Boxpark is in advanced negotiations with investors to support its expansion ambitions, CEO Roger Wade has told MCA.

The pop-up dining and leisure concept plans to open the first of its new smaller food hall format Boxhall in London next year with a debut co-working space Boxoffice to launch outside of London.

“The plan is to open two sites per year over a course of five years,” Wade said.

Boxoffice will feature creative co-working spaces surrounded by Boxpark’s dining and drinking offering, plus a range of leisure activities including crazy golf to karaoke.

This experiential aspect follows the launch of Boxpark Wembley which has axe throwing, virtual reality, glow in the dark ping pong, shuffleboards, and set to launch this year, crazy golf concept Pop Golf.

“You have to understand the psychology of the customer and make them feel special – give them an experience they won’t forget and make them feel like they’ve got to come back”, Wade added.

“I don’t believe in the death of the high street, it’s just changing. It’s important for us to be constantly evolving.”

The news comes as Boxpark reports growth in net profit by 22% to £1.6 million for the year to April 2019.

The company has achieved 96% annual sales growth over the past three years, and increased turnover of 58% to £12.5 million in the year to April 2019.

Over the last 12 months, Boxpark expanded its team from 44 to 110 employees.

The business is aiming to open 10 new sites over the next five years in major UK cities, such as London, Brighton, Cardiff, Birmingham, Manchester, Liverpool, Leeds, Edinburgh and Glasgow.