A Somerset-based storage company has been acquired by a UK self-storage group for an undisclosed sum.
Frome-based Storagebase has been bought by Storage King, which is owned by South Africa’s largest self-storage company, Stor-Age Property REIT Limited.
Storagebase has four facilities in the south of England, while Storage King has over 80 self-storage assets in South Africa and the UK. The acquisition includes over 300,000 square feet of space, including a new 102,000 square foot facility under construction in Amesbury, Wiltshire.
Bristol-based consultancy firm FRP Corporate Finance, led by partner Mark Naughton, Alex Sargeant and Freddie James, was tasked with securing the sale of the group and the exit of the existing owners, who founded the business in 2002.
Over the past 20 years, Storagebase has grown from a single-site operation to a £4 million business, operating over 3,500 storage units at sites in Banbury, Wednesbury and Frome . Having increased its revenue by more than 30% since 2019, Storagebase is expected to continue its growth by bringing its new Amesbury site online this summer, FRP said.
Robin Greenwood, Managing Director of Storage King, said, “We are delighted to have purchased this excellent wallet and I would like to personally thank FRP and the Managing Director of Storagebase for working with us through this process.
“This acquisition is part of our growth strategy to increase our portfolio footprint across the UK, and we are delighted to welcome existing staff to our group.”
A Storagebase spokesperson said, “Storage King shares the very important cultural fit that will benefit our customers and our team going forward as they move the business forward together.”
TLT law firm in Bristol provided legal advice to Storagebase; the team was led by partner James Webb and supported by senior partner Henry Male.
Mark Naughton, Partner at FRP Corporate Finance, added: “With people needing more space at home due to the shift to agile working and the constant stream of major life events making self-storage a recession-proof market, we are expect more space consolidation in the months and years to come.”
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