Big Yellow Group PLC - Bagshot, Surrey-based self-storage company - Says a fire on Saturday morning at its Armadillo Cheadle site has resulted in the total loss of the store, affecting 650 customers. The store had 5 years remaining on the lease, valued at GBP3.3 million on September 30.
"Buildings all-risk insurance is in place for the full reinstatement value with the landlord. We also have insurance cover in place for both our fit-out and four years loss of income," company says.
The cause of the fire is unknown and is currently being investigated by the Greater Manchester fire brigade and police service. No staff or customers were on site, and no injuries occurred as a result. Big Yellow is assisting customers with their insurance claims.
Current stock price: 1,395.51 pence, down 1.0% on Monday
12-month change: up 25%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Big Yellow (BYG)