Parsons Containers Ltd., a U.K.-based provider of portable-storage containers that also operates self-storage facilities under the U Hold The Key brand, has secured an £825,000 investment from venture-capital firm Maven Capital Partners UK LLP. Parsons will use the money to boost its digital presence and expand nationally. It intends to open four new U Hold locations in the next 12 months, according to the source.
The investment combined contributions from two funds managed by Maven. The Finance Durham Fund invested £500,000, while the North East Development Capital Fund contributed £325,000, the source reported. The capitalization is the first joint investment between Maven’s two Northeast England regional funds.
“I am pleased that Maven is demonstrating confidence in the business with this investment,” said Ean Parsons, founder and managing director of the container and storage business. “It will enable us to take advantage of existing opportunities, and I am sure that we will repay this faith by strengthening our business in Durham County and the Northeast.”
Founded in 2000, Parsons Containers is headquartered in Sedgefield, England. It operates 11 U Hold The Key self-storage locations.