County Durham e-commerce specialist to create new jobs via £400k funding

A technology-led, carbon-neutral firm has secured funding to expand regional facilities and create up to 40 new jobs in the North East

E-commerce service provider The Storage Place Ltd has secured a £400k investment co-led by Maven Capital Partners, The Finance Durham Fund, established by Durham County Council, and overseen by Business Durham, and the North East Development Capital Fund, supported by the European Regional Development Fund.

Both funds are managed by Maven and the transaction comprises a £200k investment from each fund. The investment will enable the business to expand in County Durham, opening a new facility to more than double its capacity and create up to 40 new jobs in the region.

A carbon-neutral certified company, TSP operates warehouses across the UK and has over 500,000 sq ft of UK fulfilment space. The business was originally founded as a warehousing and distribution firm for heavy industry and automotives in 2002.

As the proliferation of e-commerce and Amazon gathered pace, TSP recognised the need for such services and shifted its model to support this development and focuses solely on e-retail order fulfilment. The business specialises in end-to-end services, from management of stock from suppliers, through to order processing and delivering to the customer.

It also offers software integration, which connects with a range of channels and services, such as Amazon, Magento and Shopify, and works with an extensive network of carriers including Royal Mail, DPD, Parcel Force, DX, DHL, TNT, Palletline and Evri.

With latest figures from the ONS showing that internet sales now represent 25 per cent of all retail sales in the UK, this has driven the demand for e-commerce fulfilment services, both domestically and worldwide. The global e-commerce fulfilment market is expected to reach $168.72bn by 2028.

Michael Vassallo, investment director at Maven, commented: “As e-commerce and Amazon remain as popular as ever with consumers, Paul and the team have strategically developed the business into a reliable, cost-effective order fulfilment service provider operating in a market with exponential growth.

“This investment is an opportunity to back a great local business with the added benefit of significant economic development for County Durham and the wider North East.”

Paul Griffiths, managing director of Storage Place, added: “We are delighted to have secured this investment from Maven to help us grow our business, expand our regional operations and create more jobs for the area. Both Michael and I are local to the region and excited to expand even further across the North East and support further job growth.”

By Matthew Neville – Senior Correspondent, Bdaily

• Add me on LinkedIn and Twitter to keep up to date
• And follow Bdaily on Facebook, Twitter and LinkedIn
• Submit press releases to editor@bdaily.co.uk for consideration.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →