Buyers circle Boxpark as owner eyes a sale
today Sep 27, 2019
Roger Wade, the founder and chief executive of Boxpark, a portfolio of pop-up malls, has revealed he has received a number of offers for the business after appointing KPMG to find an investment partner.
Boxpark’s Shoreditch hub has served as a temporary home to many established and emerging fashion and beauty brands, providing a space for retailers in the heart of East London.
Skincare brand Deciem, Couco Eyewear, clothing label Bambi + Roo and jeweller Astrid & Miyu are some of the brands currently hosting pop-ups there.
Boxpark, which also has food and leisure-focused sites in Croydon and Wembley, plans to open 10 further sites in the UK over the next five years.
The company is looking for a partner to take a majority or minority stake and help it fund its ambitious growth plan. According to Wade, several private equity firms and property funds have shown interest.
“The parties that we’re talking to all want to back our current concept. As a result of that, we hope to quadruple our profits. It’s not just the highest offer, but the person that backs the existing plan,” Roger Wade told Property Week.
New retail concepts could open in cities including London, Brighton, Cardiff, Birmingham, Manchester, Liverpool, Leeds, Edinburgh and Glasgow, with property agents JLL and Morgan Williams also scouting for locations in Exeter, Bristol, Reading, Oxford, Cambridge, Belfast and Nottingham.
According to media reports, Boxpark has increased revenues by 54% between 2018 and 2019, and is forecasting sales of £15 million in 2020.
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