Regulatory Story
Go to market news section View chart   Print
RNS
Lok'nStore Group PLC   -  LOK   

Update on New Store Pipeline

Released 07:00 08-Jan-2020

RNS Number : 0642Z
Lok'nStore Group PLC
08 January 2020
 

08 January 2020

Lok'nStore Group plc

("Lok'nStore", "We", the "Company" or the "Group")

Second collaboration with Lidl and update on the New Store Pipeline

Lok'nStore, the fast-growing AIM listed self-storage company, is pleased to announce the following update regarding its pipeline of new landmark stores.

We have exchanged contracts with Lidl subject to planning on the shared use of our freehold site in Cheshunt, Hertfordshire.  The new Lok'nStore self-storage centre and Lidl retail store are expected to open in 2021. This is our second collaboration with Lidl following our successful project in Maidenhead which opened in 2013.

Lok'nStore has also secured two pipeline sites - in Oldbury, West Midlands where we have exchanged contracts on an existing new building which we will fit out to deliver a 42,000 sq ft store.  The store will be open in summer 2020.  In Chester, Cheshire, we have exchanged contracts on a site, subject to planning, to develop a new landmark store. 

Further we have now received planning consent to develop a new landmark store on our site in Wolverhampton, West Midlands.  Construction of the 50,000 sq ft store will begin shortly and the store will be open in early 2021.

Construction at our new stores in Leicester and Gloucester is well underway, with both stores due to open before the end of this financial year.

Lok'nStore will update the market on trading in the first half of the financial year on Monday 10th February 2020.

Commenting on the progress, Group CEO Andrew Jacobs said:

"We are delighted to have agreed another partnership with Lidl at our Cheshunt site following our successful collaboration in Maidenhead which opened in 2013.  Lok'nStore Group continues to implement our strategic objective of opening more landmark stores as the two recent acquisitions in Chester and Oldbury demonstrate. Our total new store pipeline is now 15 sites. 

With our strong balance sheet and low gearing, we will continue to build more landmark stores in an undersupplied market, adding considerable momentum to sales and earnings growth in the coming years."

- End -

Enquiries:

Lok'nStore

Andrew Jacobs, CEO

Ray Davies, Finance Director

 

01252 521 010

finnCap Ltd

Julian Blunt/Giles Rolls, Corporate Finance

Alice Lane, Corporate Broking

 

020 7220 0500

Camarco

Billy Clegg/Tom Huddart

 

020 3757 4991

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDBDLLBBFLXBBQ
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


Update on New Store Pipeline - RNS