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Losses narrow at pop-up hotel company Snoozebox

Portable hotel company Snoozebox, has reported a reduction in pre-tax loss to £5.6m from £9.4m despite losing out to a major contract at the G8 Summit.

London-based Snoozebox was supposed to supply its innovative ‘box’ to visitors to the G8 Summit in Russia, however event relocated to Belgium at the last minute due to the ongoing crisis in Crimea, and the company lost the contract as a result.

The firm’s boxes are often found at major sporting and entertainment events such as Glastonbury and the Ryder Cup.

Snoozebox has also worked alongside Ealing Council to provide temporary social housing.

During 2014 Snoozebox also operated hotels at Silverstone race track (156 rooms) and in the fourth quarter opened a 60 bedroom consumer hotel at the Eden Project in Cornwall.

Lorcán Ó Murchú, chief executive, added, “Snoozebox has made progress during 2014 and is reporting results for the year in line with expectations. We have secured additional funding and are investing in a new generation of hotel room stock.

We have turned around the events programme and reduced overheads. We have made substantial progress in the underlying operating model and in particular with the semi-permanent hotel offering, establishing a platform for growth.“

Snoozebox was founded by the late leisure entrepreneur Robert Breare, in 2011 and has since provided accommodation at several major events including Download Festival, British Grand Prix and Moto GP.

This was posted in Bdaily's Members' News section by Ellen Forster .