Offer Update & Board Appt.

Lok'n Store Group PLC
09 January 2004

                              LOK'NSTORE GROUP PLC

                        ('Lok'nStore' or the 'Company')



                                 OFFER UPDATE

                               BOARD APPOINTMENT



The Company announced on 4 November 2003 that it had received an approach which
may or may not lead to an offer for the entire issued share capital of the
Company. A proposal has been made to the board for the issued and to be issued
share capital of Lok'nStore at 115p per share subject, inter alia, to completion
of due diligence and funding. This proposal has been considered by the board and
rejected as the Directors believe that it does not reflect a fair value for the
business and its prospects. Discussions following this approach have therefore
now terminated. Andrew Jacobs and Simon Thomas, Chairman and Chief Executive of
Lok'nStore, hold approximately 27.7 per cent. of the issued share capital of the
Company in their own names.



The board continues to consider options to enhance shareholder value including a
share buyback, as to which further announcements will be made in due course.



Trading continues to be satisfactory - unaudited turnover for the five months
ended 31 December 2003 increased 10.4% on the equivalent period 12 months ago.



Lok'nStore also announced on 4 November 2003 that it was making a planning
application for the redevelopment of the Company's Kingston site for high
density residential use and that the Directors intended to apply for planning
permission for two further sites in Reading in 2004. Whilst there can be no
certainty that these applications will be successful, the Directors believe that
the combined value of these freehold sites could exceed £15 million with the
benefit of planning permission. The combined net book value of these sites is
currently £2.6 million.



At the closing mid-market price last night of a Lok'nStore share of 102.5p, the
Company has a market capitalisation of £29.2 million. Lok'nStore currently has
18 operational self-storage sites.



In addition, Lok'nStore is pleased to announce the appointment of Robert Ward
Jackson as a non-executive director with immediate effect. Robert is a qualified
Chartered Accountant with extensive experience in investment banking in London,
working with Messel and Charterhouse after qualifying at Coopers and Lybrand.
Since 1994 Robert has had a wide range of experience in the quoted and unquoted
arenas. More recently this included his role as Chief Executive of FII Group PLC
. As announced on 5 December 2003 Ray Davies will also join the Company as
finance director on 19 January 2004.

9 January 2004



Enquiries:


Lok'nStore Group PLC                          Tel: [phone]
Andrew Jacobs, Chairman

Panmure Gordon                                Tel:  [phone]
Dominic Morley


College Hill                                  Tel: [phone]
Justine Warren
Crawford Burden




Notes



Robert Jackson is currently a director of St George's School Ascot Trust Ltd, St
George's School (Ascot) Enterprises Ltd, Transport Investment Group Ltd, Jericho
Ltd and Jericho Rose Ltd. Over the previous five years, Robert Jackson has been
a director of FII Group Plc, 2001 Klub Ltd, Devitt Ltd, Fii Finance Ltd, Fii
Footwear Management Ltd, Fii International Ltd, Fiona Footwear Ltd, Footwear
Industry Investments Ltd, Lotus Ltd, Lunghurst Ltd, N.S. Footwear Ltd,
Progressive Motion Ltd, Quality Shoes Ltd, Rhinotherm Ltd, Southbeck Ltd, Dawnay
Day Corporate Finance Ltd, IT-Nose Ltd, K3 Business Technology Group plc, M G F
Properties Ltd, Motus Ghosh Foods (Trading) Ltd, RMR plc, RMR Design Associates
Ltd and Wynton Foods Ltd. Wynton Foods limited went into administrative
receivership on 1 December 2003; Robert Jackson resigned as a director on 18
July 2003.



Save as set out above there are no details to be disclosed by paragraph (f) of
Schedule 2 to the AIM Rules.


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