OakNorth Bank lends £37m to Somerset-headquartered independent self-storage provider, UK Storage Company, to support a buyout.
OakNorth Bank, the neobank for entrepreneurs, by entrepreneurs, has provided a £37m loan to UK Storage Company, one of the UK’s largest independent self-storage providers.
The loan from OakNorth Bank will be used to support a buyout that will allow Keith and Cathy Taylor to exit the business. A consortium led by investment funds advised by Davidson Kempner Capital Management LP (“Davidson Kempner”), and operating partner Pithos Capital (“the Consortium”) has acquired the business. With a pan-European presence and a focus on self-storage, Pithos Capital has over 20 years’ experience in investing and operating in the industry. Davidson Kempner Capital is a global investment management firm with more than 39 years’ experience and a focus on fundamental investing with a multi-strategy approach.
About UK Storage Company: Founded in 2005 by Keith and Cathy Taylor, UK Storage Company opened its first site in Bridgwater, Somerset that year, with the site also being used as its headquarters. Its second site soon followed in Taunton, Somerset, and today, the business operates 28 stores across England. Totalling over 880k sq. ft of storage space, all of UK Storage Company’s sites are fully automated, offering customers 24-hour access to their units via a unique access code.