StockMarketWire.com - Storage company Big Yellow said it had seen a surge in demand for storage as a result of the lockdown measures introduced. The company also said it had undertaken social distancing measures at its stores and would look to cut costs, but stopped short of pulling its dividend.

'Over the past week we have seen an increase in demand from domestic and student customers urgently needing storage, as a result of the lockdown measures introduced. Although we have seen new business customers move in, that has been outweighed by some businesses directly affected by the closures choosing to move out,' the company said.

The company said it had agreed a rent holiday or a deferral on a case by case basis for some customers, principally businesses.

'Our current like-for-like occupancy across the portfolio is 81.6% across 56,000 customers. Self-evidently given the levels of distress in the economy it would not be appropriate to make judgements about future trading until we have better visibility,' Big Yellow said.

'We will see how our trading patterns develop and a decision about the final dividend will be made in due course,' it added.


At 8:38am: [LON:BYG] Big Yellow Group PLC share price was +8.75p at 938.75p



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