For sale: Self-storage firm Space Maker, complete with 11 depots and £45m debt

Mark Leftly
Sunday 21 June 2009 00:00
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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.

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