Lok'nStore makes progress on new stores
Fast growing self-storage company Lok'nStore, which is to open a site in Wolverhampton, says revenue was up 20.9 per cent in its latest financial year.
The company, which currently has 37 sites in operation including Churchbridge, Oldbury, will release its preliminary results on November 1.
It said it had seen strong trading with significant occupancy growth in the 12 months to the end of July.
The AIM Listed business has 13 new stores in the pipeline including the 52,600 sq ft one on Pantheon Park.
It and new sites in Warrington and Stevenage will open later this year or early in 2022.
Occupancy as a percentage of lettable area was up from 69.6 per cent last year to 85.8 per cent on July 31,
During the year Lok'nStore opened two new landmark stores in Leicester and Salford and early trading at both stores has been stronger than expected.
Executive chairman Andrew Jacobs said: "We have made significant progress on our new store pipeline, whilst remaining conservatively geared, with three stores currently under construction opening by early 2022 and three more about to go on site. This pipeline of new stores, delivering 38 per cent more space, will add considerable momentum to sales and earnings growth in the future."
