Member Article

Newcastle gets its first safe deposit facility following £1m investment boost

A new venture by Merrion Vaults is bringing state-of-the-art safety deposit boxes to Newcastle for the first time, giving individuals a place to safely store their valuables items, documents and cash.

Newcastle Vaults has launched following a £1m investment to capitalise on the gap in the market after major banks put a stop to their own safety deposit box services.

Following on from similar centres in Dublin and Glasgow, Merrion’s vaults carry capacity for 15,000 boxes in which private individuals can store anything from cash, jewellery and gold bullion to title deeds and family heirlooms.

The facility also has a strong room for customers wishing to store larger items such as antique furniture and art collections.

Merrion Vaults said it has also installed a range of cutting-edge security features to protect the valuables stored within its vaults, including seismic shock monitors, round-the-clock monitoring biometric identification tech.

Commenting on the investment, Seamus Fahy, commented: “We’re delighted to bring the Merrion Vaults service to Newcastle. There’s nothing else like it in the city right now and based on our success in Ireland and Scotland, we expect there to be a high demand.

“Every year, there are over one million burglaries and attempted burglaries in the UK putting peoples’ valuables at risk. Cost-cutting measures at high street banks means that secure storage is being phased out and so customers who rely on the boxes to keep their treasured items safe are now left with having nowhere to store them.

“We offer a highly secure and independently run alternative to storage at UK financial institutions while also taking away the hassle of needing a bank account with a minimum amount in it just to access the service.”

Co-owner, David Walsh, added: “The move into Newcastle is part of our ambitious plans for further growth across the UK and we’re looking forward to building the business in the city, providing a much-needed service that will ultimately give peace of mind to people who require a safe haven for their valuable and irreplaceable possessions.”