Full listing next for Big Yellow

BIG Yellow went further into the red in the year to 31 December, but with turnover doubled and new stores opening, the Alternative Investment Market-traded self-storage company is now applying for a full Stock Exchange listing.

The group listed two years ago, saying it wanted to open 50 self-storage sites by 2003: 20 are now trading, and a further 11 are committed, leaving 19 to go. Big Yellow chief executive Nicholas Vetch says he is confident of hitting the 50, but is not rushing to splash out while property prices are high and homeowners remain wary of moving house.

Turnover doubled to £8.4m, and like-for-like sales rose 74%, while pre-tax loss is up 28% at £2.3m and loss per share 1.70p (0.35p). The shares were steady, up 1/2p at 103p, as Big Yellow reported annualised fourth-quarter turnover for this slow period 14% upon ahead of the third quarter at £2.6m.

The group is backing its full listing application with a new five-year loan deal from investment bank Morgan Stanley, secured on three freeholds, and a claim to be the fastest-growing quoted storer by revenue, customers, store numbers and square footage.