Cynergy Bank eyes burgeoning self-storage market
Increasing demand for self-storage fuelled by UK households, students and businesses has led Cynergy Bank to offer financing support.
Businesses that want to acquire or refinance existing trading assets, and established operators who require turnkey funding, can benefit from the Bank’s lending pledge.
The sector has impressive growth potential with around 52 million square feet of self-storage and an estimated annual turnover of £930m.
New store openings and developments have continued despite challenging market conditions, demonstrating continued demand from UK customers.
Cynergy Bank is also pleased to become an official supplier member to SSA UK, the principal trade association representing both self-storage operators and industry supplier members’ interests.
Cynergy Bank has always supported ambitious small to medium business owners and property entrepreneurs, helping them to grow and achieve their ambitions, and this support reflects the bank’s continued commitment to them.
Kenny Stewart, Head of Commercial Banking at Cynergy Bank, said:
“The self-storage sector has demonstrated year-on-year growth and has proved to be very resilient. Cynergy Bank’s mission is to offer the UK’s scaling businesses a real alternative to mainstream lenders.
With our knowledgeable relationship managers, we quickly learn our customers’ needs, understand the market and can deliver certainty at speed.
We’re excited to have partnered with SSA UK to help us reach this new segment, offering them unparalleled personalised service to serve their needs and support their growth ambitions.”