Tag Archives: Merrion Vaults

Merrion Vaults Plans To Open Liverpool, Nottingham Safe Deposit Box Facilities

Irish businessmen Séamus Fahy and David Walsh are at it again. It’s being reported that the founders of Merrion Vaults in Dublin are looking to add to to their existing family of private, non-bank vaults with safe deposit boxes in Ireland, Scotland (Glasgow Vaults), and England (Newcastle Vaults). Barry O’Halloran wrote on The Irish Times website last month:

Safekeeping specialist Merrion Vaults is spending up to €2 million on an expansion that will see it open new safety deposit box centres in Liverpool’s landmark Royal Liver Building, other British cities and possibly Europe.

Merrion Vaults runs a purpose-built safety deposit box facility on Dublin’s South Cumberland Street, close to Merrion Square, which it opened in 2013 after its founders, businessmen Séamus Fahy and David Walsh, identified strong demand for the service.

Mr Fahy confirmed at the weekend that the Irish company is planning to open in Liverpool and Nottingham in England, to follow vaults that are already up and running in Glasgow and Newcastle…

(Editor’s note: Bold added for emphasis)

According to the Liverpool Vaults website, the facility is scheduled to open in January 2018.

O’Halloran added that the company “could target Edinburgh” and is “now weighing a move to the continent.”

An interesting article, which you can read in its entirety over on The Irish Times website here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of a particular business should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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Newcastle Vaults Opens In The North-East Of England

A new private vault- Newcastle Vaults- launched last month in the United Kingdom. Located in Newcastle upon Tyne (Newcastle), the most populous city in the north-east of England, the first independent safe deposit box facility in that region opened its doors on December 11, 2016. From the “About” page on the non-bank vault’s website:

Newcastle Vaults is part of a larger collection of vaults including Glasgow Vaults Scotland and Merrion Vaults Ireland – the largest independently owned safe deposit box centres in both countries. We offer safe-keeping services to private individuals and businesses, allowing the safeguarding of their most valued possessions in a secure state-of-the-art purpose-built vaults.

Our Vault facilities offer safe deposit boxes and lockers in various sizes to suit all client requirements. Smaller boxes are perfect for the storage of cash, jewellery, precious metals, valuable coins and computer back-up discs. The mid-size boxes are designed to keep documents and papers, house deeds and other important items. The large boxes would be ideal for luxury watch collections or jewellery items in-boxes, and are designed to hold larger amounts of valuables, paperwork and even artwork which need to be stored securely. We are also the only safe deposit box company to offer high security private walk-in vaults for the storage of fine Art and/or valuable furniture.

We are situated in Cloth Market, in the centre of Newcastle. We aim to provide a unique and five star service to our clients, ensuring the safety and security of their most valued possessions, documents, jewellery and irreplaceable items.

Newcastle Vaults, Glasgow Vaults & Merrion Vaults were founded by Séamus Fahy and David Walsh…

There’s also the following from a January 5 article on the website of the Safe Deposit Federation (SDF blogged about here), of which Newcastle Vaults is an approved member:

Boasting an underground/basement vault, with 7 day access – Newcastle Vaults has a range of box sizes available for rent on a monthly or yearly basis. Prices start at less than £3 per week (£150 per year), fully insured, with free insurance for year 1 on any locker/box rental…

With multi-level security access for clients, including Bio-metric fingerprint entry and facial recognition access, the vault is state-of-the-art and offers 5 star service and surroundings for box holders. “Our intention is to offer a world-class facility and service, with unsurpassed security and privacy for our clients, across all of our facilitys” says Nigel Doolin – Communications Director with the company – “We are looking at other locations in the UK and will strive to constantly improve both our service and offering with each new opening.”

In addition to being an SDF approved member, the Newcastle Vaults home page indicates it is also a registered company with the Financial Conduct Authority (FCA), “the conduct regulator for 56,000 financial services firms and financial markets in the UK and the prudential regulator for over 24,000 of those firms.”

It was also mentioned in that piece on the Safe Deposit Federation website that Newcastle Bullion, “a premium gold buying and selling service based in Newcastle,” is also located within the same facility as the vault. From Newcastle Bullion’s website:

We offer clients the facility to buy and/or sell gold coins or bullion at highly competitive prices. Our pricing is based upon the realtime / current spot trading price of gold throughout the day. Call us to receive an up to the minute quote on your gold purchase or sale. We are located within the same facility as Newcastle Vaults allowing our clients a complete purchase and storage solution within the one location

We offer our clients the ability to purchase all of the leading gold coins such as; krugerrands, gold sovereigns, gold eagles, gold maples, Australian kangaroos plus many other varieties and types of gold coin. We also stock the finest quality gold bullion bars in a variety of sizes from 1 gram, 5 gram, 10 gram, 20 gram and 1 troy ounce up to 1 kilo from gold refiners such as Umicore and Argor Hereaus…

(Editor’s note: Bold added for emphasis)

Congratulations to Newcastle Vaults on their launch. Offshore Safe Deposit Boxes wishes them all the best with their new safe deposit box facility. For more information about Newcastle Vaults, visit their website here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of entities marketing themselves as private vaults outside the U.S. offering safe deposit boxes/lockers at a minimum, or other businesses named above, should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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Related Reading: In-Depth Look At Dublin’s Merrion Vaults

It’s been a while since I last blogged about the Dublin, Ireland-based private vault Merrion Vaults (although I have talked about co-founder/director Séamus Fahy more recently as it related to their sister safe deposit box facility, Glasgow Vaults). Anyway, I recently spotted an article on Irish website Fora (“Business news and insights for Ireland’s startup and SME community”) in which Fahy, speaking on behalf of Merrion Vaults, was interviewed for the first installment of a weekly series “examining the nuts and bolts of businesses.” Paul O’Donoghue wrote on May 26:

AFTER THE FINANCIAL collapse, banks began to ditch their vaults. Once seen as a value-added service for customers, with cash tight banks went into cost-cutting mode and safekeeping goods was viewed as an unnecessary luxury. That gave Seamus Fahy the idea for his business.

The Limerick native had just started a diamond-selling firm in 2009 and was looking for a place to store his valuable stock. Told again and again by the major banks that they were not providing vaults any more, he decided to offer it himself…

A number of questions were asked of Fahy about the non-bank vault, including:

• How do you make money?
• What are your costs?
• Who and where are you selling to?
• Who are your competitors?
• What is your vision for the company?

I found the answer for the last question particularly interesting. O’Donoghue penned:

Fahy says plans are well advanced for a third vault with London the most likely location.

“We plan on having facilities throughout Europe, it gives people confidence if they can see a company has facilities in Ireland, the UK, France, etc. Over the next three to five years we will probably open five to ten facilities; we have the blueprint now, we understand how the business works.”

An insightful read, which you can view in its entirety over on the Fora website here. Offshore Safe Deposit Boxes wishes Séamus Fahy and business partner David Walsh all the best with their planned expansion. For more information about Merrion Vaults and Glasgow Vaults, click on the provided links.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of entities marketing themselves as private vaults outside the U.S. offering safe deposit boxes/lockers at a minimum should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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Related Reading: Glasgow Vaults Launch Covered By The Scotsman

Back on January 20, I alerted blog readers about the opening of a new private vault- Glasgow Vaults- in Scotland’s largest city. Monday morning, I saw an article about the new non-bank safe deposit box facility on The Scotsman (UK) website. Scott Reid reported:

What is being billed as “Scotland’s first independent safe deposit box service” has been launched following an investment of more than £1 million.

Glasgow Vaults said it had made the move 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…

Regular readers of Offshore Safe Deposit Boxes might recognize those two names. A year ago today, I blogged about a January 13, 2015, interview with Séamus Fahy and David Walsh on Today with Sean O’Rourke on RTÉ Radio 1 (Ireland) where the two were identified as directors of Dublin, Ireland-based Merrion Vaults, “the first privately owned safe deposit box facility of its kind in Ireland.” Both Walsh and Fahy provided listeners with a good deal of information about how Merrion Vaults came to be, how the facility is set up and operates, and how the safe deposit boxes are being utilized by customers.

Reid noted in The Scotsman piece that Glasgow Vaults “is part of a strategy to expand the model across the UK and Ireland, following the successful launch of an initial site in Dublin, in 2013.”

You can view that article in its entirety on the newspaper’s website here.

Once again, congratulations to Glasgow Vaults. Offshore Safe Deposit Boxes wishes them all the best with their new facility. For more information about Glasgow Vaults, visit their website here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of entities marketing themselves as private vaults outside the U.S. offering safe deposit boxes/lockers at a minimum should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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New Private Safe Deposit Box Facilities Open In U.K.

Two new private, non-bank safe deposit box facilities have opened in the United Kingdom- Sharps Pixley in London (England) and Glasgow Vaults in Glasgow (Scotland). In the fall I added Shaprs Pixley (dating back to 1778 and an original member of London’s twice-daily gold price fixing establishment) to the list of private vaults on this blog’s sister site- Offshore Private Vaults- after learning about their safe deposit box offerings. Reuters’ Clara Denina reported on January 14:

London bullion dealer Sharps Pixley has opened Britain’s first showroom making gold coins and bars available to private investors in the capital’s exclusive district of Mayfair, the company said in a statement.

The showroom will offer coins and bars from one gram, costing 35 British pounds, to 400 ounces or 11.3 kilograms, which can be stored in one of the 2,500 safe deposit boxes that Sharps will also offer

(Editor’s note: Bold added for emphasis)

Denina added that Sharp Pixley’s parent company is Degussa, which also has private vaults (under the Degussa name) in Germany (Berlin, Cologne, Hamburg, Hanover, Munich, Nuremburg, and Stuttgart), Singapore, and Switzerland (Geneva and Zurich).

Another private vault that just opened its doors in the U.K. is Glasgow Vaults. Located in Scotland’s largest city, the sister company to Merrion Vaults (Dublin, Ireland) published the following on its Facebook page this past Sunday:

Delighted to announce Glasgow Vaults is now open. Scotland’s first independent Safe Deposit Box facility, open 7 days per week

(Editor’s note: Bold added for emphasis)

According to the Glasgow Vaults website, they offer various box sizes and are “the only safe deposit box facility to offer high security private walk-in vaults for the storage of fine Art and valuable furniture.”

Congratulations to Sharps Pixley (Degussa) and Glasgow Vaults. Offshore Safe Deposit Boxes wishes them all the best with their new facilities. For more information about the Sharps Pixley showroom/safe deposit boxes, visit their website here. For info about Glasgow Vaults, head on over to their site here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of entities marketing themselves as private vaults outside the U.S. offering safe deposit boxes/lockers at a minimum should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

Source:

Denina, Clara. “London gold dealer Sharps Pixley opens first UK showroom.” Reuters. 14 Jan. 2016. (http://www.euronews.com/newswires/3126373-london-gold-dealer-sharps-pixley-opens-first-uk-showroom/). 20 Jan 2016.

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More On Safe Deposit Boxes In Ireland

Last Tuesday, I blogged about a recent article on The Irish Times website that discussed safe deposit boxes in Ireland.

On May 10, Louise McBride talked more about these storage containers located on the “Emerald Isle” on the Irish Independent website, particularly those located in private, non-bank vaults. Dublin’s Merrion Vaults and Sentinel Vaults featured prominently in the article, with McBride quoting Merrion co-owner Séamus Fahy and Sentinel manager James Dwyer extensively.

Just like that Irish Times piece, McGuire noted that Irish banks are withdrawing from safe deposit services, leaving private vaults to continue providing such asset protection for the community and beyond.

It was an interesting read, particularly this part:

Be wary of blanket insurance policies offered by safety deposit companies, warned Mr Dwyer. “Such ‘block’ policies are being offered by some private safe deposit facilities throughout Britain and Ireland,” said Mr Dwyer.

“It is not reliable cover as the policy is held by the facility owners and not you the customer, so it’s up to the facility owners to decide whether to pay you if were you to make a claim. When you take out insurance, you should be provided with a policy document in your name in order to have genuine cover.”

You can read the entire article on the Irish Independent website here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

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Related Reading: Safe Deposit Boxes In Ireland

I know there’s been quite a bit of “related reading” lately. More original material is due out soon.

Fiona Reddan reported on safe deposit boxes in Ireland last Tuesday. From her article on The Irish Times website:

It’s the end of an era for banks as a vault for safekeeping key items belonging to customers, including legal documents such as property deeds. No longer seen as a value-added service they can offer customers for free, banks increasingly see safekeeping as an expense and an effort that is no longer justified.

Bank of Ireland, for example, says the service was causing an “unacceptable health, safety and security risk in some branches”.

Ulster Bank has become the latest bank to exit the market…

Ulster Bank is not the only bank to stop providing a safekeeping service. Both AIB and Permanent TSB are also in the process of closing their vaults, while Bank of Ireland started a “phased removal” of safekeeping facilities in May 2014…

(Editor’s note: Bold added for emphasis)

The United Kingdom. Singapore. Now Ireland. All areas of the world where bank safe deposit boxes are going extinct.

As regular readers of Offshore Safe Deposit Boxes know, private, non-bank vaults have picked up where financial institutions formerly offered this valuable community service. Reddan added:

With the departure of the banks from the market, a number of private operators have moved into the space. Dublin operators include Sentinel and Merrion Vaults, while Cork Vaults offers a similar service in the Munster area…

Cork Vaults? I wasn’t aware they were open for business. The “billboard” on their website reads “Welcome To Cork Vaults, Opening Autumn 2013,” their “Contact” page doesn’t provide an address, the “Latest News” is two years old, and their Twitter and Facebook accounts don’t look active. I’ll send them a message and if the facility is actually open, I’ll update this post to reflect that.

Reddan went on to talk about private vault operations in Ireland, with Sentinel Vaults and Merrion Vaults (particularly co-founder Séamus Fahy) providing a good deal of input. It’s an insightful read, which you find in its entirety here on The Irish Times website.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

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