Hampshire’s Lok’nStore sees increase in same store revenue but warns of increased cost pressures

Farnborough-based self-storage company Lok’nStore has seen same store revenues increase in the six months that ended January 31 but has also had a poor early trading period due to increased prices.

The company stated that same store revenues were up 10 per cent year on year. This was offset by a nine per cent increase in the price per square foot and a thirteen per cent increase in the price of move-in.

Lok’nStore said: ‘’We believe that these cost movements are shorter term and expect the rate of cost growth to return to normalised levels in due course.

‘’Beyond that we would expect any increase in absolute cost levels to be driven mainly by the increasing number of stores.’’

The company has also reported an increase in loan interest costs due to the increases to the Bank of England’s base rates.

Despite the increase in financial pressure Lok’nStore has remained committed to its expansion via the construction of four landmark developments in Peterborough, Staines, Basildon, and Bedford, all of which will open in 2023.

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