// Boxpark reveals further details of its ambitious expansion plans
// It confirmed it was in “advanced negotiations” with investment partners for a cash injection to drive growth
// 10 new Boxpark sites proposed: Brighton, Cardiff, Birmingham, Manchester, Liverpool, Leeds, Edinburgh & Glasgow
Boxpark has revealed further details of its ambitious expansion plans as it confirmed that it was in “advanced negotiations” with investment partners for a cash injection to drive it.
The retail property firm – known for housing independent and pop-up retailers in refurbished shipping containers – said it expects to announce an investment partner this spring after spending months on the hunt for new funds.
Boxpark said its expansion strategy will involve the launch of its first smaller BoxHall site, which will have between six and 12 food vendors, in London next year.
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It will also launch a BoxOffice site outside of London, which will incorporate co-working space with its more traditional retail and food units.
In August last year, Boxpark revealed plans to open 10 sites over the next five years as part of a growth strategy which will focus on its expansion outside London.
It had already submitted plans in Brighton for its first site outside the capital, and additional locations at Cardiff, Birmingham, Manchester, Liverpool, Leeds, Edinburgh and Glasgow have since been earmarked for potential new openings.
Earlier this week, Boxpark said sales increased 58 per cent to £12.5 million in the last full year, to April 2019, bolstered by the launch of Boxpark Wembley – its third site – in December 2018.
Meanwhile, it said net profits increased by 22 per cent to £1.6 million for the year.
Over the past year, the company has also rapidly expanded its team, with staff numbers growing from 44 to 110 employees over the period.
“We’re delighted with our trading over the last year, and our consistent year-on-year growth is evidence that our strategic shift towards events and leisure-led initiatives have driven strong financial results,” chief executive Roger Wade said.
“Boxpark pioneered the concept of pop-up retail and has now become one of the leading innovators in the retail, leisure and food and drink sectors.
“But there’s no time to rest on our laurels – we are continuing to seek opportunities for expansion.”
with PA Wires
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