Management Agreement

RNS Number : 9718L

Big Yellow Group PLC

21 January 2009

 



BIG YELLOW GROUP PLC

21 January 2009

Big Yellow Group PLC

("Big Yellow" or "the Company")

Management Agreement

Big Yellow Group PLC, the UK's leading self storage brand, is pleased to announce that it has entered into a five year management agreement with an affiliate of HSBC Specialist Investments Limited to manage a portfolio of 10 self storage centres, to be branded as Armadillo Self Storage. The 10 stores are located in the north of England and Scotland.  

The Group will be entitled to certain management and incentive fees payable over the life of the agreement.  

Commenting, James Gibson, Chief Executive says:

"We are delighted that HSBC have chosen us to manage this portfolio, reflecting our market leading position.  Big Yellow is a business where we have constantly focussed on cash flow and earnings generation, and this allows us to improve both"

For further information, please contact:

Big Yellow Group PLC                                                                                                                                                             01276 477 811

Nicholas Vetch, Executive Chairman

James Gibson, Chief Executive

Weber Shandwick Financial                                                                                                                                                 020 7067 0700

Nick Oborne/John Moriarty

Notes to Editors  

Big Yellow Group PLC is one of the leading and most dynamic self-storage groups in the UK. It was founded in 1998 by Nicholas Vetch, Philip Burks and James Gibson and listed on AIM in May 2000, moving to the Official List of the London Stock Exchange in 2002.  

Big Yellow has expanded rapidly and now operates (both directly and within Big Yellow Limited Partnership) from 51 stores, 49 in London and the South, and one each in Leeds and Sheffield, with a further 20 stores in development and of the 71, 61 are held freehold and three long leasehold, together representing more than 90% of the portfolio. All the stores have the distinct yellow branding, in accessible main road locations, with the majority being within the M25 or in strong urban conurbations. When fully built out the portfolio will provide approximately 4.6 million sq ft of flexible storage space.  

The Group has pioneered the development of the latest generation of self-storage facilities, which utilise state of the art technology and are located in high profile, main road locations. Its focus on the location and visibility of its buildings, coupled with excellent customer service, has created the most recognised brand name in the UK self-storage industry.

 

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