Lok'nStore Group plc plan landmark store for Dover
Lok'nStore, the fast growing self storage company, has announced the acquisition of a new landmark store in Dover to be developed and operated on a management contract.
Lok’nStore will develop the site as a purpose built landmark store. The eye-catching building with the distinctive orange Lok’nStore branded livery and prominent Lok’nStore signage create highly visible landmarks which continue to be a big contributor of new business. Building work will follow completion of all relevant planning matters. Store opening will be scheduled for 2018.
The Dover store will increase the managed store portfolio by 8.6% and bring the total number of managed stores to 11 out of a total of 33 stores. Lok’nStore will generate a return on the Dover store by charging management fees for the acquisition, branding and operation of the stores based on revenue and profits.
Andrew Jacobs, CEO of Lok'nStore said: "These excellent new locations add to the stores announced last week and our recent rapid growth in our pipeline of stores. Our pipeline will now add 26.1% to our existing trading space.
“Our objective remains to grow by both acquiring more sites to build new landmark stores for Lok’nStore’s own balance sheet and to increase the number of stores we manage under the Lok’nStore brand for third parties. In continuing to execute our strategy we will deliver a predictable growth in dividends for investors from an increasing number of stores underpinned by a strong asset base and conservatively geared balance sheet.”
Extract from Lok'nStore Group plc press release issued 07/08/2017
Posted on 14/08/2017