Big Yellow agrees debt restructure

Storage firm Big Yellow yesterday said it had taken out a £190m debt facility which had seen it cut back its borrowing. The new debt, from Lloyds, HSBC and Santander, replaces a £225m facility provided by the same three banks and HSH Nordbank. Big Yellow reported a £35.6m loss last year due to writedowns linked to the introduction of VAT on self storage payments. Chief financial officer John Trotman said he planned to use surplus cash to pay off debt in the next two years.