Directorate Change

RNS Number : 1444P

Lok'n Store Group PLC

19 October 2012

 



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.

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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]
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%.

 

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