AGM Statement

Mentmore Abbey Plc
5 September 2001


Immediate Release
                              5 September 2001


                              Mentmore Abbey plc
                      Annual General Meeting Statement



Mentmore Abbey plc, the leading space management group in Europe, with
personal storage, serviced business space and records management operations,
held its Annual General Meeting at 11.00 a.m. today.  Nick Smith, Chairman,
updated shareholders:



'I am pleased to report that trading in the first quarter has been in line
with management expectations, demonstrating the resilience of the Group's
businesses to the increasingly challenging economic backdrop.



Spaces Personal Storage increased annualised storage revenue by £1.2 million
in the first quarter. The centres, which opened earlier in this calendar year
in London, Birmingham and Manchester, are trading ahead of our expectations.
In Paris, UPP has continued to trade strongly, and development of our two new
stores is on schedule for autumn openings. We anticipate acquiring our seventh
site shortly.



In serviced business space we have continued to trade in line with
expectations. Occupancy levels reflect the resilience of our customers and our
wide geographical spread. During the period we acquired an existing business
centre in Altrincham and added to our development programme. We now have a
record 800,000 sq. ft of space under development of which 350,000 sq. ft will
be completed later this year, the principal benefit of which will be seen next
year.  Our upgraded serviced offices are still being converted but we have
started to let space at our target rates and are encouraged by early customer
responses.



Iron Mountain Europe has traded at much improved levels, realising the
benefits of last year's investments. We are achieving price increases and have
started to win new business. We still have more ground to recover but it is
encouraging to be running ahead of planned improvement rates.



As previously advised Michael Woodhead, senior non-executive director retires
from the board at today's meeting. I know all shareholders will join me in
thanking Michael for his contribution.



In summary all our businesses are trading to plan. The improvements at Iron
Mountain Europe, the ability of our widespread customer base to deliver
recurring profits and cash flows and the initial results of our ongoing
investment programme convince us that our decision to invest for the long term
is in the best interests of shareholders.'



Contacts:


Mentmore Abbey plc                                                020 8946 3159
Nick Smith, Chairman
Kim Taylor-Smith, Chief Executive
Clive Drysdale, Finance Director

Buchanan Communications                                           020 7466 5000
Richard Oldworth
Catherine Miles