Directorate Change

RNS Number : 1623N

Safestore Holdings plc

04 September 2013

Safestore Holdings plc

Chief Executive

The Board of Safestore announces that CEO Peter Gowers has decided to tender his resignation in order to explore other opportunities. Our planned succession process has enabled the Group to move decisively and we are pleased to announce that Frederic Vecchioli, currently President of our successful Une Piece en Plus business in France, will succeed Peter as Chief Executive with immediate effect.

Peter will remain with the Group in order to effect a smooth handover until November 1, 2013.

An Executive board member since 2011 and an employee since 1998, Frederic co-founded Une Piece en Plus, which he developed into the market leading self storage business in the Paris region. As reported in today's Q3 IMS our French business continues to trade well, with revenue growth of 5.1% achieved in the most recent quarter.

Richard Grainger, Chairman, said,

"While we understand and respect Peter's decision, we are sorry to see him leave. The Board is delighted that we have such a strong internal successor in Frederic, who will provide continuity to the business and employees, deliver its stated strategy and drive long term value to our shareholders. As reported today we are on-course to meet full year expectations and anticipate a return to growth thereafter.

"Peter has delivered significant achievements during his tenure. He has devised and led the implementation of the More Space strategy, strengthened the management team and overseen the recent conversion to REIT status. On behalf of the entire board I would like to thank him for his contribution and wish him well for the future."

Frederic Vecchioli said,

"I am delighted to lead Safestore at this exciting time in its development. The business is in good shape and with the strategy set, is well positioned to realise the opportunities from an improving economic backdrop, recent initiatives and its scale and infrastructure to further strengthen its leading positions in the UK and France."

Peter Gowers said,

"It has been a privilege to lead Safestore through a period of real transition. With the new strategy in place and the prospects for future growth returning, now is an appropriate time for me to explore other opportunities. I would like to thank the whole team for their commitment and I look forward to handing over to Frederic, who I am confident will lead the business on to further success in the years ahead."

4 September 2013

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