A Tyneside warehouse operator is poised to create 40 new jobs on the back of a six-figure investment package.
The Storage Place Ltd (TSP) has secured £400,000 in a funding round 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 deal includes £200,000 from each fund, which will trigger expansion of the business in County Durham, opening a new facility to more than double its capacity and create the new jobs.
Gateshead based 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, but the rise of e-commerce has seen it shift its focus to e-retail order fulfilment. The business, which is run by Michael Meredith, executive chair, and Paul Griffiths, managing director, specialises in services from the management of stock from suppliers, through to order processing and delivering to customers. 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.
