seen first-hand their ability to identify attractive opportunities, execute developments successfully, and create high-quality assets. Self-storage continues to benefit from strong structural demand drivers, while Bedford and Leeds are both attractive markets with favourable supply-demand dynamics. We’re pleased to support Cinch Self Storage’s continued growth and look forward to seeing these developments completed.”
ENDS
Notes to editors
About OakNorth
Launched in September 2015, OakNorth is the bank for entrepreneurs, by entrepreneurs. It was founded to address the persistent funding gap facing lower mid-market businesses – a segment that accounts for a significant share of economic output yet remains underserved by traditional banks.
To date, OakNorth has provided over $20bn in lending to thousands of entrepreneur-led businesses across the UK and US, supporting the creation of more than 70,000 jobs and generating more than £40bn in economic value. Throughout multiple economic cycles, the bank has maintained a highly disciplined approach to credit, delivering performance metrics that place it among the top 1% of commercial banks globally.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
[1] SSAUK – Self Storage Association UK Annual Industry Report 2026