Self-storage firm commits to new openings

Self-storage company Lok’nStore Group has committed to its pipeline of new stores despite ongoing pressures from rising material costs. In preliminary results for the year to 31 July, the AIM-listed firm said the four new stores for which it is currently on site in Basildon, Bedford, Staines and Peterborough will add more than 218,000 sq ft of new trading space. All are expected to open next year. The company also has a secured pipeline of 10 new sites, with work set to get underway at a project in Kettering. Lok’nStore chairman Andrew Jacobs said: “We are seeing material cost inflation in building costs which we continue to monitor closely, particularly for future buildouts as the four developments currently on site are on fixed cost contracts. “Because our own pricing achieved increased at 13% over the past year, we are not seeing input costs increase at such a level that would impact the viability of the projects we have currently under review.” Revenue for the year was up by almost a quarter to a record £26.9m, with profit hitting an all-time high of £17.2m. To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews