Boxpark on the expansion trail following 'rapid recovery' after lockdowns
The company is due to open a Boxpark in Bristol this summer and says it is in active discussions on several other sites in the UK and that it is confident it can secure further sites in the coming months.
In its accounts for the year ended 30 April 2021 the group, which operates venues in Shoreditch, Wembley and Croydon, reports that it was able to remain at a broadly break-even level with £0.1m pre-exceptional cash operating profits in the year to 2021, compared with £2.5m in the year to the end of April 2020.
In the reporting period, which was significantly impacted by Covid-19 closures and related trading restrictions, the group’s revenue decreased by 55% from £15.2m to £6.8m.
The company reports strong trading during the 22 weeks it was able to operate, including in August when it the Government’s ‘Eat Out To Help Out’ scheme was running. This, it says, is a testament to its ‘highly flexible business model’ and cost base.
The company, led by founder and CEO Roger Wade, says it also committed to giving its tenants rent relief and exemption from service charges unless they chose to remain open for food delivery.
It also says it continued to pay all its rent and service charges during closure and that it was not necessary to take on any of the Government guarantee debt facilities that were made available to businesses,
“The entire hospitality industry saw a catastrophic collapse in revenue in 2020-2021 during the enforced lockdowns, so overall, we are pleased with these results and have since made a rapid recovery, bouncing back from the crisis stronger than ever,” says Wade.
“Thanks to our team, our traders and our loyal customers, we have survived one of the harshest economic conditions in history and have also just reached a very exciting milestone as a business with Boxpark’s 10-year anniversary.
“We have a bright future ahead with multiple sites being secured across the UK and as a forward-thinking innovator in the hospitality and leisure sectors, we will ensure all current and new developments will have Covid-proof operations.”
