The association has a multitude of roles to play for a variety of interested people and groups as well as its members. Its longer term aims and its shorter term objectives can be found by pressing the "objectives" icon.
Its mission is to “enhance, promote and support the interests of all those who own, operate and invest in self storage in the UK through raising awareness of self storage and promoting best practice for the benefit of members and their customers.”
The SSA is a proactive organisation seeking to inform and influence the public and its stakeholders, and it is determined to support this ever-growing industry wherever and whenever it can.
It works to raise public awareness of the product and to explain the concept of self storage amongst the whole community, both in UK and overseas. It is an effective initial port of call for some potential first-time customers.
It is available to international, national and local Press, to worldwide financial institutions and investors and to suppliers of relevant products to give advice and essential information about the industry, to help with articles, and to put people in contact with self storage companies.
On many subjects it is the voice of the industry and its members representing as it does the vast majority of operators.
It represents, coordinates and when appropriate leads discussions on behalf of its members and the industry with government, local government and appointed authorities.
It is encouraging the raising of industry procedures and standards.
Finally and most importantly it is in being to communicate with and support its members
Monday, 12 January 2009
self storage
Self Storage is defined as the direct storage by individuals and companies of goods in their own exclusively occupied, self-contained, secured rooms/spaces, which form the major or primary use within a larger building or complex.
Self storage centres are user-friendly facilities, often sited along major roads close to densely populated areas, retail parks and light industrial estates. For the business client, self storage is an alternative to owning or leasing expensive space. For the individual customer self storage frees up space at home.
You can rent your own lockable secure room of practically any size for as short or long a period as you require. You are the only person to hold the key and you can come and go as often as you like during normal working hours. Some companies and centres also offer 24 hour access seven days a week. Your rights and goods are protected via a straightforward licence agreement that is provided by the self storage operator. You must, however, insure your goods.
A critical feature of any self storage centre is the level and type of security measures employed, both as regards the safety of customers visiting facilities and of stored goods. Operators rely on different systems to ensure that only customers have access to their belongings; control by staff, PIN codes, swipe card entry systems, remote alarms, closed circuit television etc.
Self storage centres are user-friendly facilities, often sited along major roads close to densely populated areas, retail parks and light industrial estates. For the business client, self storage is an alternative to owning or leasing expensive space. For the individual customer self storage frees up space at home.
You can rent your own lockable secure room of practically any size for as short or long a period as you require. You are the only person to hold the key and you can come and go as often as you like during normal working hours. Some companies and centres also offer 24 hour access seven days a week. Your rights and goods are protected via a straightforward licence agreement that is provided by the self storage operator. You must, however, insure your goods.
A critical feature of any self storage centre is the level and type of security measures employed, both as regards the safety of customers visiting facilities and of stored goods. Operators rely on different systems to ensure that only customers have access to their belongings; control by staff, PIN codes, swipe card entry systems, remote alarms, closed circuit television etc.
Safestore tops its century
Safestore recently opened its 100th self storage facility at Guildford in Surrey. It is in on the popular Slyfield Industrial Estate which it shares with two other self major self storage operators.
The store is 49,500 sq ft (4598.55 m²) and has space for more than 700 customers. Apart from standard storage rooms ranging from 10 sq ft (0.93 m²) lockers to 325 sq ft (30.19 m²) prime business storage rooms, a few modern and bright offices are also available to let in this brand new building.
Another feature of the Guildford storage centre is a carpeted floor which gives the storage centre a unique homely touch for its customers.
“It is a major milestone for the company and hard not to get excited about this smart new store,” says UK marketing manager Jonas Witt, adding that it is managed by one of company’s most senior store managers.
Two months later Safestore opened its 101st storage facility in Eastbourne and over the next year has a further 14 new stores in the pipeline, including two in Paris
The store is 49,500 sq ft (4598.55 m²) and has space for more than 700 customers. Apart from standard storage rooms ranging from 10 sq ft (0.93 m²) lockers to 325 sq ft (30.19 m²) prime business storage rooms, a few modern and bright offices are also available to let in this brand new building.
Another feature of the Guildford storage centre is a carpeted floor which gives the storage centre a unique homely touch for its customers.
“It is a major milestone for the company and hard not to get excited about this smart new store,” says UK marketing manager Jonas Witt, adding that it is managed by one of company’s most senior store managers.
Two months later Safestore opened its 101st storage facility in Eastbourne and over the next year has a further 14 new stores in the pipeline, including two in Paris
eBay and Safestore offer Power Sellers a real bargain
Safestore, the UK’s largest self storage company, has teamed up with eBay to offer its Power Seller customers a host of exclusive benefits.
The first stage of this partnership runs until the end of April, with every member of eBay’s ‘PowerSeller’ programme, which is aimed at those that shift a lot of stock on the website on a regular basis, able to take advantage of a discount of 50% on storage, Safestore’s best ever promotion.
Jonas Witt, Safestore’s UK Marketing Manager, commented: “It’s testament to the Safestore brand that we have developed this fantastic partnership with eBay, the UK’s largest online marketplace with over 15 million customers nationwide. eBay’s Power Sellers are serious about selling, and this offer is specifically designed to provide them the space to store their items, freeing up room in their home or shop.
“People can hire our secure storage rooms from just a week for as long as they like. A key benefit is the ease of access – 24 hours a day, seven days a week – making Safestore the ideal solution for the storage needs of small and medium sized businesses – regardless if they are traditional market traders or eBay power sellers.”
To take advantage of this exclusive promotion, all Power Sellers have to do is to visit the ‘Partner Centre’ on eBay’s website, select the ‘Seller Support’ and then go to the storage section. After entering their postcode, they will get a list of their nearest Safestore Self Storage locations across the UK.
Continued Witt: “It’s a fantastic deal for eBay Power Sellers, whilst getting a real taster of what Safestore Self Storage is all about. With more than 85 locations across the UK and an extensive range of room sizes, there is an option to suit every storage requirement, offering total flexibility and convenience.”
Every Safestore outlet benefits from state-of-the-art security, including 24-hour CCTV, intruder alarm systems, access controls and fire precautions. In addition, most of the stores offer 24-hour access rooms, allowing customers to come and go as they like.
As part of its one stop shop solution, Safestore offers its business customers free use of pallet trucks, preferential rates for van hire in partnership with Europcar, as well as extra sturdy packing boxes and other storage supplements.
To complement this, deliveries can be accepted and stored for free on behalf of the customer, ensuring their logistics and storage become as hassle free as possible
The first stage of this partnership runs until the end of April, with every member of eBay’s ‘PowerSeller’ programme, which is aimed at those that shift a lot of stock on the website on a regular basis, able to take advantage of a discount of 50% on storage, Safestore’s best ever promotion.
Jonas Witt, Safestore’s UK Marketing Manager, commented: “It’s testament to the Safestore brand that we have developed this fantastic partnership with eBay, the UK’s largest online marketplace with over 15 million customers nationwide. eBay’s Power Sellers are serious about selling, and this offer is specifically designed to provide them the space to store their items, freeing up room in their home or shop.
“People can hire our secure storage rooms from just a week for as long as they like. A key benefit is the ease of access – 24 hours a day, seven days a week – making Safestore the ideal solution for the storage needs of small and medium sized businesses – regardless if they are traditional market traders or eBay power sellers.”
To take advantage of this exclusive promotion, all Power Sellers have to do is to visit the ‘Partner Centre’ on eBay’s website, select the ‘Seller Support’ and then go to the storage section. After entering their postcode, they will get a list of their nearest Safestore Self Storage locations across the UK.
Continued Witt: “It’s a fantastic deal for eBay Power Sellers, whilst getting a real taster of what Safestore Self Storage is all about. With more than 85 locations across the UK and an extensive range of room sizes, there is an option to suit every storage requirement, offering total flexibility and convenience.”
Every Safestore outlet benefits from state-of-the-art security, including 24-hour CCTV, intruder alarm systems, access controls and fire precautions. In addition, most of the stores offer 24-hour access rooms, allowing customers to come and go as they like.
As part of its one stop shop solution, Safestore offers its business customers free use of pallet trucks, preferential rates for van hire in partnership with Europcar, as well as extra sturdy packing boxes and other storage supplements.
To complement this, deliveries can be accepted and stored for free on behalf of the customer, ensuring their logistics and storage become as hassle free as possible
Financing in the UK Self Storage Market
The U.S. self-storage market is more than 30 years old and comprises more than 37,000 properties, with an average occupancy of 84.6 percent. It has grown rapidly from 1992, when 19,500 properties experienced an average occupancy rate of 84.8 percent. The U.K. market, on the other hand, is in its early stages, with only 400 facilities. U.K. investors and financiers, encouraged by cross-cultural comparisons, are hopeful their immature self-storage market will follow the product growth enjoyed in the United States over the past few decades.
The U.K. storage market has two distinct characteristics: It is highly fragmented and growing extremely fast. Both are attractive to financiers, as consolidation and growth in any industry require money. The rapid expansion and earning potential of self-storage in the United Kingdom is driving consolidation at the top and bottom ends of the market. The bigger companies in the sector are using their tremendous buying power to seize market share and force operational efficiencies via information-technology systems.
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A year ago, the four major U.K. self-storage players were quoted on the London Stock Exchange (LSE): Big Yellow, Lok’nStore, Mentmore and Safestore. These companies used their quoted status to raise capital through the equity markets. The strategy allowed them to avoid expensive debt and finance growth early in the establishment of businesses that, at the time, weren't generating cash, let alone profits.
The consolidation that has taken place in the United Kingdom over the past year is largely due to U.S. financial institutions that see the enormous potential for growth. U.S. private-equity business Bridgepoint bought Safestore in August 2003 and took it private. In 2004, following a bidding war against Guy Hands, another private-equity player, Safestore—again backed by Bridgepoint—bought Mentmore. Mentmore was removed from the LSE and assimilated into the Safestore business. It's now the largest U.K. self-storage player, with 70 stores across the country.
Debt vs. Equity Financing
Top-end consolidation of the market is sensible because debt is a cheap way of financing growth in a period of sustained low interest rates. The cost of capital has decreased relative to equity finance, which is relatively expensive in a low-interest-rate environment.
In neither the equity nor debt-financed models are businesses run for dividend flow. It isn't yield that interests either set of investors at this early stage. They are looking at capital growth and gaining a strong market position for future expansion and dividends. At this point, all the U.K. players are driving for scale and site location, key tenets to a successful business going forward.
There are advantages to both financing models. Being quoted on the LSE allows businesses to issue paper to finance growth, and that motivates those involved—including board members, storage managers and sales teams. Lok'nStore aligned the interests of much of its staff with shareholders by issuing options and discounted shares. The move has yielded significant results, creating motivated team members focused on what they need to make good money for themselves and, therefore, shareholders.
Big Players and the LSE
After the sales of Safestore and Mentmore, the only other LSE quoted player is Big Yellow, which has 32 stores and has just been reclassified from the Support Services sector to the Real Estate sector—an interesting move. This has been done to encourage the City to valuethe business—not on a discounted cash-flow basis, but in terms of its net asset value. Big Yellow accompanied its announcement with news the company will commission an external valuation of its property assets, all in an attempt to get a higher rating.
The U.K. industry expects Safestore to come back to the market and list on the LSE at some point as Bridgepoint looks for an exit. The move will come as the cost of debt increases in the future and the entire industry matures; all the players will generate not only significant cash, but profits to pay generous dividends to shareholders.
This move would be welcomed by Lok’nStore. A problem with having only two quoted self-storage companies listed on the LSE is the relative lack of comparative businesses. The more quoted players there are, the more interest broking houses will show. Also, it increases the following of sell-side analysts and attracts more investors in the sector, which, again, helps communicate the value of the business and drives liquidity. Lok’nStore's rating would likely improve if there were more listed self-storage companies.
The relatively green U.K. market is growing fast and already generating noteworthy amounts of cash. It is showing every sign that it will follow the United States in terms of growth, profitability and continued consolidation. An interesting and exciting few years lie ahead for the industry and its financiers as U.K. self-storage grows from adolescence to adulthood.
Andrew Jacobs is chief executive of Lok'nStore Group PLC, one of two self-storage companies quoted on the London Stock Exchange.
The U.K. storage market has two distinct characteristics: It is highly fragmented and growing extremely fast. Both are attractive to financiers, as consolidation and growth in any industry require money. The rapid expansion and earning potential of self-storage in the United Kingdom is driving consolidation at the top and bottom ends of the market. The bigger companies in the sector are using their tremendous buying power to seize market share and force operational efficiencies via information-technology systems.
OAS_AD('x96')
A year ago, the four major U.K. self-storage players were quoted on the London Stock Exchange (LSE): Big Yellow, Lok’nStore, Mentmore and Safestore. These companies used their quoted status to raise capital through the equity markets. The strategy allowed them to avoid expensive debt and finance growth early in the establishment of businesses that, at the time, weren't generating cash, let alone profits.
The consolidation that has taken place in the United Kingdom over the past year is largely due to U.S. financial institutions that see the enormous potential for growth. U.S. private-equity business Bridgepoint bought Safestore in August 2003 and took it private. In 2004, following a bidding war against Guy Hands, another private-equity player, Safestore—again backed by Bridgepoint—bought Mentmore. Mentmore was removed from the LSE and assimilated into the Safestore business. It's now the largest U.K. self-storage player, with 70 stores across the country.
Debt vs. Equity Financing
Top-end consolidation of the market is sensible because debt is a cheap way of financing growth in a period of sustained low interest rates. The cost of capital has decreased relative to equity finance, which is relatively expensive in a low-interest-rate environment.
In neither the equity nor debt-financed models are businesses run for dividend flow. It isn't yield that interests either set of investors at this early stage. They are looking at capital growth and gaining a strong market position for future expansion and dividends. At this point, all the U.K. players are driving for scale and site location, key tenets to a successful business going forward.
There are advantages to both financing models. Being quoted on the LSE allows businesses to issue paper to finance growth, and that motivates those involved—including board members, storage managers and sales teams. Lok'nStore aligned the interests of much of its staff with shareholders by issuing options and discounted shares. The move has yielded significant results, creating motivated team members focused on what they need to make good money for themselves and, therefore, shareholders.
Big Players and the LSE
After the sales of Safestore and Mentmore, the only other LSE quoted player is Big Yellow, which has 32 stores and has just been reclassified from the Support Services sector to the Real Estate sector—an interesting move. This has been done to encourage the City to valuethe business—not on a discounted cash-flow basis, but in terms of its net asset value. Big Yellow accompanied its announcement with news the company will commission an external valuation of its property assets, all in an attempt to get a higher rating.
The U.K. industry expects Safestore to come back to the market and list on the LSE at some point as Bridgepoint looks for an exit. The move will come as the cost of debt increases in the future and the entire industry matures; all the players will generate not only significant cash, but profits to pay generous dividends to shareholders.
This move would be welcomed by Lok’nStore. A problem with having only two quoted self-storage companies listed on the LSE is the relative lack of comparative businesses. The more quoted players there are, the more interest broking houses will show. Also, it increases the following of sell-side analysts and attracts more investors in the sector, which, again, helps communicate the value of the business and drives liquidity. Lok’nStore's rating would likely improve if there were more listed self-storage companies.
The relatively green U.K. market is growing fast and already generating noteworthy amounts of cash. It is showing every sign that it will follow the United States in terms of growth, profitability and continued consolidation. An interesting and exciting few years lie ahead for the industry and its financiers as U.K. self-storage grows from adolescence to adulthood.
Andrew Jacobs is chief executive of Lok'nStore Group PLC, one of two self-storage companies quoted on the London Stock Exchange.
Storage Solutions
Whether your employees are relocating abroad or within the UK, storage could well be one of the issues that they need to consider, particularly if they’ll be renting between permanent moves. We look at the options available.
Basically, there are two types of storage option available. Self storage allows individuals to rent space that they’re responsible for. Facilities on offer can include everything from climate-controlled storage ‘rooms’ to more basic units, normally complete with fire-detectors, CCTV and sophisticated alarm systems. It’s big business, too: a recent survey of Self Storage Association UK [SSA UK] members reveals that the industry in the UK now generates revenues of about £310 million.
Says SSA UK chief executive, Rodney Walker, “Self storage is ideal for relocating individuals who move from a house in one area to rent a temporary flat in the new area while looking for another property, and need additional space while they do so. They’ve got the flexibility to access their stored property as and when they need – it’s as if they’ve got an out-of-home spare room at their disposal.”
For corporates, too
Today, there are well over 250 self storage companies operating in the UK.They vary from large multi-centre companies such as Safestore, Big Yellow, Storage King and Armadillo, which between them operate over 235 centres, to single-centre independent enterprises. Although these facilities are aimed primarily at individuals and families, some SSA UK members do provide storage facilities for corporates. “In Macclesfield, for instance,” says Rodney Walker, “one of our members has just helped out a company whose three-storey, 10,000 square-foot office was flooded. This freed up the office space so it can be dried out and repaired as necessary.”
While all the SSA UK’s members are insured, it insists its clients insure their goods, too: “What we don’t do is inventorize for our clients. We consider what they store is their own business – though of course they’re prohibited under their contract with us from storing certain items,” says Mr Walker. In addition to the cost of insurance, rental prices – according to the 2005 survey of SSA members – range from £15.20 per square foot per annum in the north of Britain to £24 in London. It shouldn’t be too hard for HR managers, then, to calculate how much storage will cost if they subsidise their employees.
So what should individuals look for when choosing a self storage provider? Says Rodney Walker, “Do visit the storage facility if at all possible and talk to the management there. Our industry prides itself on talking to potential clients – our members are always happy to discuss products they can offer, and to make sure they can meet clients’ needs.”
Managed storage
Richard Marques is storage manager at Sterling Storage: “We have managed storage options – meaning we handle storage for individuals, rather than their handling it themselves – to suit a wide range of client requirements, and recommend including it as part of a move. Items can be taken into storage at the same time as the household packing process, where they can either be kept until the return of the owner, or dispatched at a later time during the relocation. Whichever way, the process has less potential for complications and additional costs than if it is handled by multiple parties. What’s more, managed storage generally provides greater flexibility for the type of items that can be stored – for example, storage of antiques and items of fine art requiring special care.
Richard says that the key to successful storage is being able to keep tabs on what’s stored: “Managed storage providers should be able to provide an accurate and up-to-date inventory at any given time. The future of storage management lies in on-line inventory controls that the individual can control. Sophisticated storage companies will be able to provide clients with web-based inventories on demand. This has obvious benefits for individuals storing items, but even more for corporate clients, who can potentially track their overall volume of storage.”
Special cases
Comprehensive storage solutions is just one of the bespoke services offered by Cadogan Tate, one of the market leaders in storage, shipping and international relocation.
Cadogan Tate’s advice to clients with a global moving and storage requirement is to look for careful planning and expert project management. “It is imperative that valuable, treasured possessions are carefully packed and stored in suitable conditions, especially when there is a requirement for long term storage,” says Frank McCluskey, Head of Cadogan Tate Worldwide Moving.“Our goal is to provide a seamless service so that clients, when moving overseas, feel confident their personal, valuable effects are being looked after by a caring and professional company.”
Basically, there are two types of storage option available. Self storage allows individuals to rent space that they’re responsible for. Facilities on offer can include everything from climate-controlled storage ‘rooms’ to more basic units, normally complete with fire-detectors, CCTV and sophisticated alarm systems. It’s big business, too: a recent survey of Self Storage Association UK [SSA UK] members reveals that the industry in the UK now generates revenues of about £310 million.
Says SSA UK chief executive, Rodney Walker, “Self storage is ideal for relocating individuals who move from a house in one area to rent a temporary flat in the new area while looking for another property, and need additional space while they do so. They’ve got the flexibility to access their stored property as and when they need – it’s as if they’ve got an out-of-home spare room at their disposal.”
For corporates, too
Today, there are well over 250 self storage companies operating in the UK.They vary from large multi-centre companies such as Safestore, Big Yellow, Storage King and Armadillo, which between them operate over 235 centres, to single-centre independent enterprises. Although these facilities are aimed primarily at individuals and families, some SSA UK members do provide storage facilities for corporates. “In Macclesfield, for instance,” says Rodney Walker, “one of our members has just helped out a company whose three-storey, 10,000 square-foot office was flooded. This freed up the office space so it can be dried out and repaired as necessary.”
While all the SSA UK’s members are insured, it insists its clients insure their goods, too: “What we don’t do is inventorize for our clients. We consider what they store is their own business – though of course they’re prohibited under their contract with us from storing certain items,” says Mr Walker. In addition to the cost of insurance, rental prices – according to the 2005 survey of SSA members – range from £15.20 per square foot per annum in the north of Britain to £24 in London. It shouldn’t be too hard for HR managers, then, to calculate how much storage will cost if they subsidise their employees.
So what should individuals look for when choosing a self storage provider? Says Rodney Walker, “Do visit the storage facility if at all possible and talk to the management there. Our industry prides itself on talking to potential clients – our members are always happy to discuss products they can offer, and to make sure they can meet clients’ needs.”
Managed storage
Richard Marques is storage manager at Sterling Storage: “We have managed storage options – meaning we handle storage for individuals, rather than their handling it themselves – to suit a wide range of client requirements, and recommend including it as part of a move. Items can be taken into storage at the same time as the household packing process, where they can either be kept until the return of the owner, or dispatched at a later time during the relocation. Whichever way, the process has less potential for complications and additional costs than if it is handled by multiple parties. What’s more, managed storage generally provides greater flexibility for the type of items that can be stored – for example, storage of antiques and items of fine art requiring special care.
Richard says that the key to successful storage is being able to keep tabs on what’s stored: “Managed storage providers should be able to provide an accurate and up-to-date inventory at any given time. The future of storage management lies in on-line inventory controls that the individual can control. Sophisticated storage companies will be able to provide clients with web-based inventories on demand. This has obvious benefits for individuals storing items, but even more for corporate clients, who can potentially track their overall volume of storage.”
Special cases
Comprehensive storage solutions is just one of the bespoke services offered by Cadogan Tate, one of the market leaders in storage, shipping and international relocation.
Cadogan Tate’s advice to clients with a global moving and storage requirement is to look for careful planning and expert project management. “It is imperative that valuable, treasured possessions are carefully packed and stored in suitable conditions, especially when there is a requirement for long term storage,” says Frank McCluskey, Head of Cadogan Tate Worldwide Moving.“Our goal is to provide a seamless service so that clients, when moving overseas, feel confident their personal, valuable effects are being looked after by a caring and professional company.”
Friday, 21 November 2008
Property Still A Popular Choice
Investment in property is still a popular way of making a return, it has been seen, despite falling house prices and a lack in confidence across the market.The threat of negative equity is enough to deter many first-time buyers from picking up a property in the current market, but the option to let out a property still remains attractive to some.
Jason Lines, site manager at one of George Wimpey West Midlands' flagship developments, purchased a home from the new site in order to let out the flat."I bought a two bedroom/two bathroom designer apartment because of the space available and the sheer value for money it offered," explained Mr Lines.
"I found a young professional tenant straight away and the rent more than makes it self sufficient. I obviously rate the product and the build quality, but this is also a very up-and-coming new area benefiting from a lot of regeneration." Homeowners hoping to make the most of cheap property prices in order to become buy-to-let landlords may wish to use safe storage in order to maximise the room in a flat.
Jason Lines, site manager at one of George Wimpey West Midlands' flagship developments, purchased a home from the new site in order to let out the flat."I bought a two bedroom/two bathroom designer apartment because of the space available and the sheer value for money it offered," explained Mr Lines.
"I found a young professional tenant straight away and the rent more than makes it self sufficient. I obviously rate the product and the build quality, but this is also a very up-and-coming new area benefiting from a lot of regeneration." Homeowners hoping to make the most of cheap property prices in order to become buy-to-let landlords may wish to use safe storage in order to maximise the room in a flat.
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