Rapidly expanding, Midlands-based self-storage company, Quick Self Storage Holdings Ltd, has acquired the Darlington site and operations of Dainton Group Services Ltd, a well-established operator with 17 self-storage sites across the South-West and North-East.
The innovative, 100% digitally-led Quick Self Storage appointed PKF Smith Cooper to assist with identifying and unlocking potential acquisition targets amidst a company-wide push to embark on a series of acquisitions that focus on already established storage operations. The firm’s acquisition strategy will be complemented by the addition of greenfield self-storage sites, located within the Midlands.
Prior to beginning the acquisition process, Quick Self Storage had gained the prestigious status of ‘Peterborough’s only SMART self-storage facility’ by utilising the latest cutting-edge technology and industry-leading security features.
PKF Smith Cooper supported Quick Self Storage in defining the acquisition strategy, identifying key targets, unlocking deal opportunities and project managing the transaction through to completion. As part of this role, PKF Smith Cooper developed a database of self-storage operations across the UK that helped Quick Self Storage cherry pick prime opportunities leading to the acquisition of Dainton’s Darlington site.
A number of providers were shortlisted from this pool of potential targets, with whom the business advisory and accountancy firm were able to unlock and enter into negotiations with off-market opportunities; Darlington was selected as the principle target. Following on from this, PKF Smith Cooper advised on company valuations, funding options, transaction structuring and supported Quick Self Storage on its commercial negotiations with the vendor.
Andrew Dempsey of Quick Self Storage noted that PKF Smith Cooper “understood our expectations and led us through the process with determination and understanding through the various challenges that got us to an excellent transaction outcome. The team demonstrated a strong sector knowledge which became invaluable to us.”
In addition, PKF Smith Cooper advised on feasible funding structures, introducing Quick Self Storage to a variety of suitable funders to support the transaction.
Tom Joy, Assistant Manager at PKF Smith Cooper said, “We are thrilled to have advised Quick Self Storage alongside Pennington Manches Cooper, on its landmark first acquisition of established self-storage operators. We were able to leverage our knowledge of the sector to identify and unlock a number of strategic acquisition targets and will continue to support the business on further acquisitions as Quick Self Storage continues to expand its footprint across the UK.
As the first of what is intended to be many acquisitions of this nature, it’s clear that the uniquely modern Quick Self Storage have an exciting future ahead, expanding across the UK and welcoming the storage sector into the increasingly-digitised 21st Century – watch this space.”
Darren Hodson, Tom Joy, and Joshua Gurton of PKF Smith Cooper provided lead advisory support to Quick Self Storage, with Gary Devonshire providing support on tax structuring. Adam McGiveron and Emma Bryant, from Pennington Manches Cooper, provided legal support to Quick Self Storage. Emma Richards from Knights Plc provided legal support to Dainton Group Services Ltd.