REG - Big Yellow Group PLC - Planning Update

Big YellowAnnouncement

02/09/2024 07:00

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RNS Number : 3833C  Big Yellow Group PLC  02 September 2024

 

2 September 2024

 

Big Yellow Group PLC

("Big Yellow", "the Group" or "the Company")

 

Planning Update

 

Big Yellow announces that it has been granted planning for a total
of 307,000 sq ft at two of its London sites.

At Kensington Olympia planning consent has been granted at appeal for a
176,000 sq ft scheme adjacent to the £1.3 billion events centre currently
under redevelopment and what will be the largest theatre built in London since
the 1970s, both due to open next year.  We expect the new store will open
in 2027.

At Staples Corner a resolution to grant planning has been secured for
a 131,000 sq ft replacement of our existing leasehold store. When
complete, expected to be in 2026, customers will be transferred to the new
store and the existing closed with the current rent liability of £0.8
million per annum being extinguished.

 

Jim Gibson, CEO, commented:

"The planning permission at Kensington Olympia is the largest and most
important consent secured by Big Yellow to date. It continues our focus on
opening stores in central London in highly affluent and populous areas where
land availability is low and planning permission is formidably difficult to
secure.

The new store at Staples Corner will be located at the highly visible and
accessible intersection of a number of main arterial roads.  The relocation
continues our long run strategy of reducing the group's annual rent liability
to approximately £1 million.

We now have planning permission on all but one of our London sites which has
substantially derisked our pipeline of new stores and opened the pathway to
unlocking significant revenue growth."

 

Enquiries:

 

Nicholas Vetch CBE, Executive Chairman
 
01276 477811

Jim Gibson, Chief Executive Officer
 
01276 477811

John Trotman, Chief Financial Officer
 
            01276 477811

 

Sodali  & Co
 
            0207 100 6451

Ben Foster

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