Space Maker, the self-storage firm, has been put up for sale in a process managed by big-four accountant PricewaterhouseCoopers.
It is understood that the process is in the middle of second-round bids. Initial offers came in at £12m to £31m, according to a source close to the sale. However, management and private equity backers are thought to want an offer closer to the £63m Babcock & Brown Global Partners paid in late 2007.
The source added that the company has a lot of debt, estimating its burden at more than £45m. This meant final bids are likely to be around £25m to £26m, he said. Listed rival Safestore is believed to have considered a bid, but is not in the final bidding process.
Space Maker has 11 storage depots across the country, including two in Bournemouth, as well as a removals subsidiary. The company is based in Chiswick, West London.
Dougald McLachlan, who co-founded Space Maker in January 2000, declined to comment.Reuse content