UPDATE: 2nd activist shareholder pushes Big Yellow to explore sale

A second activist investor has taken a stake in Big Yellow Group PLC, meeting with the board and pushing it to consider putting the company up for sale, the Financial Times reported on Thursday.

Irenic Capital Management LP, run by an alumnus of Elliott Investment Management LP, has taken an about 4% stake in Big Yellow and has argued that its shares are undervalued, the newspaper said, citing "people familiar with the matter".

Shares in Big Yellow closed up 5.1% at 884.50 pence on Thursday in London for a £1.74 billion market capitalisation. However the stock remains down 22% over the past 12 months.

The FT report comes after Big Yellow on Thursday said it continued to focus on executing its strategy.

The Surrey-based self-storage company's statement responded to recent media coverage that another shareholder, with which the firm recently met, is encouraging it to explore a sale.

In December 2025, the company said it terminated October 2025 discussions over a potential sale, concluding the valuation "was not at a level that reflected the full potential of the company".

On Thursday, Big Yellow said its "board and management team continue to focus on executing the company's clear and proven strategy. The board is also cognisant of its fiduciary duties and continually evaluates all options for maximising shareholder value."

Ancora Holdings Group LLC called on Big Yellow to launch a comprehensive strategic review, including a sale process.

The Cleveland, Ohio-based wealth management and advisory firm said it believes a sale represents the best risk-adjusted outcome for shareholders. Ancora disclosed that it had taken a stake of more than 4% in Big Yellow.

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