Lok'nStore

Lok'nStore is a United Kingdom self-storage business originating from a single freehold facility in Horsham. Founded by Andrew Jacobs in February 1995, the company developed a network of storage centres serving both domestic customers and businesses. Its core offer is the rental of individual storage units, providing customers with flexible space for household possessions, business inventory, documents and other goods. The available reference material identifies the company primarily as a self-storage operator rather than a diversified consumer brand. The business adopted a public-company structure in May 2000, when it became Lok'NStore Group PLC. It was admitted to the Alternative Investment Market of the London Stock Exchange in June 2000. During its period as a listed company, Lok'nStore faced at least two takeover approaches. A proposal valued at approximately £33 million was rejected by the board in 2003, and a further approach in 2009 did not proceed. The company expanded through acquisitions and development of storage facilities. In December 2018, it bought the existing storage operation known as The Box Room in Hedge End, Southampton. The site was subsequently rebranded as a Lok'nStore centre using the company's orange visual identity. In February 2019, Lok'nStore sold its document-storage subsidiary, Saracen Datastore Ltd, to Iron Mountain UK PLC for £7.6 million. The stated purpose of the disposal was to reduce debt and support future acquisitions and development. In August 2024, Shurgard acquired Lok'nStore at £11.10 per share. The transaction was reported as having an equity value of £378 million and an all-in cost of £613 million. Following the acquisition, Lok'nStore ceased to be an independent AIM-listed group and became part of Shurgard's wider self-storage business. The Lok'nStore name and customer-facing centres may continue as an operating brand, but the available material does not establish the precise post-acquisition corporate structure, current executive roster, or the extent to which the brand is being consolidated under Shurgard.

Lok'nStore began in February 1995, when Andrew Jacobs founded the business from a single freehold storage facility in Horsham. The company served two principal customer groups: households needing additional or temporary space and businesses requiring storage for stock, equipment, records or other possessions. Its operating model centred on renting individual storage units rather than selling storage products. The business incorporated as a public company in May 2000 under the name Lok'NStore Group PLC. It was listed on the London Stock Exchange's Alternative Investment Market in June 2000. Its time as a public company included periodic takeover interest. In 2003, the board rejected an approach reported to value the business at roughly £33 million. A second approach in 2009 also failed to produce a completed transaction. Lok'nStore subsequently expanded through site acquisition and development. In December 2018, it bought The Box Room, an existing storage operation in Hedge End, Southampton. The facility was converted to the Lok'nStore identity and presented as an orange-branded centre, extending the company's network through an acquired location rather than a wholly new site. In February 2019, the group sold Saracen Datastore Ltd, its document-storage business, to Iron Mountain UK PLC for £7.6 million. The disposal narrowed the group's activities around its core self-storage operation. According to the available reference material, the proceeds were intended to pay down debt and help finance further acquisition and development plans. The company's independent public-company period ended in August 2024, when Shurgard acquired Lok'nStore for £11.10 per share. The reported equity value was £378 million and the total all-in cost was £613 million. The transaction made Lok'nStore part of Shurgard, an international self-storage group, and ended its separate status as an AIM-listed business. The available material does not provide enough information to describe the post-acquisition management structure, detailed current portfolio, or whether all customer-facing operations continue under the Lok'nStore name.

• 2024

  Acquisition by Shurgard

  [1]Lok'nStoreen.wikipedia.org

  Shurgard acquired Lok'nStore at £11.10 per share, with a reported equity value of £378 million and all-in cost of £613 million.

• 2019

  Saracen Datastore disposal

  [1]Lok'nStoreen.wikipedia.org

  The group sold Saracen Datastore Ltd to Iron Mountain UK PLC for £7.6 million, with proceeds intended for debt reduction and future development.

• 2018

  The Box Room acquisition

  [1]Lok'nStoreen.wikipedia.org

  Lok'nStore acquired The Box Room storage business in Hedge End, Southampton, and rebranded the building as a Lok'nStore centre.

• 2009

  Second takeover approach does not proceed

  [1]Lok'nStoreen.wikipedia.org

  A further takeover approach was received but did not lead to a completed transaction.

• 2003

  Board rejects takeover approach

  [1]Lok'nStoreen.wikipedia.org

  The board rejected a takeover proposal valued at approximately £33 million.

• 2000

  The company becomes a public company and joins AIM

  [1]Lok'nStoreen.wikipedia.org

  Lok'nStore Group PLC was formed in May, and the company was listed on the Alternative Investment Market in June.

• 1995

  Lok'nStore is founded in Horsham

  [1]Lok'nStoreen.wikipedia.org

  Andrew Jacobs founded the business in February 1995 from one freehold self-storage facility in Horsham.

A UK self-storage operator offering flexible, individually rented storage space to household and business customers through branded storage centres.

• Self-storage · 1995

  Self-storage units

  Individually rented storage units form Lok'nStore's central offering. The business provides space for customers who need additional capacity outside their homes or business premises, with the available reference describing service to both domestic and business users.

• Consumer storage

  Household storage

  Lok'nStore centres serve household customers seeking storage for personal possessions. The available material does not specify individual unit sizes, contract terms, pricing, access arrangements or supplementary retail products.

• Commercial storage

  Business storage

  The brand rents storage space to businesses for inventory, equipment and other commercial belongings. The reference material identifies business customers as a core audience but does not provide a detailed breakdown of business packages or operational features.

• Records storage

  Document storage

  Document storage was historically offered through Saracen Datastore Ltd, a Lok'nStore group business. This operation was sold to Iron Mountain UK PLC in 2019, so its status as part of the Lok'nStore offer is not current.

• 2024

  Acquisition by ShurgardM&A

  Background

  After operating as an AIM-listed UK self-storage group, Lok'nStore became the subject of a successful acquisition by Shurgard.

  Action taken

  Shurgard acquired the company at £11.10 per share.

  Aftermath

  Lok'nStore ceased to be an independent listed group and became part of Shurgard. The available reference does not specify the complete post-acquisition brand and management arrangements.

  Acquisition valuation. £378 million equity value → £613 million total all-in cost (August 2024)

  Source

• 2019

  Selling Saracen DatastoreStrategy

  Background

  Lok'nStore owned the document-storage business Saracen Datastore Ltd while pursuing debt reduction and further development.

  Action taken

  The group sold Saracen Datastore to Iron Mountain UK PLC for £7.6 million.

  Aftermath

  The proceeds were intended to reduce debt and help fund future acquisitions and development, while the group became more focused on self-storage.

  Sale proceeds. £7.6 million (February 2019)

  Source

• 2018

  Acquiring The Box RoomM&A

  Background

  Lok'nStore sought to expand its storage-centre network through the purchase of an existing operation in Hedge End, Southampton.

  Action taken

  The company acquired The Box Room and rebranded its building as an orange Lok'nStore centre.

  Aftermath

  The acquisition added a branded Lok'nStore location in Hedge End.

  Source

• 2009

  A second takeover approach does not proceedM&A

  Background

  The company received another takeover approach during its period as an AIM-listed operator.

  Action taken

  The approach did not proceed to a completed transaction.

  Aftermath

  Lok'nStore remained independent until its eventual acquisition by Shurgard in 2024.

  Source

• 2003

  Rejecting a takeover proposalM&A

  Background

  Lok'nStore received a takeover approach reportedly valued at approximately £33 million.

  Action taken

  The board rejected the proposal.

  Aftermath

  The company continued as an independent listed business, and the approach did not result in a change of control.

  Reported takeover proposal value. (2003)

  Source

1. 1Lok'nStoreen.wikipedia.org