Mentmore’s £27.5m buy

Mentmore’s £27.5m buy

Mentmore Abbey plc, the largest space management group in the UK, has announced the acquisition of British Self Storage, rated the UK’s third largest operator, for £27.5m in cash and loan notes.

BSS operates from six major operational sites, including Reading, with total capacity of 520,000 sq ft net.

In the last year it achieved proforma operating profits of £1.3 million on turnover of £3m and had net assets at the year-end of £1.9m. The result was achieved prior to the opening of Reading, Europe’s largest purpose-built self storage centre.

Mentmore chairman Nick Smith said the acquisition allowed the company to increase its space by 55%.