Big Yellow Provides Update on Property Rates
Why we think this is neutral
The RNS announcement provides an update on the impact of the recent UK Budget on Big Yellow's property rates. While the details are informative, the announcement does not contain any major news that would significantly impact the company's performance or outlook.
Key Points
- Big Yellow anticipates its annual rates bill for the year ended 31 March 2027 will increase by £1.8 million (8.5%) to £22.9 million for stores open at 31 March 2025
- The increase represents 0.9% of the Group's last reported full year revenue
- The company has been successful in reducing rateable values for 35 of its properties (30% of the listings) out of 51 appeals concluded since the 2017 Listing, resulting in rates rebates of approximately £5 million
- The company is currently reviewing the 2026 Listing with a view to determining which stores to prioritise for appeal in the first phase
Summary
Big Yellow Group PLC has provided an update on the impact of the recent UK Budget on its property rates. The company anticipates its annual rates bill for the year ended 31 March 2027 will increase by £1.8 million (8.5%) to £22.9 million for stores open at 31 March 2025. This represents 0.9% of the Group's last reported full year revenue. The company has been successful in reducing rateable values for 35 of its properties (30% of the listings) out of 51 appeals concluded since the 2017 Listing, resulting in rates rebates of approximately £5 million over the six-year period. The company is currently reviewing the 2026 Listing with a view to determining which stores to prioritise for appeal in the first phase.