Profits grow for Safestore

Self storage company Safestore, which has three sites in the Black Country, saw turnover and profits rise in its latest financial year.

The Safestore site at Sun Street, off High Street, Quarry Bank
The Safestore site at Sun Street, off High Street, Quarry Bank

In the year to the end of October revenue was up 6.9 per cent to £162.3 million. In the UK it was 3.3 per cent ahead.

Pre-tax profit grew34.4 per cent to £197.9m with occupancy up 9.6 per cent.

A new store opening at Birmingham-Middleway is planned for this year.

Frederic Vecchioli, Safestore's chief executive, said: "Despite the pandemic, the group's business model demonstrated its resilience resulting in another strong performance for the year. All geographies have performed well and the UK business has shown particularly pleasing momentum, growing like-for-like occupancy by 4.2 percentage points to 81 per cent at the end of the year.

The group, which has 113 stores in Europe, said the strong performance had continued into the first two months of the new financial year.

"Whilst acknowledging the potential for disruption arising from current Covid restrictions, the inherent resilience of our business model as well as our recent and current trading allow me to look forward with confidence to the 2020-2021 financial yerr," added Mr Vecchioli.

Sorry, we are not accepting comments on this article.

Top Stories

More from the Express & Star

UK & International News