Boxpark secures investment to accelerate growth
Mid-market private equity firm LDC will support Boxpark’s management team and help to accelerate the company’s ambitions of rolling out new sites across the UK over the next five years.
Boxpark was founded in 2011 by Roger Wade and has evolved from a pop-up mall concept to a dining, leisure, and retail development, with three sites in Shoreditch, Croydon and Wembley.
The LDC partnership comes after the company said it bounced back since reopening in April with record sales and strong like-for-like growth.
Boxpark recently announced the launch of its new concept BoxHall which is set to open in Bristol next year and the business is on track to generate revenues of over £18m in the year to April 2022. Earlier this year it promoted Ben McLaughlin to chief operating officer as it looks to concentrate on its growth and development of the Boxhall concept.
“After such a difficult 18 months in the sector, we have secured a new partnership that recognises our unique proposition and growth potential. It will enable us to accelerate the rollout of new sites in London and into major cities such as Bristol and Manchester,” says Boxpark CEO and founder Roger Wade.
“This is such an exciting time for the business as we approach our 10-year anniversary later this year and I am proud to have such an incredible team behind it who have all worked extremely hard with the added challenges of Covid-19.”
LDC is backing the existing management team, led by Boxpark founder Roger Wade, chief financial officer Simon Champion and COO Ben McLaughlin.
Non-executive director John Leslie becomes non-executive chairman, while Charles Dunstone has exited his involvement in the business.
LDC is the private equity arm of Lloyds banking group.
