20th Nov 2006 07:01
Lok'n Store Group PLC20 November 2006 20 November 2006 Lok'nStore Group plc Expansion of stores Lok'nStore Group plc, the fast growing AIM listed self-storage operator ispleased to announce significant expansion plans at two of its stores. Fareham - to double in size A new lease has been signed at the Company's Fareham store. By expanding intothe adjacent building, the new lease doubles the size of the store to around60,000 square feet. This acquisition is in line with the Company's strategy to increase the averagesize of the stores, further increasing profit margins. New Portsmouth store doubles available space and acquires freehold The Company also recently purchased a new freehold site for the existingleasehold business in Portsmouth. This new freehold doubles the space availableto the Portsmouth business to around 60,000 sq ft, and will replace the existingleasehold store. These two centres will both carry the distinctive orange livery which is provingan effective generator of business. Together these two transactions take total lettable space for the Group toaround 980,000 sq feet, 60% of which is held freehold and 40% leasehold. Andrew Jacobs, CEO of Lok'nStore Group plc said: "We are pleased to announce these two acquisitions which are consistent with ourstrategy to increase the size of our self-storage centres, improving our profitmargins, and where possible to acquire freeholds for our existing leaseholdbusinesses. Both stores will have the distinctive orange livery which isincreasing the visibility of our brand and proving so effective in maximisingcustomer response to our prominent store locations." - Ends - For further information, please contact: Andrew Jacobs, CEO, Lok'nStore Group plcRay Davies, FD, Lok'nStore Group plcTel: 01252 521 010 Jonathon Brill/Billy Clegg, Financial DynamicsTel: 020 7831 3113 David Currie/Rupert Krefting, InvestecTel: 020 7597 5138 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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