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Tue 7th Sep 2021 - Exclusive: Boxpark to accelerate expansion plans after securing multimillion-pound LDC investment
Exclusive – Boxpark to accelerate expansion plans after securing multimillion-pound LDC investment: Multi award-winning hospitality and leisure operator Boxpark has set its sights on expansion across the UK following a significant cash injection, Propel has learned. Founded as a pop-up mall ten years ago and currently boasting sites in Shoreditch, Croydon and Wembley, Boxpark harbours ambitions of rolling out new sites across Britain over the next five years. Boxpark has now secured a multimillion-pound investment from mid-market private equity firm LDC as it looks to add to those three London sites, plus its new BoxHall concept, which will open in Bristol next April. LDC is backing the existing management team, led by Boxpark founder Roger Wade, Simon Champion and Ben McLaughlin, with existing non-executive director John Leslie becoming non-executive chairman. Charles Dunstone has exited his involvement in the business. The partnership with LDC comes after Boxpark reopened earlier this year with record sales and strong like-for-like growth, and the company is on track to generate revenue of more than £18m in the year to April 2022. Wade said: “After such a difficult 18 months in the sector, we have secured a new partnership that recognises our unique proposition and growth potential. It will enable us to accelerate the rollout of new sites in London and into major cities such as Bristol and Manchester. This is such an exciting time for the business as we approach our ten-year anniversary later this year, and I am proud to have such an incredible team behind it who have all worked extremely hard with the added challenges of covid-19.” Boxpark opened its first site in 2010, in Shoreditch, with Croydon following in 2016 and Wembley in 2018. Boxpark has also secured its first site outside London with the launch of sibling concept BoxHall, in Bristol. The group has just agreed a lease for the harbourside location at the regeneration of Welsh Back Bristol’s O&M’s sheds, which is being delivered by Cordwell Property Group. Unlike Boxpark developments that focus on placemaking and creating spaces, BoxHall sites will be located in existing buildings within town and city centres across the UK. Opening in June 2022, BoxHall Bristol is a new and premium food and beverage-led concept with a modern food hall structure, set to offer “high-quality product ranges and carefully-selected, authentic cuisine” from local, independent street food traders and restaurant operators in Bristol.
Boxpark features in Propel’s Turnover & Profits Blue Book, the updated version of which will be sent to Premium subscribers on Friday (10 September). Boxpark turned over £15.2m in its most recent reported financial year. The Blue Book, which is produced in association with Mapal Group, provides a five-year overview of turnover and profit, and ranks 408 companies according to turnover, pre-tax profit and profit conversion. It also provides details of directors’ earnings and highest paid directors. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The regular single subscription rate of £395 plus VAT for operators and £495 plus VAT for suppliers remains the same. Email jo.charity@propelinfo.com to sign up.


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