Falling pound and VAT hit Safestore
Wednesday 30 January 2013
The UK's biggest self-storage firm counted the cost of the Chancellor's Budget raid on the industry and a falling pound as it veered into the red.
George Osborne's move to impose VAT on self-storage last year saw Safestore tumble to a pre-tax loss of £19.5m for the year to 31 October last year, well below the previous year's £8.5m profit. A 10 per cent slide for the pound against a surging euro also dented profits from its French stores.
Despite the tax blow, Safestore's occupancy rate rose to 63.9 per cent.
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