Big ideas: the skies the limit for the self-storage company, which currently has seven new stores in development
20 November 2012
Self-storage property firm Big Yellow Group said its focus on prosperous London and the south-east should help it cope as higher interest costs and the imposition of VAT on storage since October hit earnings.
Adjusted profits before exceptionals rose 20% in the six months to September but they surged four-fold on a pre-tax basis to £27.2 million.
Big Yellow still has £270 million in net debt but chairman Nicholas Vetch insists that the group, which operates 70 stores, is in better shape after a refinancing. He said it is also building brand awareness with a new flagship store in Chiswick which has “high visibility from the M4 flyover”.
