First safe deposit box service launches in Scotland

Scotland’s first independent safe deposit box service has launched in Glasgow following an investment of more than £1m.

Based in the city’s southside, Glasgow Vaults claims it has been introduced in response “to the major banks withdrawing the service that safeguards people’s valuable possessions”.

The venture is being led by David Walsh and Seamus Fahy, who have invested in equipping the vault with surveillance technology, including seismic shock sensors, which it says would make a Hatton Garden-style heist “impossible”. Monitored 24/7, the vault is also protected by biometric identification technology.

The Glasgow facility, which currently employs five staff members, is part of a strategy to expand the model across the UK and Ireland, following the successful launch of its first site in Dublin in 2013.

The business is expected to grow its staff numbers in Glasgow to 15 by the middle of 2017.

Fahy said: “We launched in Dublin three years ago, very much in response to demand from people who had either lost confidence in the banking system or were looking to keep possessions safe amidst rising crime figures.

“The business has delivered consistent growth and we have been exploring opportunities to grow our footprint across other UK regions.

“After considerable due diligence we identified Scotland as a key growth region, mainly due to the fact that the banks no longer offer the service and there are no other providers in the market place.”