RNS Number:0871G
Lok'n Store Group PLC
07 December 2004
7 December 2004
LOK'nSTORE GROUP PLC
("Lok'nStore" or "the Company")
Property Valuation
As part of the Company's ongoing commitment to provide more transparency to
shareholders, the Board of Lok'nStore is pleased to announce that it has
commissioned Cushman Wakefield Healey and Baker to undertake a valuation of the
Company's property portfolio. The valuation will provide further guidance to
shareholders as to the value of the underlying property assets as operational
self-storage businesses. The Board does not intend to include this value in the
balance sheet.
The valuation will include the freeholds and the leasehold properties. The
results of the valuation will be announced with the Company's interim results in
April 2005.
The valuation has been commissioned following a year of growth in terms of the
number of properties and a continuing improved performance of the 19 operational
stores. It follows the last valuation of the Company's 8 freehold properties
held on 31st January 2004 at #20.1m (Net Book Value: #9.9m).
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For further information, call:
Andrew Jacobs, CEO
Lok'nStore
Tel: 020 8547 2288
Ray Davies, Finance Director
Lok'nStore
Tel: 020 8547 2288
Jonathon Brill/ Billy Clegg
Financial Dynamics
Tel: 020 7831 3113
Notes to editors
Lok'nStore Group plc is one of the leading players in the fast growing
self-storage market with 20 self storage premises in the South East of England
with a total lettable capacity of up to 840,000 sq ft. In the last financial
year the Company turned over #6.6m up 18% year on year (2003: #5.6m). It had 8
established '250 week' stores which generated EBITDA margins of 48.2% and grew
by 17.5% year on year. At the last year end, Lok'nStore had 5,566 customers.
Last year, the Company acquired or opened three stores at Eastbourne, Tonbridge
and Farnborough, as well as acquiring the freehold of its existing Poole
operation.
This information is provided by RNS
The company news service from the London Stock Exchange
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