Tax change pushes Safestore to loss

Self storage firm Safestore swung into a loss in 2012, as the government extended VAT to the industry. The UK’s largest self storage operator lost £19.5m before tax in the year ending 31st October 2012, compared to the £8.5m before tax profit it enjoyed in the same period a year before. The firm also announced it would become a real estate investment trust during 2013.