Boxpark turnover drops to £19.9m amid ‘confident’ expansion plans
The food and drink operator revealed that it has a pipeline of sites and agreements for leases, with plans to open new sites over the next five years in London and other major UK cities
Boxpark’s turnover for the year ended 30 April 2024 dropped marginally to £19.9m, though the food operator said it is “confident” of securing further sites in 2026 and beyond.
The group’s financial performance was impacted by a tougher macroeconomic environment with a drop in beverage sales partially offset by an increase in advertising and sponsorship.
However, operating profit for the group dropped to £2.2m during the year, down from £4m in 2023.
In accounts filed at Companies House, the food and drink operator revealed that it has a pipeline of sites and agreements for leases, with plans to open new sites over the next five years in London and other major UK cities.
In April 2024, Boxpark opened its fourth site in the UK and first outside of London, in Liverpool. The 21,000 sq ft site features eight independent traders as well as a garden area. In September, the group transformed the Buck Street Market in Camden into a fifth Boxpark.
In November, the group’s principal investor LDC has also agreed to make a further investment of £12.5m, which will in part be used to fund the group’s redevelopment of the Metropolitan Arcade at London’s Liverpool Street Station that will become the first Boxhall site in the portfolio.
In addition, Boxpark has recently reached an agreement with the landlord of the Shoreditch site for a short-term lease and the group remains “positive” about a further extension.
In an official announcement, Boxpark said: “One of the group’s competitive advantages remains a core focus on experiential and footfall driving events. We continue to expand the unique reasons to visit including winter ice rinks and developing a stand-alone competitive socialising offering to deliver value from under utilised spaces.
“Ahead of the group’s expansion we have continued to invest in people, with the number of people employed by the business rising by 30% during the year.”
