Snoozebox starts to stir from its slumber
SNOOZEBOX, the pop-up hotel provider which trades under the stock market ticker ZZZ, yesterday said revenues had recovered substantially after it briefly flirted with bankruptcy last year.
The business, which will be running its hotels at this year’s Glastonbury music festival, said revenues grew 80 per cent to around £6.5m for the year ending December 2013, while it has also amassed a cash pile of about £4.5m.
The numbers are an improvement on the £3.8m posted for the full year 2012 but the brief trading update does not give any indication of costs or profits.
The business, founded by the late entrepreneur Robert Breare, fell to a £4.4m loss in the year ending 2012, adding to a £1.25m loss in 2011.
In March the business was forced into an emergency rights issue to save itself from bankruptcy, which led to Breare’s exit.
The firm said its chief finance officer Lorcan O Murchu had now been installed as chief executive. Snoozebox offers portable hotel rooms which are housed in shipping containers and are used at music and sporting events.