UK growth lifts revenue at Safestore

Growth in the UK business of self-storage company Safestore has helped to drive a 15% rise in revenue over the three months to the end of July. Chief executive Frederic Vecchioli described revenue growth in the UK as “excellent”, a 12% lift year-on-year taking it to £41.3m. That outshone growth in its French and Spanish portfolios, although those too posted year-on-year gains. Like-for-like enquiries in August, the first month of the company’s final quarter, are at record levels, Vecchioli added. “Our strong and flexible balance sheet has significant funding capacity, allowing us to continue to consider strategic, value-accretive investments as and when they arise,” he said. “We have delivered a strong occupancy performance over recent years, yet we still have 1.2m sq ft of fully invested currently unlet space in our UK, Paris, Spain and Benelux markets. Our most significant upside opportunity is from filling this space and that remains our priority.” To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews Photo © Safestore