A cross-practice team at City firm Wedlake Bell has advised self-storage company, Storebox, on its merger with LOVESPACE to create Spectrum Storage Group. The team also advised on the follow-on purchase of MyLockup, which makes Spectrum Storage Group the 7th largest UK self-storage provider by site number. The acquisition was achieved with the support of Spectrum’s largest investor, Oakglen Group.
Founded in 2011, Storebox established itself as the UK’s 3rd largest container storage provider, managing 16 sites. Storebox’s merger with LOVESPACE, the UK’s leading tech-enabled valet self-storage provider, created Spectrum Storage Group. LOVESPACE’s proprietary technology will be integrated across this expanded network, solidifying the group’s position as the UK’s leading omni-channel self-storage provider.
The acquisition of MyLockup, the largest independent self-storage company in the North-East of England, adds 13 freehold sites to Spectrum Storage Group’s portfolio. This strategic move creates a combined business operating 29 sites and 527,000 square feet of self-storage space, significantly enhancing the group’s presence in highly populated centres across the UK.
The Wedlake Bell team was led by Real Estate Partner Ivan Fitzherbert and Corporate Partner Adam Lynch. They were supported by Corporate Senior Associate Harry Bowden, Corporate Solicitor Maria Nadarajah, and Real Estate Senior Associate Edward Moss. Solicitor Gemma Williams provided tax advice and Senior Associate Edward Hallam and Trainee Benedict Holmes in the Banking team advised on the £33m financing.