REG - Big Yellow Group PLC - Property Rates Update

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RNS Number : 9610J  Big Yellow Group PLC  03 December 2025

 

 

3 December 2025

 

 

Big Yellow Group PLC

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

 

Property rates update following the November 2025 UK Budget

The recently announced UK Budget included the scheduled revaluation of
commercial properties leading to updated rateable values for the 2026 List.
 The multipliers which calculate the rates payable were also revised, with a
new high value multiplier applied to properties with a rateable value above
£500,000 impacting 27 of our stores.  The multipliers applied to properties
with a rateable value below £500,000 were reduced.  The Budget also
introduced transitional relief for businesses with the largest increases, and
a transition supplement for businesses with the smallest increases.  This
relief reduces over the three years until the next review in 2029.

Following these changes, we anticipate that our annual rates bill for the year
ended 31 March 2027 will be £22.9 million for stores open at 31 March 2025,
an increase of £1.8 million (8.5%) from the current position.  This
represents 0.9% of the Group's last reported full year revenue and before any
further credits as a result of further successful rateable value appeals.

Since the 2017 Listing we have been successful in reducing the rateable values
for 35 of our properties (30% of the listings) out of 51 appeals which have
been concluded.  This has resulted in rates rebates of approximately £5
million over the six-year life of the Listing through to 2023, representing a
6% reduction of the total rates bill.

As of today's date, we have 4 appeals outstanding from the 2017 List and 59
yet to be determined under the 2023 Listing, totalling 63.  We are currently
reviewing the 2026 Listing with a view to determining which stores to
prioritise for appeal in the first phase.

The Office of Budget Responsibility is projecting CPI inflation to be 2.5% by
September 2026 and 2.0% by September 2027.  Based on these projections, and
with the unwinding of transition relief, our like-for-like property rates
would increase by 3.1% in the year commencing 1 April 2027 and 4.2% in the
year commencing 1 April 2028.  This is before any rebates as a result of all
outstanding and future appeals which may or may not be successful and may not
yield the same levels of comparative rebates achieved to date in respect of
the 2017 List.

The benefit of any appeals are not recognised until they are either confirmed
in writing or received in cash.

 

Enquiries:

 

Big Yellow:

Nicholas Vetch, Executive
Chairman
01276 477811

James Gibson, Chief Executive
Officer

John Trotman, Chief Financial Officer
 

 

Sodali & Co
 
            0207 100 6451

Ben Foster

Victoria Heslop

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