Lok'nStore makes progress with several new stores

(Sharecast News) - Self storage company Lok'nStore updated the market on its pipeline of new landmark stores on Wednesday, reporting that it exchanged contracts with Lidl subject to planning on the shared use of its freehold site in Cheshunt, Hertfordshire.
The AIM-traded firm said the new Lok'nStore self-storage centre and Lidl retail store were expected to open in 2021.

It would be the second collaboration with Lidl, following its successful project in Maidenhead, which opened in 2013.

Lok'nStore said it also secured two pipeline sites, with the first in Oldbury, West Midlands, where it exchanged contracts on an existing new building which it would fit out to deliver a 42,000 square foot store, to open in summer.

In Chester, Cheshire, it exchanged contracts on a site, subject to planning, to develop a new landmark store.

Additionally, it said it had now received planning consent to develop a new landmark store on its site in Wolverhampton, West Midlands.

Construction of the 50,000 square foot store would begin "shortly", and the store would be open in early 2021.

Construction at its new stores in Leicester and Gloucester was said to be well underway, with both stores due to open before the end of the financial year.

Lok'nStore said it would update the market on trading in the first half of the financial year on 10 February.

"We are delighted to have agreed another partnership with Lidl at our Cheshunt site following our successful collaboration in Maidenhead which opened in 2013," said group chief executive officer Andrew Jacobs.

"Lok'nStore Group continues to implement our strategic objective of opening more landmark stores as the two recent acquisitions in Chester and Oldbury demonstrate."

Jacobs said the company's total new store pipeline was 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."

At 1453 GMT, shares in Lok'nStore Group were up 1.96% at 729p.