In an exclusive post-Christmas interview, Lok'nStore CEO Andrew Jacobs talks London South East through the 'unprecedented' store opening plan for the South East England based storage company.
"We currently have 31 stores having opened 2 stores in December, one in Dover and one in Hedge End and will be opening around 5 stores in the course of this year" said Mr Jacobs, "with probably another 5 in the course of next year, with continual throughput of new sites coming in and new sites opening. Its unprecedented for us, yes".
Lok'nStore will have 40 stores when the current pipeline is developed and will continue to grow those 'quite rapidly'. Of those, 12 will be managed on behalf of other owners, the remainder will be owned and managed, a mix Andrew Jacobs is comfortable with.
Brexit uncertainty has not affected the business and Mr Jacobs sees demand for storage space only increasing as customers get more custom-built 'Landmark' storage space.
The Lok'nStore #LOK share price is currently trading at below NAV, and Mr Jacobs commented: "All I can say is the business is doing extremely well, the share price looks like very good value at its 20% discount to Net Asset Value and 2019 looks very encouraging."
Lok N Store (LOK)