While the 178% increase demonstrate the impact of Covid-19 closures on group’s figures for its previous financial year, Boxpark says its latest financial report highlights ‘impressive’ growth versus pre-pandemic levels as revenue rose by nearly a quarter (24%) in comparison to the year ending April 2020, driven by a number of strategic changes made across the business.
The group says its 'flexible operating business model' has enabled it to broadly break even despite being closed for 30 weeks due to Covid-19. The 'strong revenue recovery', partly offset by inflationary cost pressures, resulted in EBITDA rising to £5.1m in the reporting period.
Boxpark introduced the option of mobile ordering of both food and drinks directly to tables immediately after reopening from Covid-19 restrictions, but now this has been developed further into a ‘market-leading’ multi-basket ordering system, enabling customers to order food and drinks from multiple different traders all in one transaction.
The group has also invested in its Black Card loyalty card program. With over one million active users, the Black Card enables customers to benefit from offers and exclusive access to various Boxpark events, and will enable the Group to focus on hyper-targeted communications and bespoke offerings.
As well as technology, Boxpark has invested in its people with a new employee benefits and training scheme, as well as senior hires including a new head of marketing and head of people and culture.
The growth follows LDC’s investment in Boxpark in September 2021, which has enabled significant investment across all operational aspects of the business to ‘enhance the customer experience’.
Boxpark - which currently operates sites in Shoreditch, Croydon, Wembley - says it has three new sites in the pipeline including two sites outside the capital.
Boxpark Liverpool recently received planning permission and is expected to launch later this year.
This year will also see Boxpark launch a site under its sister brand BoxHall close to Liverpool Street station in The City of London as well as a Boxpark in Bristol.
“We are obviously delighted with our 2022 results and the changes we were able to make to our business in that period to enable us to grow further," says Boxpark CEO Simon Champion.
And whilst we are optimistic about our future trading, we know that the hospitality industry is facing tough times, so we need to continue to adapt to changing trends in the eating-out market and keep innovating and enhancing our offering to suit our customer.”
