Introduction

A Tyneside warehouse operator is poised to make a significant impact on the local job market, with plans to create 40 new jobs, all thanks to a substantial six-figure investment package. “TSP Fulfilment Centre,” also known as The Storage Place Ltd (TSP), has secured a remarkable £400,000 in funding through a collaborative effort by key financial backers. This exciting development is set to not only bolster the company’s operations but also trigger its expansion in County Durham, ultimately leading to the creation of these much-anticipated job opportunities.

A Strategic Investment Partnership

The Storage Place Ltd (TSP) has secured a substantial investment of £400,000 in a funding round co-led by three key partners: Maven Capital Partners, The Finance Durham Fund (established by Durham County Council and overseen by Business Durham), and the North East Development Capital Fund (supported by the European Regional Development Fund). This strategic collaboration represents a crucial milestone in TSP’s journey towards expansion and growth.

Doubling Capacity and Creating Jobs

The infusion of £400,000 into TSP Fulfilment is not just about financial figures; it’s about tangible growth. With £200,000 contributions from each of the participating funds, TSP Fulfilment is set to open a new facility in County Durham, significantly increasing its capacity. This expansion is expected to be a game-changer, leading to the creation of 40 new job opportunities within the local community.

A Brief Overview of TSP Fulfilment

Gateshead-based TSP Fulfilment has been a prominent player in the warehousing and distribution industry since its establishment in 2002. Initially focused on serving heavy industry and automotive sectors, the company has evolved in response to the rising tide of e-commerce. Today, under the leadership of Michael Meredith, Executive Chair, and Paul Griffiths, Managing Director, TSP Fulfilment specializes in providing a wide range of services, from stock management and order processing to seamless customer deliveries.

A Technological Edge

TSP Fulfilment doesn’t just keep pace with the industry; it stays ahead by embracing cutting-edge technology and seamless software integration. The company connects with a myriad of e-commerce channels and services, including major names like Amazon, Magento, and Shopify. Moreover, TSP Fulfilment has cultivated a strong network of carriers, ensuring swift and reliable deliveries through carriers such as Royal Mail, DPD, Parcel Force, DX, DHL, TNT, Palletline, and Evri.

The E-commerce Boom and Fulfilment Services

Recent figures from the Office for National Statistics (ONS) reveal that internet sales now account for a substantial 25% of all retail sales in the UK. This surge in online shopping has driven a growing demand for e-commerce fulfilment services, not only within the UK but on a global scale. The global e-commerce fulfilment market is projected to reach an impressive $168.7 billion by the year 2028. TSP Fulfilment has strategically positioned itself to thrive in this burgeoning market.

The Vision Behind the Investment

Michael Vassallo, Investment Director at Maven, expressed his enthusiasm for the investment in TSP Fulfilment, acknowledging it as a fast-growing and highly profitable business operating in an exciting space. As e-commerce and platforms like Amazon continue to enjoy unwavering popularity among consumers, TSP Fulfilment has strategically positioned itself as a reliable, cost-effective order fulfilment service provider. In an era marked by exponential growth in the fulfilment industry, this investment represents an opportunity to support a local business while driving significant economic development in County Durham and the wider North East.

A Message from TSP Fulfilment’s Managing Director

Paul Griffiths, Managing Director of TSP Fulfilment, expressed his delight in securing this substantial investment. He emphasized how it will not only aid in expanding their regional operations but also play a crucial role in job creation, which is integral to the growth and prosperity of the area. Both Michael and Paul, being local to the region, are excited to contribute further to the expansion of TSP Fulfilment across the North East and foster continued job growth.

A Commitment to Local Prosperity

Coun James Rowlandson, Portfolio Holder for Resources, Investment, and Assets at Durham County Council, welcomed TSP Fulfilment to Peterlee. He recognized the company’s commitment to investing in the latest systems and technology, which sets them apart from the competition. Through the efforts of Business Durham and the Finance Durham Fund, the council aims to promote best business practices and provide support to companies with significant growth potential in the county. This investment serves as an encouragement to other businesses considering investments in County Durham, showcasing the funding opportunities and support available.

As “TSP Fulfilment” continues its journey of growth and expansion, the promise of 40 new job opportunities not only reflects the company’s vision but also demonstrates the positive impact it aims to have on the local economy and community. With strategic investments and a commitment to technological excellence, TSP Fulfilment is set to make waves in the thriving e-commerce fulfilment sector.