Storage Company Big Yellow Is Leasing A Lot of Space
The Self Storage Company, Big Yellow Group Plc, which has 61 stores and 9 more currently planned, had revenue increase for the quarter ending in June when compared with the same quarter last year. Revenue was 14.4 million compared to 13.1 million a year ago. Total occupancy was up from 69,000 square feet to 143,000 square feet.
James Gibson, Big Yellow’s Chief Executive Officer, said: "The Group has enjoyed a robust quarter with a particularly strong June. We expect reasonable trading over the next few weeks before the usual seasonal slowdown from September. External influences remain uncertain, and we have limited visibility around the trading, but we continue to be cautiously encouraged by the recent performance." Possible outside factors for the increase in revenue and occupancy could be people removing excess from their homes, businesses storing paper files versus expanding space, families moving home into smaller properties, young adults moving home with parents, and families storing possessions while homes are repaired or renovated. Whether the outside influences upon their growth were from the availability of good mortgage and remortgage rates is unknown, but the company is pleased with the recent growth and its trading. Shares for the company have seen a steady rise in the last few days, closing Wednesday with a 0.07 per cent increase change.