Boxpark breaks even despite Covid-10 lockdowns
The Boxpark retail and leisure concept broke even in the year to April 2021 despite all sites being closed during Covid-19 lockdowns.
The group’s accounts show that it posted £0.1 million in pre-exceptional cash operating profits in the period, compared with £2.5 million in the previous financial year.
However, group revenue fell by 55% due to the company having only 22 weeks of trading during the periods of opening. The group said it traded strongly in August 2020 as sales were supported by the Government’s ‘Eat Out To Help Out’ initiative. By utilising the Government Coronavirus Job Retention Scheme, Boxpark was able to retain most of its staff and, post-Covid, has expanded its team.
Since venues reopened after lockdowns, Boxpark has maintained a number of measures that were implemented in response to Covid-19 Government guidelines, such as ordering food and drink via mobile, and the upgrade of its Black Card into a loyalty scheme.
Boxpark 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 10-year 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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