Big Yellow raises £37m in placing

Big Yellow said yesterday it had successfully sold 10m new shares as part of a fundraising to expand its self-storage sites, pay down debts and give bigger dividends to shareholders. JP Morgan led the placing for Big Yellow, raising £37m through the offering to existing shareholders and new institutional investors. Members of the board, including chairman Nicholas Vetch, said they intended to invest up to £320,000 in the placing.