Revenue rises for Safestore
Self-storage group Safestore, which has sites at Oldbury, Quarry Bank and Wednesbury, saw revenue rise 14.6 per cent to £50.9 million for the three months to the end of January
Occupancy was up 3.7 per cent at 5.7 million sq ft and in the UK revenue rose 18.8 per cent to £39.9m.
Chief executive Frederic Vecchioli said: "I am pleased to report that the strong trading momentum we saw in our 2021 financial year has continued into the first quarter of 2022. This was driven by an excellent UK result, complemented by strong performances from Paris and Spain.
"Our new store pipeline represents over 10 per cent of our existing portfolio's maximum lettable area and we anticipate the pipeline will continue to grow over the coming months. Our strong and flexible balance sheet has significant funding capacity, allowing us to continue to consider and swiftly execute strategic, value-accretive investments as and when they arise.
"Alongside our attractive development pipeline we continue to prioritise the significant upside from filling our 1.4m sq ft of fully invested, currently unlet space. The business has demonstrated its inherent resilience in recent times and, with our recent and current trading, allows us to look forward with confidence."
Safestore, founded in 1998, currently has 162 sites – 129 of them in the UK>
