Lok’nStore has increased its banking facility to £50m which will provide funding for site acquisitions and working capital “to support…ambitious growth plans”.
The extension to the Royal Bank of Scotland facility follows the execution of a £10m accordion.
The self-storage company is also investing £8.5m in the purchase of a 1-acre freehold site for a new landmark store in Leicester – subject to planning. The acquisition will be funded from cash flow and the extended bank facility.
