STORAGE company Big Yellow Group reported an eight per cent rise in profit despite the introduction of new taxes, as demand grew for self-storage in London and south east England.
The UK government introduced value added tax, or VAT, on storage rents in October 2012, prompting the company’s prices to rise 10 to 12.5 per cent.
Adjusted pre-tax profit rose to £25.5m in the year ended 31 March from £23.6m a year earlier. Revenue rose six per cent to £69.7m.
Big Yellow’s 66 stores provide people and businesses with space to store goods and furniture while moving homes and offices.
City A.M. Reporter