Pre-close Statement

Mentmore PLC
07 May 2003


For Immediate Release                                                7 May 2003




                           Mentmore plc ('Mentmore')

                              Pre-close statement



The board of Mentmore wishes to update shareholders on progress of the
previously announced proposed disposal of its serviced business space division
('SBS') and on current trading at the start of its close period.



Proposed disposal of SBS

The planned disposal continues to make good progress, with detailed negotiations
being conducted with two bidders.  The timetable remains on track for completion
this summer.  Further details of the proposed transaction will be provided at
the time of the preliminary results.



Update on current trading for financial year ending 30th April 2003.

The group continues to trade broadly in line with the board's expectations as
communicated in the announcement to shareholders on 7th March 2003.



The trading conditions for personal storage in the UK have not changed since
that time, with surplus capacity in parts of London and the slowdown in the
residential property market having a short-term impact on demand.  A number of
management changes have been made, including the appointment of a new Operations
Director, to improve the ability to respond to the current challenges.



Future Structure and Strategy

The board continues to consider the options for maximising shareholder value.  A
plan to move the group forward after the disposal of SBS will be presented to
shareholders with the preliminary results.



Martin Nye, the group's chief executive commented:



'We continue to be encouraged by the progress of the SBS sale.  Our ongoing
planning process has re-affirmed that attractive growth and good returns are
achievable in both of the continuing businesses.  Records management, having
built strong management and processes is now performing well.  It is clear that
personal storage needs to go through a similar process in order to achieve its
potential.  We've begun to make the necessary changes - inevitably it will be a
while before they have a major impact.'



Contacts:

Mentmore plc
Nick Smith, Chairman                                          07771 992255
Martin Nye, Chief Executive                                   As above
Clive Drysdale, Finance Director                              020 8879 4628

Buchanan Communications
Charles Ryland/Catherine Miles                                020 7466 5000




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