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.
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
- 3 Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
- 4 Kanye West stops concert after two fans don't stand up - doesn't realise one is in wheelchair and the other disabled
- 5 QS university world rankings: Imperial College London leapfrogs Oxford to join Cambridge as best British university
Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: Police will be on high alert on Friday whatever the result
QS university world rankings: Imperial College London leapfrogs Oxford to join Cambridge as best British university
Scottish independence exclusive: Millions of banknotes sent to Scotland in case Yes vote sparks run on ATMs
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Portuguese academic says British are 'filthy, violent and drunk'
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
iJobs Money & Business
£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...
£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...