StockMarketWire.com - Self-storage company Lok'nStore said it had received planning permission for two new stores but would hold off on deciding to build them until the economic outlook became clearer.

The company said planning permission has been granted for stores in Warrington and Stevenage, each which would provide 60,000 square feet of storage space.

Lok'nStore said it was in process of tendering the contracts to build those stores, as well as a 50,000 square foot store in Wolverhampton.

'No decisions on commencing building works on these stores will be made until the trajectory of the economy out of the pandemic has become clearer,' the company said.

A new managed store in Oldbury, West Midlands was now open, and a new freehold store in Leicester was on track to open in August.

Plans were still in place for a new store in Salford, Manchester to open in January 2021.

'Following the opening of the new Leicester store in August we will have 36 stores open,' Lok'nStore said.

'Our total new store pipeline will be 12 sites, which will take us to 48 stores when fully developed.'

Lok'nStore said as the government had eased lockdown restrictions new enquiries had increased, and, in May, were 3% ahead of the same month last year.


At 1:57pm: [LON:LOK] Lokn Store Group PLC share price was +10p at 535p



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