Trading Statement

Mentmore Abbey Plc
23 March 2001


For immediate release                            23 March 2001


MENTMORE ABBEY PLC

TRADING UPDATE


Ahead of its financial year ending 30 April 2001 and following a review of its
draft budgets for the following financial year, Mentmore Abbey plc ('Mentmore
Abbey'), the leading space management company in Europe wishes to provide an
update on Group trading.

In summary, earnings per share for the year to 30 April 2001 are expected to
be broadly in line with expectations although, for the reasons set out below,
the mix of profits will be different to that originally anticipated.  The
Group has identified a number of investment initiatives designed to benefit
its long term future which will however reduce budgeted earnings per share for
the following year below existing market expectations.

The Groups investment programme is supported by the ongoing growth in the key
markets in which it operates and the Group continues to look to the future
with considerable optimism.


Personal Storage

The Group has invested heavily in the UK and France and has opened 15 new
sites during this financial year with a further three sites currently under
construction.  Sites less than two years old now represent approximately 40%
of capacity and provide significant scope for future profit growth.

Following the acquisition in September 2000 of Une Piece en Plus ('UPP'), the
Paris storage business, opportunities greater than anticipated have become
apparent and a decision to invest more heavily has been taken; two new
centrally located sites in Paris have already been acquired for conversion.
The existing four centres are operating at 85% of current capacity with
further existing space under development. UPP's strategy remains to secure
prominent sites in central locations and to increase capacity as quickly as
possible by pursuing further acquisitions.

In the UK, despite rising prices for suitable property acquisitions this
financial year, the Group has continued to acquire sites at competitive
prices.  Since the announcement of the interim results last year a third
centre in central Birmingham and a prominently located centre on the A3 at New
Malden have been opened and both sites are filling up ahead of expectations.

Investments in personal storage have been made with a three year time horizon
in mind as it typically takes 12 -18 months for a new site to reach break
even.  Other than the additional operating costs at UPP, trading in this
division remains satisfactory.


Serviced Business Space ('SBS')

During the period an active review of the portfolio of centres was carried out
identifying locations which can be upgraded and which will allow provision of
an enhanced range of services to customers.  The review noted that the
division has a significant amount of space generating comparatively low levels
of income.  The Group's plan is to carry out a programme of closure and
refurbishment, with the aim of increasing revenue by introducing an enhanced
range of customer focussed services.  The acquisition of Synex Network
Services in January 2001 is facilitating the introduction of telecommunication
services with pleasing progress so far.  Customer response has been positive
and installation work is being undertaken as quickly as possible.

Over the year the cost of multi-let sites has tended to move outside the
Group's investment criteria and accordingly comparatively fewer new sites have
been acquired this year.  The Group does not intend to chase the market and
make imprudent acquisitions, preferring to concentrate on the development of
existing sites and the acquisition of vacant properties for conversion to its
new format.  This policy will enhance long-term returns and conserve resources
to take advantage of opportunities when the market returns to more acceptable
levels.  In the meantime advantage has been taken of buoyant prices and a
number of surplus properties disposed at amounts significantly above their
book value.  Taking into account these profits of approximately £2.5m this
year (eight months to 30 April 2000: £0.7m), which are a recurring operating
feature within SBS, trading within the division will be in line with
expectations.


Records Management

As mentioned in the interim results, trading in the Group's joint venture,
Iron Mountain Europe ('IME'), although profitable, was not meeting
expectations. Although the acquisitions made this year have performed to
budget, including Datavault Limited acquired in December 2000, IME has
continued to experience high operational costs in the UK following the
introduction of new IT systems and changes in workflow procedures.  Customer
satisfaction has increased and revenue growth is being achieved at planned
levels.  IME are continuing to pursue new records centres in the UK to
accommodate customer demand.

A number of management changes have been made in the second half of this year.
The Group continues to monitor progress closely and remains convinced that
this business offers attractive returns.


Outlook

Earnings per share for the year to 30 April 2001 are expected to be broadly in
line with expectations although, for the reasons set out above, the mix of
profits will be different to that originally anticipated.

As mentioned above, the Group plans to continue to open new personal storage
centres and upgrade its existing locations in the UK, to decommission a number
of existing SBS sites whilst they are being refurbished and to look to improve
operational efficiency in IME. These factors will result in budgeted Group
earnings per share for the year ending 30 April 2002 being below market
expectations

The Group remains committed to take advantage of the attractive growth in the
key markets in which its three major divisions operate by continuing to invest
for the future.  As the trend continues for businesses to look for more
flexible solutions to their space needs, the Group is confident that the
demand for its serviced based solutions will continue to expand. The outlook
remains positive and the Group continues to look forward to the future with
considerable optimism.


Contact:


Mentmore Abbey Plc                           020 8946 3159
Nick Smith, Chairman            mobile:      [phone]

Buchanan Communications                      020 7466 5000
Charles Ryland                  mobile:      [phone]