Boxpark sees revenue grow by more than a third
During the period, the dining, leisure and retail concept saw revenue grow by 35% compared to the year prior to Covid (April 2020) and saw its EBITDA rise to £5m, a 14% increase on the £4.4m figure it reported in 2020.
Boxpark says it delivered around 600 events during the year, bolstering sales and helping to combat external pressures.
It has also continued to invest in technology, with members of its Black Card loyalty scheme rising by 26% to 1.3 million customers.
“We are pleased with our results in this period, delivering growth in like-for-like sales. We’ve successfully navigated a challenging trading environment with high-cost inflation, a stress on consumer spending, and changing patterns of consumers going out,” says Boxpark CEO Simon Champion.
“Our results are testament that our agile and resilient approach is working but we still need to remain cautious in such a tough market. Whilst we anticipate these macro challenges to continue for now, we are optimistic about the future prospects for the business, having announced the opening of Boxpark Liverpool, the first of its kind outside of London in 2024, and now Birmingham.”
Continued growth
Boxpark plans to open two or three sites per year over the next five years in London and other major UK cities. Liverpool and Boxhall City in London are set to open in 2024, with Boxhall Bristol also due to open next year and a Boxpark in Birmingham set to follow in 2025.
First announced in 2021, Boxhall Bristol has been delayed due to contractor complications, according to the company, but will likely open in 2024.
“We are still committing to bringing our new sibling high-end F&B concept to Bristol and believe the city is a perfect location for our venue that will champion independent street food traders, music, arts and culture,” it says.
Earlier this month Boxpark revealed it was heading to Birmingham with a 17,000sq ft site located within four railway arches in the city’s Digbeth area. It plans to transform the site into a food hall and events destination featuring a large, covered structure with around 10 kitchen units and four internal bars set across two floors.
