26.1.2022

Boxpark continues expansion plans after surviving "harshest conditions" from COVID 19

Written by Tillie Demetriou

Boxpark on the expansion trail following rapid recovery after lockdowns

London's first pop-up mall and Epos Now customer Boxpark has continued its expansion plans in the face of challenging market conditions.

After securing new investment from LDC, the retail, hospitality and leisure operator plans to open new sites across the UK.

The group will also be launching a coworking space, BoxOffice, which will be available in new Boxpark sites.

This comes as Boxpark survived some of the "harshest conditions" in the past two years due to the global pandemic. 

The company broke even in 2021, despite all units being forced to close due to COVID 19 restrictions and lockdowns.

In a trading update, Boxpark announced that it had made pre-exceptional cash operating profits of £100,000 for the year to April 2021.

The company said it had traded strongly during August 2020 as sales were supported by the UK Government's 'Eat Out To Help Out' initiative. 

Under this scheme, the Government paid 50% of the cost of food and/or non-alcoholic drinks eaten at participating businesses UK-wide.

Thanks to the Government’s Coronavirus Job Retention Scheme, the company was also able to retain and expand its team.

Boxpark's founder and Chief Executive Roger Wade said: "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 10th 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."

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