Shares in Big Yellow have dropped after ending takeover talks with a potential US buyer.

Investment group Blackstone said it was not intending to make an offer for the self-storage company, sending its share price more than 5% lower on Friday morning.

Big Yellow told investors on Thursday that there was “no basis for continuing discussions with Blackstone” after evaluating a possible offer in the context of its “strong performance, strategy and business model”.

Blackstone had said in October that it was contemplating a takeover bid, but that one of its considerations was the potential impact of the UK Budget on the self-storage sector.

Big Yellow said earlier this week that it was expecting its annual business rates bill to rise by £1.8 million next year following measures announced

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