A Newton Abbot based company has acquired a Plymouth business park that was formerly part of the London & Westcountry Estates, as part of an expansion investment totalling around £3.75 million.
Storage and removals specialist Dainton Group Services paid £1.8 million for Drake Mill Business Park and is also set to invest a further £750,000 in converting an 30,000 sq ft warehouse on the site into state-of-the-art self storage facility.
Established by Paul Maddicott in 2002, Dainton has grown to become the largest independent supplier of ‘space solutions’ in the South West, operating eight self storage facilities across Devon and Cornwall from its head office on the Heathfield industrial estate.
The business currently stores goods and belongings for 3,500 domestic and commercial customers and employs 35 staff.
It also has a removals arm, now called Dainton Removals, which became a part of the group when the company acquired Kingsteignton-based Devon Move in 2010.
The group also includes Dainton Portable Buildings, which last year supplied over 1,000 units to a wide customers across South West England and Wales.
Dainton – which has increased the size of its estate by 50% in the past four years – has further expansion plans in the pipeline, with a £258,000 site in Bridgend site due to open in June and in Bristol, on a site which it acquired for £1 million, next year.
Dainton has already developed five of its self storage sites into business parks with its small business tenants employing around 450 staff between them.
The business parks provide both office and warehouse space and many businesses also use their self storage units as distribution points.
Drake Mill Business Park is home to 12 local businesses including a popular soft play centre, a hair and beauty salon, an accountancy firm and a construction company. Dainton said it was ‘confident’ of letting the remaining two offices, a showroom area and warehouse space on the site.
Managing director Mr Maddicott said: “These are exciting and challenging times for Dainton and I believe this level of substantial investment shows the commitment to the long-term growth and expansion of the business.”
Dainton's operations director, Shaun Duncan, added: “It's very much business as normal for our tenants and we anticipate that our self storage facilities will be open as quickly as possible once we have completed the internal refurbishment of the warehouse area.”
Drake Mill was among a portfolio of 27 South West business parks formerly owned by London & Westcountry Estates, which was placed into administration two years ago.
In January this year businessman Michael Hockin, who established and built London & Westcountry with wife Diane, took the first steps through the courts to win the right to sue Royal Bank of Scotland for a mis-sold interest rate swap which he believes cost him his business.