Safestore sales fall on VAT bill

Safestore, the UK’s largest provider of self storage, said revenues fell 2.7 per cent in the six months to 30 April due to the VAT on the self-storage sector, which came into effect in October. The company converted to a real estate investment trust in March, which means it no longer has to pay corporation tax on its property income. It posted a 0.5 per cent rise in net asset value to £1.93 per share compared with the same time last year while earnings for the half-year were unchanged on last year at £24.5m.