Board Change
This announcement contains certain inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
21 October 2026
Safestay plc
(“Safestay”, the “Company” or the “Group”)
Board Change
The board of directors (the "Board") of Safestay (AIM: SSTY) announces that, after more than 15 years at the Company, Larry Lipman has informed the Board of his decision to retire and step down as Executive Chairman and a director of the Company with immediate effect. The Board thanks Larry for his significant and highly valued contributions to Safestay over many years with the business.
The Board is pleased to announce that Paul Cummins has been appointed as the Company’s Executive Chairman with immediate effect. Paul has been a Non-Executive Director of Safestay since October 2022, having previously served as an Alternate Director from September 2018 to October 2022. Paul is a qualified chartered accountant and is Investment Director of Pyrrho Investments Ltd, Safestay’s largest shareholder with a 29.30% shareholding.
Considering Paul’s extensive knowledge of the business gained during his time on the Board, Larry and the Board have agreed for the succession to be effective immediately. Carlos Salas Dual, who was appointed to the Board as Chief Financial Officer in June 2025 and Davide Caschili, who was appointed to the Board as Chief Operating Officer in June 2026 will report directly into Paul Cummins.
Anson Chan’s appointment as alternate director to Paul Cummins will cease with immediate effect.
Paul Cummins, Executive Chairman, commented:
“Having had the pleasure of working alongside Larry over several years, I would like to thank him for his leadership and significant contributions to the Group.
I look forward to working closely with my fellow Board members and our talented executive team to deliver our strategic priorities, grow the business and create shareholder value."
Larry Lipman, outgoing Executive Chairman, commented:
"It has been a privilege to serve as Executive Chairman of Safestay and to have worked with so many fantastic colleagues over the years. Following more than 15 years in the role, now is the right time for me to retire and I am delighted that Paul, who brings considerable knowledge of the Group from his time on the Board, will be taking on the role of Executive Chairman.
I would like to thank my fellow Board members, the executive team, and the wider organisation for their support and commitment. I also remain a supportive shareholder and look forward to following the Group's continued progress in the years ahead.”
ENDS
Enquiries:
Safestay PLC
Paul Cummins
Tel: +44 (0) 20 8815 1600
Shore Capital (Nomad & Broker)
David Coaten/Harry Davies-Ball
Tel: +44 (0) 20 7408 4090
Hudson Sandler (Financial PR)
Alex Brennan/India Laidlaw
Tel: +44 (0) 20 7796 4133
For more information visit:
Website www.safestay.com
Instagram page www.instagram.com/safestayhostels/
About Safestay plc:
Safestay PLC, one of Europe's largest hostel groups, operates in the exciting and growing hostel segment of the global hospitality market. Worth approximately US$6.53bn in 2026, it is estimated to grow to US$15.25bn by 2034 (The Market Data Forecast, 2025).
Safestay's operational sites of 19 premium hostels and one hotel offer guests both private and shared rooms in destination cities across the UK, Spain, Belgium, Czech Republic, Greece, Italy, Poland, Portugal, Austria and Slovakia.
Safestay's mission at each of its locations is to provide a safe, inclusive, and enjoyable space that caters to the needs of different travellers. Its properties offer first-class locations and thoughtful designs that cater for the different needs of travellers, from digital nomads to backpackers and from families to group travellers.
Safestay's pan-European locations include:
- Kitzbühel Alpine, Austria (Franchise)
- Kitzbühel Centre, Austria (Franchise)
- Brussels Grand Place, Belgium
- Prague Charles Bridge, Czechia
- Athens Monastiraki, Greece
- Naples, Italy
- Pisa Centrale, Italy
- Warsaw Old Town, Poland
- Lisbon Bairro Alto, Portugal
- Bratislava Presidential Palace, Slovakia
- Barcelona Gothic, Spain
- Barcelona Passeig de Gracia, Spain
- Calpe Seafront, Spain (in development)
- Córdoba Mezquita Catedral, Spain
- Madrid Central, Spain
- Brighton, UK
- Edinburgh Cowgate, UK (Franchise)
- London Elephant & Castle, UK
- York Micklegate, UK
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