Frome-headquartered self-storage operator Storagebase has been acquired by leading UK self-storage group Storage King, in a deal led by FRP Corporate Finance.
Storagebase’s assets, which include four high-quality storage facilities in the south of England will now be operated by Storage King – which is owned by South Africa's largest self-storage company, Stor-Age Property REIT Limited, which owns over 80 self-storage assets in the South Africa and the UK. The acquisition includes more than 300,000 sq. ft of space, including a new 102,000 sq. ft facility under construction in Amesbury, Wiltshire.
FRP Corporate Finance in Bristol, led by partner Mark Naughton, Alex Sargeant and Freddie James, had been tasked with securing a sale of the group and exit for the existing owners, who founded the business in 2002. Over the past 20 years, Storagebase has grown from a single site operation into a £4million turnover business, operating more than 3,500 storage units at sites in Banbury, Wednesbury and Frome. Having increased turnover by more than 30% since 2019, Storagebase is expected to deliver further growth as it brings its new Amesbury site online this summer.
The acquisition adds a modern, large-scale and free-hold portfolio to the Storage King brand, one which is operating at near maximum occupancy.
Robin Greenwood, CEO at Storage King said: “We are pleased to have purchased this excellent portfolio and I would personally like to thank both FRP and the Managing Director of Storagebase for working with us through this process. This acquisition forms part of our growth strategy to increase the footprint of our portfolio across the UK, and we are excited to welcome the existing staff into our Group.”
A spokesperson for Storagebase said: “I’m extremely proud of the business we have developed over the past two decades, with our market-leading occupancy levels testament to the outstanding facilities we’ve created for our diverse base of commercial and domestic customers. This was reflected in the number of high-quality potential acquirers FRP brought to the table to not only recognise the value of our store portfolio but also the model that we have created. Critically, Storage King shares the all-important cultural fit that will benefit our customers and team in the future as they take the business forward together.”
Mark Naughton, partner at FRP Corporate Finance, added: “The UK self-storage market continues to represent an attractive proposition for investors, with the industry still relatively immature in comparison to other parts of the world, particularly the US. With its focus on building new, investment-grade stores, Storagebase has demonstrated how an operator can quickly become the clear brand of choice for customers. With people needing more space at home due to the shift to agile working, and the steady flow of major life events making self-storage a recession-proof market, we expect to see more consolidation in the space in the coming months and years.”
TLT in Bristol provided legal advice to Storagebase, the team was led by partner James Webb and supported by senior associate Henry Male.