Close Investments, a subsidiary of UK independent investment bank group, Close Brothers, has announced the acquisition of their first self-storage partnership for an undisclosed sum, the company said on Wednesday. The business adds an additional trade to their Close Trading Companies (CTC), an inheritance tax efficient portfolio of qualifying trades. The site is located at the Great Western Business Park in Worcester and will be operated by Storage King Europe which has 45 self storage sites across England and Wales.
Close Investments, a subsidiary of UK independent investment bank group, Close Brothers, has announced the acquisition of their first self-storage partnership for an undisclosed sum, the company said on Wednesday. The business adds an additional trade to their Close Trading Companies (CTC), an inheritance tax efficient portfolio of qualifying trades. The site is located at the Great Western Business Park in Worcester and will be operated by Storage King Europe which has 45 self storage sites across England and Wales.
In 2005, the UK self storage industry consisted of approximately 600 significant facilities (compared to approximately 41,000 facilities in the US) generating £310mln (EUR 389mln) of revenues from over 200,000 customers. The market for UK self storage is estimated to have grown by approximately 10-15% between 2005 and 2006 and this rate of growth anticipated to continue into the future, the company said in its statement.
CTC was set up more than twelve years ago and there is over £145mln invested in nearly 1650 CTC's. Close Trading Companies enables investors to invest into a new trading company of which they are the sole shareholder. Their company then invests in trading partnerships, jointly with other CTCs.
