Who we are - Investors - Safestore self storage

Safestore is a self-storage company operating in the UK and several European markets. It provides secure, flexible and accessible storage units to domestic and business customers.

Our property assets and location	We identify, buy and develop sites to build our portfolio of self-storage stores in densely populated areas across Europe, e.g. London, Paris and major metropolitan areas. We have a flexible property approach: freehold and leasehold, new builds, conversions.
Our customers	We serve >105,000 customers by meeting the needs of two main segments: Domestic customers (individuals needing storage for personal belongings). Business customers, from SMEs to larger “National Accounts” (e.g. space for stock, filing, archives, distribution, moving).
Channels / customer access	Marketing and new business enquiries are mostly online. We invest in our industry-leading platform to generate SEO enquiries, bookings and contracts via the Safestore website. We balance this with dedicated store teams which address individual customer needs for space and ancillary service requirements. Customers can also access call centres and National Accounts teams.
Our people	Safestore employs over 850 people with around 90% being store based. We invest in and incentivise our colleagues to drive high levels of customer engagement and satisfaction.
Our revenue streams	Rental income from storage units (main revenue driver). Ancillary services and add-ons e.g. Store Protect, packing materials.
Our cost structure	Cost of sales Fixed costs associated with running stores: staffing (average of three FTE per store), maintenance, security, utilities. Property costs: owning (freehold) and leasing (leasehold) property and costs of developing new stores or optimising existing ones (maintenance, conversions). Marketing costs (digital marketing, online presence, search engines). Store costs are relatively fixed (e.g. store upkeep, colleagues, property costs), and as occupancy increases, incremental revenue flows through at higher margins and stronger cash conversion. Administrative costs Central functions e.g. Board, finance, technology, yield management.
Our financing / capital structure	Safestore uses a mixture of debt and operating cash flow to fund developments. We have a rigorous investment policy for all new stores and acquisitions including a 10% yield on cost return at maturity. Our unsecured, multi-currency Revolving Credit Facility (“RCF”) gives financial flexibility, and we operate comfortably within our covenants of 60% LTV and minimum 2.4x interest cover.