business news
Opening the Vault Ireland's first independent safety deposit box facility opened in September as a result of an initiative by two Irish entrepreneurs.
M
errion Private Vaults is the brainchild of jeweller Seamus Fahy and media owner, David Walsh, and is located at a secure location close to Merrion Square in Dublin. The vault, which has been constructed using the very latest state-of-the-art security technology, has several thousand safety deposit boxes of varying sizes. Clients will retain a deposit box for an annual fee that starts at a350 including VAT. Co-founder Seamus Fahy said that he always used safety deposit boxes as a jeweller in London for a number of years before returning to Dublin to set up Voltaire Diamonds – a diamonds by appointment specialist. “In London I rented safety deposit boxes – near the diamond district in Hatton Garden. Most of the people I worked with took this service for granted,” he recalls. “In fact there are safety deposit boxes available all over London.” However, when Fahy asked his bank in Dublin for a safety deposit box he was told no such facility could be provided as the banks were exiting this market. “That was three years ago. I realised that there must be many others in the same predicament – all seeking an affordable secure place to leave valuables like diamonds, gold etc,” Fahy says. He soon established a website, safetydepositboxes.ie, to gauge the level of interest in such a service here. The website garnered over 900 enquiries, primarily from all sections of Irish society and also from international business people and families living and working in Ireland. The venture was clearly worth pursuing.
Seamus Fahy and David Walsh, Merrion Private Vaults.
Partnership
world,” explains Walsh. “Indeed many enquiries to the website have been from people abroad doing business in Ireland. They may be in Ireland for months at a time and want somewhere secure to leave their family’s passports and valuables while they are here.” Merrion Private Vault’s standard safety deposit box, which measures 3" x 5" x 24", costs a mere r350 (including VAT) a year, which is the equivalent of 78 cent a day, before VAT. There are four larger box sizes to choose from in order to meet customer requirements. “By keeping your valuables in Merrion Private Vault’s safety deposit box, you can remove them from your home insurance policy and reduce your premium,” Walsh points out. Independently-managed safety deposit boxes for individuals are a wellestablished service around the world but a new one to Ireland. Traditionally banks have provided boxes in various
While securing suitable premises for the vault, Fahy asked his friend David Walsh to become involved. Walsh owns Citybox, the largest mall media advertising company in Ireland and the UK. “An independent safety deposit box concept is tried and tested all over the
"By keeping your valuables in Merrion Private Vault’s safety deposit box, you can remove them from your home insurance policy and reduce your premium."
branches but are now ceasing or have ceased to provide them. Irish people have traditionally left important documents like property leases with their banks – often as security for loans – while keeping valuables like jewellery and cash at home. As well as valuables like jewellery, safety deposit boxes can also be used by businesses to store back-up data on their accounts including memory sticks and also for valuable documents such as leases and deeds. The start-up will initially create up to twenty jobs directly in the company and in supporting service providers. It is already taking advance bookings for the safety deposit boxes and has received ample enquiries to date. Merrion Private Vaults is conveniently located in the heart of Dublin, just off Merrion Square. Opening hours reflect the needs and schedules of the clients. Full details on Merrionprivatevaults.ie.
InBusiness | Q3 2013 7