STORAGE firms may be unglamorous but they are attracting the attention of some of the world’s richest men.
City financier Guy Hands is in talks to buy specialist storage group Mentmore.
The shares jumped 15 1/2p to 100 1/2p, valuing the firm at 182m. Three years ago they traded at 230p.
Hedge fund guru George Soros invested in Safestore, later sold to venture capitalist Bridgepoint for 40m.
Hands’ private equity fund Terra Firma is carrying out due diligence on Mentmore, which has 53 storage sites in the UK and France.
It is selling its record management business for 82.5m, having sold its small business premises division for 179m.
Chief executive Martin Nye plans to return a chunk of the proceeds to shareholders as a special dividend. If Hands’ offer is accepted, it is unclear if this will still be paid.
