Trading Update

Mentmore PLC
07 March 2003

                                                                   7 March 2003


                                  MENTMORE plc

                   UPDATE ON SBS DISPOSAL AND CURRENT TRADING

The board of Mentmore plc wishes to update shareholders on the progress of the
proposed disposal of its serviced business space division ('SBS') and on current
trading.

Proposed disposal of SBS

Following a strategic review, Mentmore announced on 3 December 2002 that it
planned to focus on its records management and personal storage businesses where
it has strong market positions and good growth prospects and would therefore
sell SBS.  The sale has attracted considerable interest and after a first round
of bids a short list of highly credible trade and financial buyers has now been
selected to progress to the next stage.   The timetable is on track for
completion this summer and shareholders will be updated as the process develops.

Update on current trading for financial year ending 30 April 2003

The SBS business continues to perform broadly in line with the board's
expectations, in a challenging economic environment, demonstrating the
resilience of its diverse customer base.

Records management continues to build on the good progress already achieved,
with strong sales performance, including major account gains from competitors,
coupled with increasing operational efficiencies to produce results that are in
line with the board's expectations.

Trading for personal storage in the first two months of 2003 has seen the impact
of increased price competition and difficult market conditions, especially in
London and the South East, as competitors have sought to fill new capacity.
Consequently the business has not met our ambitious target rates of growth and
it is likely that operating profits for personal storage, whilst up on last
year, will be around 10% below market expectations.  This will also mean a lower
level of let space going forward into the next financial year.   A programme of
actions has been launched to address these issues.

The group's debt and interest cost will be higher than previously expected
because the planned sale of a £30 million portfolio of SBS assets has not been
pursued separately as they are to be sold as part of the total SBS transaction.

The impact of all these items on the group's after tax earnings, before property
profits, goodwill amortisation and exceptionals, is likely to be a reduction of
around 10% against market expectations for the year to 30 April 2003.

Martin Nye, the group's chief executive who joined in January this year
commented:

'The progress of the SBS sale is encouraging.  In parallel, we are developing
the detail of the group's future structure and strategy to maximise shareholder
value.   Records management is progressing well and although personal storage
has not met its ambitious growth targets we believe both businesses are well
positioned to build on their strong market positions.  We are evaluating various
growth options for these businesses as well as reviewing our cost base to
reflect the scale of the group after the sale of SBS.  Our plans will be
presented to shareholders with our preliminary results in early July.'


Enquiries:

Mentmore plc                                                      020 8946 3159
Nick Smith, chairman
Martin Nye, group chief executive
Clive Drysdale, group finance director

Bridgewell                                                        020 7003 3000
Greg Aldridge

Hoare Govett                                                      020 7678 1816
Ranald McGregor-Smith

Buchanan Communications                                           020 7466 5000
Charles Ryland





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