Lok’nStore grows stronger

The exact timing of future Lok’nStore openings will largely depend on the recovery of the economy and the availability of sites, the self-storage group reported at its interim results.

The company said it would retain its “prudent risk-managed but flexible approach” to site acquisition and viewed the current market as a potential opportunity to acquire new properties. Simon Thomas, chairman, said: “However with the current uncertain economic environment we are monitoring conditions carefully before making further capital expenditures.”

Lok’nStore reported interim EBITDA up 17.7 percent to £1.71m on revenue up 4.5 percent to £5.42m. Occupancy rose two percent from 558,514 sq ft to 569,723 sq ft.

Andrew Jacobs, chief executive, said Lok’nStore had continued to perform well with EBITDA, profit before tax and cash having all increased, highlighting the attractions of the self-storage sector and the company’s position within it. “This success also reflects the quality of Lok’nStore’s assets and operating business,” Jacobs said.