Budget Response

RNS Number : 8274Z

Lok'n Store Group PLC

22 March 2012

 



22 March 2012

Lok'nStore Group plc ("Lok'nStore" or "the Company")

Budget Response

Lok'nStore notes the Chancellor's comments in yesterday's Budget regarding the plans to remove loopholes and to correct certain anomalies which have developed in the VAT system: "From 1 October 2012, VAT will be extended to reduce anomalies, including the use of self-storage."

The Company would like to clarify that unlike many players in the self storage industry, Lok'nStore has always charged VAT on its storage services and therefore this proposed change will have no impact on the Company or its customers.

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 For further information:

Lok'nStore	Tel: [phone]
Andrew Jacobs, CEO
Ray Davies, Finance Director
FTI Consulting	Tel: [phone]
Billy Clegg/ Oliver Winters/ Latika Shah
Panmure Gordon & Co	Tel: [phone]
Dominic Morley/Fred Walsh

Notes to Editors

Lok'nStore is one of the leading self storage companies in the in the fast growing UK market, offering flexible, low cost, accessible storage within a high quality portfolio of 22 self storage centres and 4 data storage sites across South East England.

Lok'nStore has a resilient and proven business model and a track record of strong cash generation and consistent EBITDA growth. The Company is AIM listed and therefore suitable for relief from inheritance tax.

In October 2011 the Company announced the agreement of a new £40 million five year revolving banking facility with Lloyds TSB Bank plc as well as the renewal of three planning permissions for the Company's Reading, Southampton and Portsmouth sites

 

END

 

 

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