Trading steady as demand softens for Lok’nStore

Self-storage company Lok’nStore has reported largely flat revenue for the six months ended 31 January, with group turnover up by 4.3% to £14.2m. Operating profit fell by 3.6% to £7.6m. The group, which is currently being bought by self-storage giant Shurgard in a £378m deal, said it had experienced “muted growth” over the period, with occupancy down by 2.9% compared with the same period in 2023 and customer demand down too. Despite the slowdown in demand, Lok’nStore said it was continuing with its expansion plans, with some £18.5m invested in new store development over the period. It opened two new sites, in Basildon and Kettering, and is on site for new properties in Stains and Bromborough. A further seven sites are in its development pipeline. Chair Andrew Jacobs said: “Customer demand remains above levels seen pre-pandemic, although it has been lower compared to the same period 12 months ago. “We carefully evaluate the ongoing economic and trading position before making any further capital commitments and can reduce capex quickly if the market deteriorates.”