Securstore has appointed Orn Gunnarsson and Bjarni Armannson respectively to the roles, each of whom will take a stake of 25 per cent in the business.

Financial details of the transaction were not disclosed.

Gunnarsson has recently stepped down as managing director at Saga Capital Investment Bank, while Armannson is a director of US private equity firm Paine & Partners and has been CEO of a number of companies including Kaupthing Bank.

The pair worked together at Icelandic financial group Glitnir, where Gunnarsson was head of corporate finance and Armannson CEO.

The present CEO of Securstore, Alexander Eiriksson, will become the company’s chief operating officer. He and his brother, CFO Eirikur Thor Eiriksson, have led the company since 2004.

Alexander Eiriksson says: ‘The company has reached a stepping stone in profitable growth and the UK has massive expansion opportunities which demand a clear focus. [Gunnarsson] and [Armannson] both bring a wealth of experience to the company.’

Armannson calls Securstore ‘an exciting investment’ with potential for ‘considerable growth in the near future’.