Roger Wade, the founder of Boxpark, has announced he is to step down as chief executive of the business at the end of next month.
You scratch my back…: Tony Newman, right, with Roger Wade shortly after the council leader gave the private business a £3m loan from Croydon
The decision to step back from the business he founded 10 years ago, with Boozepark at East Croydon opening in 2016 with the help of a £3million loan from the local Labour-run council, comes seven months after Wade flogged off his majority shareholding to a private equity firm, LDC.
In a statement posted on social media, Wade said, “After 10 years as CEO of Boxpark, I have decided to step down at end of May 2022.
“I sold my majority shares to LDC last year and will be handing over the reins to Simon Champion, [managing director], and Ben McLaughlin, [chief operating officer]. I will be staying on with the company as a Brand Consultant and [non-executive director].
“It’s been a great ride over the past 10 years but it’s time to jump off and explore new opportunities. I would like to thank everyone who has helped me on this incredible journey but most of all I would like to thank my wonderful team and family for their support.”
He concluded with a quote which sought to compare himself to a punch-drunk fictional boxer, Rocky Balboa.
Wade founded Boxpark Shoreditch, which is constructed of shipping containers, as the “world’s first pop-up mall” in 2010. Wade secured the multi-million-pound loan from Croydon Council to open a similar operation next to East Croydon Station, only for him to reveal at the announcement of the deal that the second iteration of his re-used shipping container venue would be for bars and restaurants, and not boutique fashion outlets.
Under council leader Tony Newman and CEO Jo Negrini, Boxpark continued to receive more than £150,000 per year in grants from Croydon for “festivals”, through until 2018, while the council and associated bodies, like Develop Croydon, regularly use the venue for conferences and events – despite the council owning a venue across the road, operated by conference organisers, at the Fairfield Halls.
Wading in: Boozepark continued to receive council grants through to 2018
Wade is stepping down at a time when the group is still expanding, with the launch of Boxhall, which will take over existing buildings rather than constructing a venue from scratch, in Bristol this summer. A second Boxhall will open in the former entrance to London Liverpool Street Station in 2023.
In 2019, Wade announced ambitious expansion plans, with 10 new sites planned by 2024.
The company also announced a Boxoffice concept, which would see co-working spaces incorporated into Boxpark locations. Last summer the group introduced dedicated workspaces into its Croydon and Wembley halls as an alternative to home working.
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Boxpark is shite. A soulless shed sucking in the few pounds being spent in Croydon to the detriment of businesses that have invested in the borough for decades.
Agreed. The council never considered the impact it would have on other town centre bars, pubs and restaurants.
it has vampired the South End. and as an older person I find it noisy and not a nice experience
If Croydon were a tad trendier and richer, Boxpark could be converted to a covered market, with lots of Borough Market type stalls. Like many a continental market in Euro Land. Or even a USA farmers market to be found in major US cities, with fresh food from veg to cheese to meat to fruit to beer etc etc
but –for right or wrong– it isn’t. (at the moment)
It says Boxpark had the help of a £3million loan from the local Labour-run council. That’s our money. Was the loan repaid?
My be it would be better that the council gives 3 million pounds of our money for the whitgift centre and turn that in to a Croydon market centre with small old fashioned and modern small businesses no big names anymore with reduced rents or free rents where needed to start your business a covered market its got a roof, with lots of Borough Market type stalls etc.
surrey street as changed so much no footfall or new businesses starting up any more redevelop a the whitgift old dog with new tricks i am sure it would bring back but needed investors?