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Self Storage Association Cautions Investment in Store First


News provided by

Self Storage Association UK

05 Feb, 2015, 08:30 GMT

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LONDON, February 5, 2015 /PRNewswire/ --

The Self Storage Association UK (SSA UK) is concerned that people may be investing in the various investment vehicles which trade as Store First, unaware of the potential risks that may be associated with such investment. It is also concerned that the material that Store First distributes to market this investment, which refers to figures from SSA UK's Annual Survey, does not accurately represent the state of the industry and may lead investors to make unrealistic assumptions about the industry and this specific investment opportunity.  

The Association first issued a paper detailing its concerns with Store First in May 2014.  Following recent media attention on this investment, contact from investors and further information distributed by Store First this paper has now been updated and is available at http://www.ssauk.com .

A number of important questions are raised in this paper that the Association urges all potential investors to consider before making any investment decision.

Key Factors For Potential Store First Investors To Consider  

  • What will the impact be on the business model if VAT is charged on the rental of storage units to customers following a review by HMRC?
  • How is Store First funding guaranteeing returns to investors?  Is this from operating profits, the proceeds from the sale of other storage pods to investors or, a different source?
  • Compare the total value being paid for all units in a Store First self storage site against the price at which stand-alone self-storage businesses have been valued and sold recently.
  • Consider if there is a realistic re-sale opportunity for, and exit, from this investment, particularly if Store First Management exits the business.
  • Consider the actual guaranteed returns and resale opportunities and the forecasted projections promoted which may not eventuate and, as an unregulated investment, carry a high degree of risk.
  • Research the performance of investments based on a similar investment model that have been offered primarily in Australia, such as Ikin Self Storage in Townsville, Queensland (Alan Ikin) and Strata Self Storage in Melbourne (Mark Baranov).

The SSA UK strongly encourages potential investors to get independent investment advice from regulated brokers before considering any investment, and urges caution when considering investing in unregulated investments such as Store First.

More information is provided in a detailed paper available at http://www.ssauk.com or contact Rennie Schafer, CEO of the Self Storage Association, at rschafer@ssauk.com or on +44(0)1270-623-150.

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