Safestore bullish despite drop in revenues as names new boss

SAFESTORE, a provider of self-storage for both personal and business customers, yesterday said they were confident for the full year despite a decline in third-quarter revenue.

The company, which operates over 100 self-storage centres in London, saw revenue slip to £24.3m in the past three months, compared to £24.9m a year ago.

The company said that trading was still being affected by the introduction of VAT on self-storage, but in line with its expectations which it outlined in June.

Meanwhile, the company’s French business “Une Piece en Plus” in Paris saw 5.1 per cent revenue growth and an increase in occupancy despite difficulties in the European economy.

In the update yesterday, the company said: “We have seen a positive start to the fourth quarter with new lets up 4.5 per cent year on year in what is traditionally one of our softer trading periods. Our reservations book is also stronger than the prior year giving us cause for cautious optimism about future new let growth.”

In a separate update, Safestore yesterday also confirmed the resignation of chief executive Peter Gowers.

Gowers is to be replaced by Frederic Vecchioli, the president of Safestore’s successful operations in Paris, with immediate effect.

Shares in Safestore closed 1.5 per cent higher at 136p yesterday.