UK and Ireland self-storage operator Storebox has merged with Lovespace, the UK and Ireland's largest storage with collection and delivery brand.
The combine will be known as Spectrum Storage Group, and will be one of the UK's largest omnichannel self-storage businesses. Solutions offered will include doorstep collection and delivery, drive-up container storage, and a range of indoor options.
Nick Crawford, co-CEO of Oakglen, the lead investor in Spectrum Storage Group, said: 'This merger combines Oakglen’s self-storage investments to create a multi-channel offering with national presence, supported by a high-quality management team and industry-leading technology.
'The creation of Spectrum Storage Group positions us for significant further growth, where we will use our scale, operational capability and technology to consolidate a highly fragmented sector and pursue organic growth across our suite of products.
'We expect to announce two acquisitions in the coming weeks and expect Spectrum to be a natural buyer of owner-operated self-storage businesses across the UK going forwards.'
Carl August Ameln, chairman of Spectrum Storage Group and co-founder of both Lovespace and Storebox, added: 'This is an exciting new chapter for growth. We are focused on expanding both organically and through mergers and acquisitions, driving rapid growth in the industry.'
Surendra Ragunather, CEO of Bolton-based Storebox, said: 'In the last 18 months, we've expanded from 13 to 16 sites, and we have ambitious plans to become one of the five largest operators. The merger with Lovespace brings valuable expertise in technology and marketing, complementing our operational strengths and extending our product portfolio.'
Will Edwards, CEO of London-based Lovespace and now group CEO of Spectrum Storage Group, commented: 'I'm excited about the opportunities this merger creates. Storage customers need tailored solutions, not a one-size-fits-all approach.
'With this merger, we are building a diverse group of brands that can meet the full spectrum of storage requirements, serving customers from all walks of life, including students, pensioners, individuals, small businesses, and national accounts and both urban and suburban environments.'
The UK self-storage market is expected to continue its upward trajectory, supported by ongoing urbanisation, housing market dynamics, and the growth of SMEs and e-commerce. Since investment from Oakglen, Storebox and Lovespace have embarked on an ambitious growth strategy.
Oakglen is an investment group with interests in real estate, private equity, and financial services across the UK, Europe, and North America.
