U.K. Self-Storage Operator Big Yellow Releases 1Q 2012 and Fiscal Year Financial Results
|Copyright 2014 by Virgo Publishing.|
|Posted on: 05/25/2012|
U.K. self-storage operator Big Yellow Group PLC recently released its audited results for the quarter ended March 31, which was also the end of the company's fiscal year. In its 2011-12 year, the company finished with an overall loss of £35.6 million (about $57.1 million), which company representatives are attributing to the prospects of a value-added tax (VAT).
The VAT will be been expanded to include self-storage in the fall, which will make self-storage units generally more expensive for U.K. customers. In the company's opinion, the tax has hurt demand for self-storage. Chief Executive James Gibson told The Independent the tax change will lead to average 10 percent increase in the cost to store items.
Aside from the overall loss, Big Yellow reported the following notable data:
Big Yellow Self Storage operates 65 facilities in the United Kingdom, with most concentrated in Greater London.