Safestore Holdings PLC on Thursday appointed Simon Clinton as chief financial officer following Andy Jones’ retirement, and reported a small drop in its first quarter sales.

The Hertfordshire, England-based self-storage provider said in the three months to January 31, revenue dipped by 0.7% to £55.3 million from £55.7 million the year before.

On a life-for-like basis, quarterly revenue was down 0.9%.

Chief Executive Officer Frederic Vecchioli commented: ‘As expected, the early trading trends indicated in our January 2024 announcement have continued through to the end of our first quarter. The good continental European performances, combined with a reduced seasonal outflow driving resilient UK trading in the context of challenging economic conditions, resulted in the group delivering like-for-like revenue marginally down 0.9% on a CER basis.’

Safestore also announced on Thursday the appointment of Simon Clinton as chief financial officer, with effect on March 11.

He will be succeeding Andy Jones, who announced his intention to retire back in September. Jones will remain with Safestore temporarily to ensure a ‘smooth transition’, the firm said.

Clinton has been CFO to owner, manager and developer of logistics real estate Logicor for the last five years. Vecchioli added:‘’Simon will be an excellent addition to the Safestore executive team. He brings highly complementary sector knowledge and skills, particularly in European real estate which will be invaluable to Safestore as we further our growth and expansion. I look forward to working closely with him as we continue to drive significant shareholder value.‘

Shares in Safestore were down 2.0% to 781.00 pence each in London on Thursday morning.

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