We have an important announcement to make: Charles Skinneris stepping down as Chairman of easyStorage, a position he has held since March 2021. This decision comes after Charles was recently reappointed as full-time CEO of Restore plc, a company he previously led from a loss-making £2m turnover to a market cap of over £750m.
Skinner's departure from easyStorage is due to a conflict of interest with Restore Harrow Green, an operating company under Restore plc. Although easyStorage primarily serves B2C customers and Harrow Green focuses on B2B, both have storage arms, leading to a significant overlap. Given these circumstances, Charles Skinner has made the difficult decision to leave the easyStorage Board.
In a statement, Charles Skinner remarked, "I've loved Chairing easyStorage for many reasons, but particularly for the quality and niceness of the people. I leave the company with a strong management team that remains energetic, motivated, and entrepreneurial."
Skinner's tenure at easyStorage has been characterised by strong leadership and growth, reflecting his previous success at Restore plc. The hope is that his return to Restore plc will replicate the growth and shareholder value that he had previously built there. Restore plc's market cap has declined to £250m since Skinner stepped down, and shareholders have asked him to return in the hope of reviving its fortunes and share price.
Tim Slesinger, easyStorage CEO, expressed his gratitude, stating, "On behalf of the board, we would like to thank Charles for his guidance and for all that he has done for us during your time as Chairman. It has been a pleasure working with him, and we have all appreciated his steady guidance through a time of exciting and rapid growth."
While it is certainly sad to say goodbye, both companies are optimistic about the future. easyStorage remains committed to its path of rapid growth and becoming to go-to storage brand. easyStorage is incredibly grateful for the leadership and wisdom Charles Skinner has provided during his time as Chairman.
Meanwhile, the team at Restore plc eagerly anticipates the positive changes they believe will come under Skinner's renewed leadership. Shareholders hope that his return will bring about a restoration in its market capitalisation and restore shareholder value.
We wish Charles Skinner all the best as he returns to Restore plc and want to express our deepest gratitude for his invaluable contributions to easyStorage.
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