A £1 million investment in Newcastle has created the city’s first Safe Deposit Facility, offering businesses and individuals secure storage of valuable possessions, cash and documents.
Newcastle Vaults has been launched in the city in response to major banks withdrawing their safety deposit box services. The new facility, owned by Merrion Vaults, follows the success of the group’s similar centres in Dublin and Glasgow.
An official opening ceremony, led by Sheriff and Deputy Lord Mayor Councillor David Down, was held at Newcastle Vaults in the city’s Cloth Market on June 22.
Based in the centre of Newcastle, and with capacity for 15,000 boxes, it offers safe-keeping services to private individuals and businesses, allowing them to safeguard items such as cash, jewellery, family heirlooms, title deeds and gold bullion.
The state-of-the art purpose built vault includes surveillance technology such as seismic shock sensors, round-the-clock monitoring and biometric identification technology. It also has a strong room that can be used to store art collections and furniture.
Merrion Vaults’ founders, Seamus Fahy and David Walsh, are providing the service as the trend for branch closures at major UK banks continues, meaning now more than ever, individuals and companies need somewhere safe and secure to store possessions.
Commenting on the investment, Seamus Fahy, says: “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, said: “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.”
Newcastle Vaults is also the home of Newcastle Bullion, which offers a buy and sell service for gold bullion as well as immediate vault storage for any purchases of the precious metal.
Seamus Fahy added: “As investors become increasingly wary of riskier stocks and shares options, they’re turning attention to gold bullion as it’s usually one of the few markets that increases in an underperforming economy.
“People are becoming more savvy when it comes to investing their hard-earned cash and we’re pleased to be able to offer this additional service at some of the most competitive prices on the market.”
Newcastle Vaults is now open for business. For further information on the services available and prices, visit www.newcastlevaults.co.uk
Seamus Fahy, Sheriff and Deputy Lord Mayor of Newcastle, Cllr David Down. David Walsh