Lok'n Store chief executive calls storage recession proof

SELF-storage firm Lok&rsquo;n Store is defying the gloom and will continue its winning streak, chief executive Andrew Jacobs said yesterday.<br /><br />Despite fears that the storage sector would suffer from the property slump, Jacobs revealed the group&rsquo;s rate of storage occupancy was now up 10 per cent from the beginning of 2009, and was now achieving the same levels as &ldquo;pre-Armageddon- when Lehman&rsquo;s collapsed&rdquo;. <br /><br />Lok&rsquo;n Store, currently the UK&rsquo;s fourth-biggest player in the sector, last month received an approach from a potential bidder, but talks have now ended.<br /><br />Jacobs yesterday said the sector was &ldquo;ripe for consolidation&hellip; there&rsquo;s not much difference between our competitors.... We&rsquo;ve been in many discussions about being a bidder, or being bought, but as yet nothing&rsquo;s come of it.&rdquo;<br /><br />Jacobs, a former Nomura broker, yesterday said that making the money in the storage business was relatively &ldquo;easy.&rdquo; He said: &ldquo;It&rsquo;s like in the Eddie Murphy film &lsquo;Trading Places&rsquo; &ndash; you make money whether the market goes up or down.&rdquo;<br /><br />Jacobs yesterday claimed the storage sector was &ldquo;recession-proof.&rdquo;He said: &ldquo;It&rsquo;s driven by people, if they marry, if they divorce, if they&rsquo;re made redundant &ndash; they will need somewhere to keep their stuff.&rdquo;