Last checked at 19 Oct 2012 16:24
19 October 2012
Lok'nStore Group plc ("Lok'nStore" or "the Company")
Directorate Change
Lok'nStore, the AIM listed self-storage company, announces that Ian Wright, Non-Executive Director, will stand down from the Board with immediate effect.
-Ends-
For further information:
Lok'nStore | Tel: 01252 521010 |
Andrew Jacobs, CEO Ray Davies, Finance Director
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FTI Consulting | Tel: 020 7831 3113 |
Billy Clegg Oliver Winters Latika Shah
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Panmure Gordon & Co | Tel: 020 7459 3600 |
Corporate Finance: Dominic Morley/Fred Walsh Corporate Broking: Charles Leigh-Pemberton | |
Notes to editors:
Lok'nStore announced on 30 July 2012 the acquisition of the freehold of its store in Swindon. Following this acquisition and the opening of 3 new stores over the coming year, Lok'nStore's self-storage business will be operating from 13 freehold sites, 9 leasehold sites and 3 managed stores.
Lok'nStore recently announced a new joint venture store in Aldershot and a new managed store contract in Crawley. A joint venture with Lidl in Maidenhead will also open in 2013.
Lok'nStore's ability to open new stores with a reduced capital outlay, combined with the headroom on its new banking facility signed in October 2011 give it a strong competitive advantage at a time when many competitors are constrained by their financial position. Lok'nStore recently fixed the interest rate on 70% of its debt at 3.525%.