Travers Smith has advised Safestore Holdings plc, on a new 6-year management agreement with self-storage business, Spacemaker, under which Safestore will manage and operate Spacemaker's portfolio of 12 self-storage sites throughout the UK. The Spacemaker sites will remain branded Spacemaker but, from an operational perspective, will be incorporated into the Safestore group following a process of integration. The deal forms part of a complex wider restructuring of the Spacemaker business aimed at securing Spacemaker's future.
The firm is delighted to have now been appointed Safestore's principal UK legal advisers. This was Travers Smith's second major instruction from Safestore, having already advised the group on a major refinancing in 2009.
Head of Commercial, Tom Purton, led the Travers Smith team that included senior associate, Ben Chivers. DLA (Sean Scanlon) acted for Spacemaker and Mayer Brown (Stephen Walsh) acted for Nationwide, which remains the senior lender to the Spacemaker business.
Safestore is the UK's largest self-storage business with 95 stores throughout the UK and a further 22 in Paris and employing over 500 staff. Safestore Holdings plc is listed on the main market of the London Stock Exchange.
Travers Smith's Tom Purton commented:
"This proved to be a very complex transaction due to the fact that the Spacemaker group had to be restructured with a pre-pack administration before Safestore could be appointed to manage the business going forward. This represents the first management contract of its type that Safestore has entered into and forms part of a wider strategy to expand into this area."