Investment group Seneca backs management buyout of Smart Storage

Investment group Seneca backs management buyout of Smart Storage

Self-storage firm has sites in Liverpool, Warrington, Widnes, Bromborough and Preston.

Private investment group Seneca Partners has backed the management buyout of Liverpool-based rented storage provider Smart Storage.

Founded in 2004, Smart Storage is one of the leading independent self-storage brands in the North West.

It has sites in Liverpool, Warrington, Widnes, Bromborough and Preston, and currently employs 16 people.

Seneca has supported managing director Mike Wilson in buying the business from Bridges Ventures.

The value of the deal was not disclosed but it is understood Smart Storage’s assets are valued at around £5m.

Mr Wilson joined the firm as financial director in 2007 and took over as managing director in May last year.

Tim Murphy, a director at Seneca Partners who will join the new board as a non-executive director, told ECHO Business: “Smart Storage has an exciting future and we are delighted to have secured this investment.

“It’s exactly the type of opportunity that Seneca works to identify on behalf of our investment funds.

“We are looking forward to working with Mike and his team in developing what is an ideal platform for growth in an expanding sector.”

Seneca was formed in 2010 to provide investment services for wealthy individuals looking for investment opportunities in new businesses.

Earlier this year the firm also completed the purchase of Liverpool-based Miton Capital Partners for £6.4m and the Manchester-based corporate finance business Acceleris.

Mike Wilson, managing director of Smart Storage, added: “The self-storage sector is still significantly underdeveloped in the UK and offers a variety of opportunities within the commercial and domestic markets for a growing business like ours to increase scale and profitability.

“We are delighted to be working with Seneca who share our vision and expansion plans in order to maximise these opportunities, developing the business to the next level.”

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