Safestore
Safestore is a United Kingdom-based self-storage operator with operations in several European markets.
Last updated August 26, 2026
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Overview
Safestore is a self-storage business founded in the United Kingdom in 1998. It provides rented storage units and related storage services to household and business customers. The company has grown through a combination of organic development, public-market activity, management ownership changes, and acquisitions of other storage operators and portfolios. The business initially entered the public markets through a flotation on the Alternative Investment Market in 1998. In 2003, it left AIM following a £39.8 million management buyout backed by Bridgepoint. The transaction was led by Steve Williams, who was chief executive at the time. Safestore subsequently expanded its geographic and operating base through the 2004 acquisition of Mentmore plc for £209 million. Mentmore traded under the Spaces brand in the United Kingdom and the Une Pièce en Plus brand in France, giving Safestore a substantial presence beyond its original UK business. Safestore returned to the London Stock Exchange in 2007. In April 2013, it was converted into a real estate investment trust, aligning the company with a property-focused structure and the income characteristics of its storage estate. Its operating model is based on leasing individual storage rooms and units for varying periods, serving customers who need space during household moves, renovations, relocations, life changes, or business expansion. Storage sites may also offer packing materials and related customer services, although the precise service range can vary by location. The company continued to expand through targeted acquisitions. In July 2016, it acquired Space Maker, adding 12 stores to its UK operation. In November 2017, it completed the acquisition of Alligator Self Storage. During 2019, Safestore acquired the Ready Steady Store site at Heathrow from Rockpool Investments and added two London stores through the purchase of Fort Box Self Storage. It also formed a joint venture with Carlyle that acquired M3 Self Storage in the Netherlands, comprising six stores in Amsterdam and Haarlem. In January 2020, Safestore acquired Oh My Box Self Storage, adding four sites in central Barcelona. Safestore is described in the reference material as the largest self-storage provider in the United Kingdom and the second largest in Europe. Its brand portfolio and investments have therefore combined a prominent UK operating identity with exposure to France, the Netherlands, and Spain. The company’s position is based on physical site networks, local accessibility, flexible rental arrangements, and the recurring nature of demand for personal and business storage. Safestore remains an active corporate brand within the European self-storage sector.
History
Safestore was established in the United Kingdom in 1998 and entered the public markets during the same year through a flotation on the Alternative Investment Market. Its early development established the company as a dedicated operator of self-storage facilities, a sector serving people and organizations requiring temporary or ongoing space outside their homes or business premises. In 2003, Safestore underwent a major ownership transition. The company was delisted from AIM following a £39.8 million management buyout backed by Bridgepoint. The transaction was led by Steve Williams, then Safestore's chief executive. The private ownership period was followed by a significant expansion of the business in 2004, when Safestore acquired Mentmore plc for £209 million. Mentmore operated under the Spaces name in the United Kingdom and the Une Pièce en Plus name in France. The acquisition broadened Safestore's geographic footprint and gave the group access to established brands and facilities in both countries. Safestore returned to the London Stock Exchange in 2007. In April 2013, the company was converted into a real estate investment trust. This structure reflected the importance of its property portfolio and the recurring rental income generated by storage units. The company continued to operate as a public real-estate and storage business rather than as a conventional consumer-goods brand. The next phase of development relied heavily on acquisitions and partnerships. In July 2016, Safestore purchased Space Maker, adding 12 UK stores. In November 2017, it completed the acquisition of Alligator Self Storage. In 2019, the company expanded its London-area presence through the purchase of the Ready Steady Store facility at Heathrow from Rockpool Investments and the acquisition of Fort Box Self Storage, through which two London stores joined the group. Safestore also pursued international growth through a joint venture with Carlyle. In August 2019, that venture acquired M3 Self Storage in the Netherlands, bringing six stores in Amsterdam and Haarlem into the partnership. In January 2020, Safestore acquired Oh My Box Self Storage, adding four facilities in central Barcelona and extending its presence in Spain. The resulting business has a multi-country European footprint, with the United Kingdom as its principal market and additional operations or brands in France, the Netherlands, and Spain. The reference material identifies Safestore as the UK's largest self-storage provider and Europe's second largest. Its history is therefore characterized by public-market changes, property-based corporate structuring, portfolio acquisitions, and progressive expansion across major European urban markets. The Safestore brand represents flexible storage access for domestic and commercial customers, while the wider group has also retained or operated acquired identities such as Spaces and Une Pièce en Plus.
- 2020
Oh My Box acquisition
[1]Safestore acquired Oh My Box Self Storage, adding four stores in central Barcelona.
- 2019
UK acquisitions and Dutch joint venture
[1]Safestore acquired the Ready Steady Store site at Heathrow and Fort Box Self Storage, while a Carlyle joint venture acquired M3 Self Storage in the Netherlands.
- 2017
Alligator Self Storage acquisition
[1]Safestore completed its acquisition of Alligator Self Storage.
- 2016
Space Maker acquisition
[1]Safestore acquired Space Maker and added 12 UK stores.
- 2013
REIT conversion
[1]The company converted into a real estate investment trust in April.
- 2007
London Stock Exchange listing
[1]Safestore became listed on the London Stock Exchange.
- 2004
Acquisition of Mentmore
[1]Safestore acquired Mentmore plc for £209 million, adding the Spaces and Une Pièce en Plus operations.
- 2003
Management buyout and AIM delisting
[1]A Bridgepoint-backed management buyout valued at £39.8 million led to Safestore's delisting from AIM.
- 1998
Founded and floated on AIM
[1]Safestore was founded in the UK and floated on the Alternative Investment Market during the same year.
Products and positioning
A large, accessible self-storage operator serving both personal and business customers through a multi-country network of storage facilities. Its positioning combines local site convenience, flexible rental periods, and a broad European operating platform.
Self-storage
Personal self-storage
Storage rooms and units rented to household customers who need additional space during moves, renovations, travel, life changes, or other periods when possessions cannot conveniently be kept at home. The service is generally based on flexible rental periods and access to a managed storage facility.
Commercial self-storage
Business storage
Storage capacity for businesses, tradespeople, retailers, offices, and other organizations. Units can be used for inventory, documents, equipment, stock, or operational overflow when a company requires more space without taking a conventional warehouse or office lease.
Self-storage brand
Spaces
A UK storage brand acquired by Safestore through its 2004 purchase of Mentmore plc. The Spaces name was used for Mentmore's UK operations before and after the transaction, although the reference material does not specify the current extent of the brand's operation.
Self-storage brand
Une Pièce en Plus
The French brand acquired through Mentmore in 2004. It formed part of Safestore's expansion into France and represented the group's French self-storage presence.
Brand decisions
2019
Expand through UK acquisitions and a Dutch joint ventureM&ABackground
Safestore pursued additional scale in the UK while developing a presence in the Netherlands through a partnership with Carlyle.
Action taken
It acquired the Ready Steady Store facility at Heathrow and Fort Box Self Storage, while the Carlyle joint venture acquired M3 Self Storage in Amsterdam and Haarlem.
Aftermath
The transactions increased Safestore's UK store base and established a joint-venture presence in the Dutch market.
2013
Convert to a real estate investment trustStrategyBackground
Safestore's business was based on a substantial portfolio of storage properties generating recurring rental income.
Action taken
The company converted into a real estate investment trust in April 2013.
Aftermath
Safestore continued operating as a publicly listed, property-focused self-storage group.
2004
Acquire Mentmore plcM&ABackground
Safestore sought to expand its storage platform and add operations in both the United Kingdom and France.
Action taken
It acquired Mentmore plc for £209 million, including businesses trading as Spaces in the UK and Une Pièce en Plus in France.
Aftermath
The transaction materially broadened Safestore's European operating footprint.
Acquisition price. £209 million (2004)
2003
Proceed with a management buyoutM&ABackground
Safestore's ownership changed through a management buyout backed by Bridgepoint after the company had been listed on AIM.
Action taken
The £39.8 million transaction, led by chief executive Steve Williams, resulted in Safestore being delisted from AIM.
Aftermath
Safestore later returned to the London Stock Exchange in 2007.
Management buyout value. £39.8 million transaction (2003)
Recent events
- 2020
Safestore acquires Oh My Box Self Storage[1]
M&A
Safestore acquired Oh My Box Self Storage, adding four facilities in central Barcelona.
- 2019
Safestore expands through Heathrow and Fort Box acquisitions[1]
M&A
Safestore acquired the Ready Steady Store site at Heathrow from Rockpool Investments and added two London stores through the Fort Box Self Storage acquisition.
- 2019
Safestore and Carlyle establish a Netherlands self-storage joint venture[1]
M&A
A joint venture between Safestore and Carlyle acquired M3 Self Storage, comprising six stores in Amsterdam and Haarlem.
- 2017
Safestore completes Alligator Self Storage acquisition[1]
M&A
Safestore completed the acquisition of Alligator Self Storage in November.
- 2016
Safestore acquires Space Maker[1]
M&A
The acquisition of Space Maker added 12 stores to Safestore's UK operation.
- 2013
Safestore converts into a real estate investment trust[1]
Other
Safestore adopted a real estate investment trust structure in April 2013.
- 2007
Safestore returns to the London Stock Exchange[1]
Other
The company became listed on the London Stock Exchange after its earlier departure from AIM.
- 2004
Safestore acquires Mentmore[1]
M&A
Safestore acquired Mentmore plc for £209 million, taking control of operations trading as Spaces in the UK and Une Pièce en Plus in France.
- 2003
Bridgepoint-backed management buyout takes Safestore off AIM[1]
M&A
Safestore was delisted from AIM after a £39.8 million management buyout backed by Bridgepoint and led by chief executive Steve Williams.
- 1998
Safestore floats on the Alternative Investment Market[1]
Other
Safestore entered the public markets through a flotation on the London Stock Exchange's Alternative Investment Market.
Sources1 sources
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