The group had expected to have to close its Shoreditch outpost last summer after its landlord announced its intention to trigger a break clause in the lease.
However, in its latest accounts for the year ended 30 April 2024, the group confirmed that the site continues to trade.
Boxpark Shoreditch launched at the Bishopsgate Goodsyard site near Shoreditch High Street station back in 2011 as a ‘meanwhile use’ scheme.
The group, which operates other London sites in Croydon, Wembley and Camden, as well as a location in Liverpool, reached the expiration of its lease in Shoreditch early last year and notice on the premises was subsequently served by landlords Bishopsgate Goodsyard after planning permission was granted by the Mayor of London for the redevelopment of the 4.5 hectare site.
Boxpark subsequently entered into negotiations to extend occupancy of the site with landlords Bishopsgate Goodsyard, the Greater London Authority (GLA) and London Boroughs of Hackney and Tower Hamlets.
A campaign to save the Shoreditch site was also launched.
Boxpark says it is actively exploring growth opportunities, including international licensing.
It is also in active discussion on several new sites in the UK.
Turnover dropped marginally over the year from £20.5m to £19.9m, attributed to ‘a tougher macroeconomic climate’ and the cost-of-living crisis.
Profit for the year was £2.1m, down from £3.9 in 2023.
The group says that a drop in beverage sales was partially offset by an increase in sponsorship and advertising, and notes that the prior year included the football world cup in November and December, which gave a ‘significant boost’ to sales.
In November 2024, the Boxpark’s existing principle investor, LDC, agreed to make a further investment of £12.5m into the group.
Boxpark says the investment is in part to be used to fund the opening of its first Boxhall site, which is set to open at the historic Metropolitan Arcade building close to Liverpool Street station in the coming months.
In comparison to Boxpark, Boxhall sites are designed to be smaller F&B-focused destinations featuring between six and 12 street food vendors.
A further Boxhall is set to open later this year in Bristol, with a new Boxpark site due to launch in Birmingham.
