Lok'n Store Self Storage plans to pull the plug on capital expenditure and run its business for cash until economic conditions improve. The company has 22 facilities across the Southeast England. Following the opening of its new facility in January, the group will have net debt of about £26m, which compares favorably with its borrowing facilities of £40m.
Trading has held up well for Lok'n Store. In the year to the end of July, like-for-like revenues rose 8.4 per cent to £10.8m, and like-for-like cash profits were 2.7 percent ahead at £2.7m. The group also says it has continued to see resilient demand from its business customers since the year end, and its reputation as a low-cost self-storage provider may help it to face the tougher times ahead. For more information, visit http://www.loknstore.co.uk/.