Lok'nStore

Lok'nStore Group PLC

Lok'nStore Logo
Company type	Public
Traded as	LSE:  LOK
Industry	Storage
Founded	1995
Defunct	1 August 2024;11 months ago (2024-08-01)
Headquarters	Farnborough, Hampshire, UK
Number of locations	43 (March 2024)
Key people	Andrew Jacobs (Chair), Ray Davies (Finance Director), Neil Newman (Managing Director), Tom Lampard (Property Director)
Revenue	£25.3 million. Up 12.1% (2022: £22.5 million)
Number of employees	200+ (2024)
Website	www.loknstore.co.uk
Footnotes /references https://cdn.loknstore.co.uk/reports/annual-reports/LoknStore-Annual-Report-2023.pdf

Lok'nStoreGroup PLC ^[1] was a provider of self storage space in the UK. The company rented individual, storage units to both business and domestic / household customers. Lok'nStore was listed on the Alternative Investment Market (AIM) since June 2000. ^{[2] [3]}

History

Lok'nStore was founded in February 1995 from one freehold store in Horsham, by Andrew Jacobs. ^[2] Five years later, in May 2000, the business became a public company known as Lok'NStore Group PLC. ^[4]

In 2003, the company received a takeover approach valued at around £33m, which was rejected by the Board. ^{[5] [6]} The company received a further takeover approach in 2009, which also did not proceed. ^[7]

In December 2018, the company purchased the existing storage business 'The Box Room' in Hedge End, Southampton. The Box Room building was then rebranded as an orange Lok'nStore centre. ^[8]

In February 2019, Lok'nStore Group PLC sold a document-storage business, Saracen Datastore Ltd, to Iron Mountain UK PLC for £7.6 million in order to pay down debt and help fund future acquisition and development plans. ^[9]

In August 2024, Lok'nStore was acquired by Shurgard at a price of £11.10 per share, representing a total equity value of £378,000,000 and a total all-in cost of £613,000,000. ^[10]

References

1. Lok'n Store Limited and Lok'n Store Group PLC are limited companies registered in England and Wales. Registered numbers: Lok'nStore Limited: 2902717 Lok'nStore Group PLC: 4007169
2. "About Lok'nStore | Lok'nStore". Lok'nStore. Retrieved 3 March 2024.
3. "LOK'N STORE GROUP PLC LOK STOCK | London Stock Exchange". London Stock Exchange. Retrieved 3 March 2024.
4. "LOK'N STORE GROUP PLC overview - Find and update company information - GOV.UK". Find and update company information | GOV.UK. Retrieved 3 March 2024.
5. Foley, Stephen. "Lok'n Store shares soar on bid approach" . Retrieved 17 December 2019.
6. "Site revaluation holds key to Lok'nStore's future". Independent.co.uk . 22 March 2004.
7. "End of Offer Period" (PDF). London Stock Exchange. 21 July 2009. Retrieved 3 March 2024.
8. "THE BOX ROOM (SELF STORAGE) LTD persons with significant control - Find and update company information - GOV.UK". Find and update company information | GOV.UK. Retrieved 3 March 2024.
9. "Strategic Disposal" (PDF). Lok'nStore Group PLC. 1 February 2019. Retrieved 3 March 2024.
10. https://static.shurgard.com/corporate/-/media/shurgard/investor/docs/loknstore/presentation-shurgard-to-acquire-loknstore-group-plc.pdf ^{[ bare URL PDF ]}