Lok'nStore Group PLC A further two new landmark stores (2004N)
August 07 2017 - 1:00AM
UK Regulatory
TIDMLOK
RNS Number : 2004N
Lok'nStore Group PLC
07 August 2017
Lok'nStore Group plc
("Lok'nStore" or "the Company")
Two more new landmark stores acquired expanding the development
pipeline
Further to the announcement of two new stores on 24 July 2017,
Lok'nStore, the fast growing self-storage Company, is pleased to
announce the acquisition of two more new landmark stores.
The two sites are in highly prominent locations in Bedford,
Bedfordshire and Dover, Kent. The Bedford store will be owned by
Lok'nStore while the Dover store will be developed and operated on
a management contract.
Lok'nStore will develop these 2 new sites as purpose built
landmark stores. These eye-catching buildings with their
distinctive orange Lok'nStore branded livery and prominent
Lok'nStore signage create highly visible landmarks which continue
to be a big contributor of new business. Building work will follow
completion of all relevant planning matters. Store openings will be
scheduled for 2018.
When developed these two stores will add around 84,800 sq. ft.
of trading space. This takes the current pipeline to 7 stores with
338,300 sq. ft. of new capacity, adding 26.1% to the existing
trading space of 1.29 million sq. ft. after the opening of the
Broadstairs store in May 2017. The Dover store will increase the
managed store portfolio by 8.6% and bring the total number of
managed stores to 11 out of a total of 33 stores.
Lok'nStore will generate a return on the Dover store by charging
management fees for the acquisition, branding and operation of the
stores based on revenue and profits. These projects continue to
fulfil Lok'nStore's strategy of expanding the operating footprint
of the business by developing both managed stores and owned stores
while maintaining its strong balance sheet.
These sites add to our pipeline of 4 new landmark stores
announced last year of which Broadstairs opened in May 2017, and
two additional sites announced in July 2017 at Exeter and Ipswich.
Hemel Hempstead and Wellingborough are on target to open in late
2017 and Gillingham in Spring 2018. Exeter and Ipswich will open
towards the end of 2018. All are in prominent retail locations with
little established competition.
Andrew Jacobs, CEO of Lok'nStore said:
"These excellent new locations add to the stores announced last
week and our recent rapid growth in our pipeline of stores. Our
pipeline will now add 26.1% to our existing trading space.
"Our objective remains to grow by both acquiring more sites to
build new landmark stores for Lok'nStore's own balance sheet and to
increase the number of stores we manage under the Lok'nStore brand
for third parties. In continuing to execute our strategy we will
deliver a predictable growth in dividends for investors from an
increasing number of stores underpinned by a strong asset base and
conservatively geared balance sheet".
-Ends-
Enquiries:
Lok'nStore
Andrew Jacobs, CEO
Ray Davies, Finance Director 01252521010
finnCap Ltd
Julian Blunt/Giles Rolls,
Corporate Finance
Alice Lane, Corporate Broking 020 7220 0500
Camarco
Billy Clegg / Tom Huddart 02037574980
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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