IN BRIEF: Big Yellow reduces debt gearing with property disposals
Big Yellow Group PLC - Bagshot, England-based self-storage facility operator - Agrees to sell an industrial estate in Staines, Surrey for GBP36.5 million. Big Yellow says it has also now received GBP2 million retained from the previous sale of its industrial estate in Harrow. Between the two disposals, Big Yellow will receive GBP75 million gross. As a result, the company's multiple of net debt to adjusted earnings is set to improve to its target of 3.5 times from 3.7 times at present, it notes.
At the same time, Big Yellow says it has continued to open new stores, including in Epsom and Kentish Town, London. It has opened seven new stores since July last year.
"We are largely able to fund our capital expenditure this year and next from capital receipts and retained cash flow, without materially increasing absolute levels of debt," says Chief Executive Officer John Hunter, saying this prudence has "heightened importance" in the current economic environment.
Current stock price: 823.50 pence, up 1.5% in London on Tuesday
12-month change: down 11%
By Tom Waite, Alliance News editor
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