Merrion Vaults, a safety deposit box company based in Dublin, is looking to raise up to €5m in investment capital as it seeks to expand in the US and Europe.
The firm, established in 2013 by Séamus Fahy and David Walsh, hopes to open new safety deposit box vaults across the US. Merrion Vaults plans to open the vaults in Chicago, San Francisco and New York once the investment has been secured.
Fahy said Merrion Vaults, which has vaults in Dublin, Glasgow, Edinburgh, Newcastle, Liverpool and Nottingham, had held early-stage "positive" talks with corporate finance houses regarding the investment.
Merrion Vaults has further European ambitions. It plans for two new facilities in Poland, in Warsaw and Wroclaw, and three vaults in the UK, including Sheffield, Bristol and Reading. It is also looking at sites in Cork and Belfast.
Fahy said the expansion plans had enjoyed a boost by a surge in the value of gold. He said investors are backing the precious metal following the coronavirus outbreak.
"Our safety deposit box rentals have gone up probably about 30-40pc in the last month, purely because people are worried," he said.
"They are worried about banking systems. They are doing bank transfers to us, buying gold bullion and storing that with us."