Euro Hedge Arrangement

RNS Number : 8755E

Safestore Holdings plc

01 October 2008

 

FOR IMMEDIATE RELEASE                                                              1 October 2008

 

 

 

 

 

 

 

Safestore is pleased to announce that it has today put in place a Euro hedge which effectively locks in an exchange rate of €1.2575:£1 on the first €4m of Euro denominated profits for the next two financial years.

 

 

 

 

Enquiries, please contact:

Richard Hodsden (CFO)                                                                    T: 020 8732 1500

 

 

 

 

Notes to editors:

 

§         Safestore is the largest self storage provider in the UK and the central Paris region and the second largest in the EU, in terms of number of stores, providing individual, secure self storage space and related services. Over the past four years, the number of stores increased from 24 to 112, 91 of which operate under the 'Safestore' brand in the UK and 21 of which operate under the 'Une Pièce en Plus' brand in France

 

§         The UK is the largest and most established self storage market in Europe. The UK and French markets show lower penetration rates than the US or Australia and, according to the UK Self Storage Association the UK market is expected to grow with a CAGR of 10 to 15 per cent.

 

§         This growth is supported by a number of market trends including: increased workforce mobility, social factors such as high divorce rates and an ageing population, housing stock pressure in the UK and lifestyle trends such as the growth in the home improvement market.

 

§         The Group’s business model is supported by a substantial asset base, strong cashflow and a solid record of earnings which are continuing to grow.

 

 

 

 

END

 

 

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