4th Aug 2015 07:13
LONDON (Alliance News) - Lok'nStore Group PLC Tuesday said it has received an additional GBP2 million from the buyer of its former storage site in Reading in return for the relinquishment of all remaining rights to receive further payments in connection with the sale of the property.
The GBP2 million is in addition to the GBP2.9 million Lok'nStore received in 2014, taking the total consideration for the property to GBP4.9 million.
"This is great news on our Reading site and new store. These additional proceeds will be recycled into our opening programme of highly visible purpose-built new stores. Our new purpose-built 48,000 square feet store in Reading which opened in October 2014 is trading very well and we are excited about our new Southampton and Bristol stores which will open next year," Chief Executive Andrew Jacobs said in a statement.
Shares in Lok'nStore opened up 0.5% at 289.00 pence on Tuesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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