Property Rates Update
Summary by AI BETAClose X
3 December 2025
Big Yellow Group PLC
("Big Yellow", "the Group" or "the Company")
Property rates update following the November 2025 UK Budget
The recently announced UK Budget included the scheduled revaluation of commercial properties leading to updated rateable values for the 2026 List. The multipliers which calculate the rates payable were also revised, with a new high value multiplier applied to properties with a rateable value above £500,000 impacting 27 of our stores. The multipliers applied to properties with a rateable value below £500,000 were reduced. The Budget also introduced transitional relief for businesses with the largest increases, and a transition supplement for businesses with the smallest increases. This relief reduces over the three years until the next review in 2029.
Following these changes, we anticipate that our annual rates bill for the year ended 31 March 2027 will be £22.9 million for stores open at 31 March 2025, an increase of £1.8 million (8.5%) from the current position. This represents 0.9% of the Group's last reported full year revenue and before any further credits as a result of further successful rateable value appeals.
Since the 2017 Listing we have been successful in reducing the rateable values for 35 of our properties (30% of the listings) out of 51 appeals which have been concluded. This has resulted in rates rebates of approximately £5 million over the six-year life of the Listing through to 2023, representing a 6% reduction of the total rates bill.
As of today's date, we have 4 appeals outstanding from the 2017 List and 59 yet to be determined under the 2023 Listing, totalling 63. We are currently reviewing the 2026 Listing with a view to determining which stores to prioritise for appeal in the first phase.
The Office of Budget Responsibility is projecting CPI inflation to be 2.5% by September 2026 and 2.0% by September 2027. Based on these projections, and with the unwinding of transition relief, our like-for-like property rates would increase by 3.1% in the year commencing 1 April 2027 and 4.2% in the year commencing 1 April 2028. This is before any rebates as a result of all outstanding and future appeals which may or may not be successful and may not yield the same levels of comparative rebates achieved to date in respect of the 2017 List.
The benefit of any appeals are not recognised until they are either confirmed in writing or received in cash.
Enquiries:
Big Yellow:
Nicholas Vetch, Executive Chairman 01276 477811
James Gibson, Chief Executive Officer
John Trotman, Chief Financial Officer
Sodali & Co 0207 100 6451
Ben Foster
Victoria Heslop
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