Placing / Acq / Interims

Mentmore Abbey Plc
6 December 2000




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                          JAPAN
                                          6 December 2000
                            
                   MENTMORE ABBEY PLC
                 £15.7 MILLION PLACING
   ACQUISITION BY IRON MOUNTAIN EUROPE OF DATAVAULT UK
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2000
                            
SUMMARY

Mentmore  Abbey plc ('Mentmore Abbey' or 'the  Company'),
the  leading space management group in Europe,  announces
its  results  for the six months ended 31  October  2000.
Mentmore  Abbey also announces a placing ('the  Placing')
by  Dresdner  Kleinwort Benson and Collins  Stewart.  The
Placing  comprises  the  issue  of  8,600,000   new
Mentmore  Abbey  ordinary shares of 10p  each  (the  'New
Shares'), representing approximately 5 per cent. of  the
Company's  existing issued share capital. The New  Shares
have  been placed with institutional investors at a price
of   182p  per  share,  raising  total  proceeds,  before
expenses,    of   approximately  £15.7  million. Of the  
New Shares,  6,770,666 are being issued in  exchange  for  
new ordinary shares in  the  Company's joint  venture,  
Iron  Mountain  Europe  ('IME'),  as   a consequence   of  
IME's  acquisition  of   Datavault   UK ('Datavault'), and 
are being placed by Mentmore Abbey  on behalf  of  IME.  

HIGHLIGHTS

Interim results report continued profit growth  and
accelerated acquisition and investment  activity

Summary  results  before goodwill amortisation  and
exceptionals:
   Revenue £35.7 million (1999: £15.6 million), 129 per
   cent. increase
 
   EBITDA £16.5 million (1999: £6.8 million), 142 per
   cent. increase
 
   Profit before tax £9.5 million (1999: £5.4 million),
   75 per cent. increase

   Earnings per share  4.29 pence (1999: 3.56 pence),
   21 per cent. increase

Corporate and property acquisitions: £88.5  million
spent in the 12 months to 31 October 2000

Personal storage: now 38 sites in UK and Europe; 108
per  cent. increase in space during the period, in  part
through the acquisition of British Self Storage and  Une
Piece en Plus in France

Serviced business space: 227 sites in UK and Europe,
with  6 sites added during period - introducing enhanced
services,  including  message  handling  facilities  and
telecommunications

Records management: integration of Datavault UK (4th
largest operator in UK) - now operating in France, Spain
 and Germany

Vendor placing: issue of 6,770,666 New Shares in exchange for
new shares in IME, as a consequence of IME's acquisition
 of Datavault

Placing  fully  underwritten by Dresdner  Kleinwort
Benson and Collins Stewart


Commenting  on  the  Placing,  Nick  Smith,  Chairman  of
Mentmore Abbey, said:

'The  current financial period has been characterised  by
an  accelerated  level of acquisitive growth  across  our
three  major  business  lines. Through  this  acquisition
strategy,  we  have  consolidated  our  position  as  the
leading space management group in Europe and enhanced our
footprint in the less developed European markets.

Our investment programme is supported by the rapid growth
of  the  key  markets  in which we  operate  and  by  the
continued strong financial performance of our businesses,
as demonstrated by today's interim results. Following the
Placing,  our  joint venture, Iron Mountain  Europe,  now
enhanced  by the acquisition of Datavault, will  be  well
positioned   to   take  advantage   of   further   growth
opportunities in both the UK and Europe.'

Enquiries:

Mentmore Abbey Plc                        020 8946 3159
Nick Smith, Chairman                                   
Kim Taylor-Smith, Chief Executive
Clive Drysdale, Finance Director                                              
       
Dresdner Kleinwort Benson                 020 7623 8000
Charlie Batten, Director                               
                                                       
Collins Stewart                           020 7522 9977
Steve Roberts, Director                                
                                                       
Buchanan Communications                   020 7466 5000
Charles Ryland                                         
                                                       


Notes to Editors

The Company's results for the six months ended 30 October
2000  are detailed in a separate announcement, also  made
today.

Further details of the Placing are provided below.

                   MENTMORE ABBEY PLC
                 £15.7 MILLION PLACING
   ACQUISITION BY IRON MOUNTAIN EUROPE OF DATAVAULT UK
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2000

Mentmore  Abbey  is pleased to announce  a  placing  (the
'Placing')  of  a total of 8,600,000 new  Mentmore  Abbey
ordinary  shares  of  10p each (the  'New  Shares')  with
institutional  investors at a price of  182p  per  share,
raising total proceeds, before expenses, of approximately
£15.7  million.  Of the New Shares, 6,770,666  are  being
issued  in  exchange  for  new  ordinary  shares  in  the
Company's joint venture, Iron Mountain Europe ('IME'), as
a  consequence  of  IME's  acquisition  of  Datavault  UK
('Datavault'), and are being placed by Mentmore Abbey  on
behalf of IME.

The  New Shares will rank pari passu in all respects with
the existing ordinary shares, including in respect of any
right  to  receive the interim dividend  of  0.402  pence
(net)  payable  in  respect of the six  months  ended  31
October  2000.  The New Shares, which  represent 5 per
cent.  of  the  Company's existing issued  share capital, 
have been placed with institutional investors by  Dresdner  
Kleinwort Benson and Collins  Stewart.  The Placing is 
fully underwritten.

Background to and reasons for the placing

In the last few years Mentmore Abbey has demonstrated its
ability  to  grow  significantly through acquisition  and
capital  expenditure  investment,  while  maintaining   a
strong  profit  performance and cash generation  profile.
This has been further demonstrated by the interim results
announced today which show an earnings per share increase
of  21 per cent. and significant growth in the number  of
sites operated over the same period last year.

The acquisition strategy is driven by:

 the  continuing  growth  in  Mentmore  Abbey's  key
 markets of personal storage, serviced business space and
 records management

 the  fragmented  and lightly penetrated  nature  of
 these markets

 geographic expansion within the UK and increasingly
 in Europe

 continued  strong  profit  performance  and   cash
 generation of Mentmore Abbey's existing businesses

In  the  12 months ended 31 October 2000, Mentmore  Abbey
has  invested  £88.5 million in cash on acquisitions  and
capital  expenditure.  This includes the  acquisition  of
British  Self-Storage Limited in June and  Une  Piece  en
Plus,  the  principal self-storage operator in the  Paris
market,   in   September.    Self-storage   space   under
management has more than doubled in the last 6 months. In
addition,  the serviced business space has continued  its
expansion  with  a further 6 sites added.  The  Company's
records  management joint venture, IME, has continued  to
invest   in   capacity,  IT  and  European   development,
including the acquisition of Datavault, detailed below.

The acquisition of Datavault

On  21  October 1999, Iron Mountain Inc, Mentmore Abbey's
US  joint  venture partner, announced the acquisition  of
Pierce  Leahy. As part of the acquisition, Iron  Mountain
Inc  acquired Datavault, the UK's fourth largest  records
management   company,   with   operations   in   Glasgow,
Manchester,  Bristol and London. Since then, the  Company
has  been  integrating Datavault's operations  into  IME.
With  this process now largely completed, we are  pleased
to announce the formal transfer of the business from Iron
Mountain  Inc to IME, for a total consideration of  £22.6
million, to be satisfied by the issue of shares and  loan
notes  in IME to Iron Mountain Inc.  To maintain Mentmore
Abbey's 49.9 per cent. holding in IME, IME has issued the
corresponding  number  of shares  to  Mentmore  Abbey  in
exchange  for 6,770,666 New  Shares.  The New Shares have 
now been placed with institutions.

Details of the Placing

The  Placing is conditional upon the admission of the New
Shares  to  the Official List of the UK Listing Authority
and  admission  to trading on the London Stock  Exchange.
Application  will be made for the relevant admissions  of
the  New  Shares  and it is expected that  dealings  will
commence on 13 December 2000.

General

Kleinwort  Benson  Limited ('Dresdner Kleinwort  Benson')
and  Collins Stewart Limited, which are regulated in  the
United  Kingdom  by The Securities and Futures  Authority
Limited,  are acting for Mentmore Abbey PLC  and  no  one
else  in  relation  to  the  Placing  and  will  not   be
responsible  to  any  other  person  for  providing   the
protections  afforded to their customers or for  advising
any other person in relation to the Placing.

This press release is not an offer of securities for sale
in  the  United States or in any other jurisdiction.  The
New  Shares  are  not  being  registered  under  the   US
Securities Act of 1933, as amended (the 'Securities Act')
and may not be offered or sold in the United States or to
or  for  the  account or benefit of US persons  (as  such
terms  are  defined in Regulation S under the  Securities
Act)  unless  registered  under  the  Securities  Act  or
pursuant to an exemption from such registration.