Circuit Laundry made a £5.6 million profit last year
There must be a booming market in reselling misplaced socks lost in the tumble dryer
Every student’s favourite on-campus washing machine provider Circuit Laundry made a £5.6 million profit last year.
Accounts for the company, which students are so devoted to that Circuit Laundry TikTok has become a thing, show it brought in roughly £8.7 million of revenue from unis – around a quarter of its £34.9 million total revenue.
Filed this summer, the 2019 accounts are the most recent available, and also show Circuit’s four directors were paid a total of £889,000 by a parent company.
However, the accounts also reveal that company was worrying about the Covid shutdown, with campuses closed and freshers doing their laundry at home.
“The group’s vend share operations, which in 2019 comprised 25 per cent of the group’s revenue and 21 per cent of EBITDA, primary in HE accommodation facilities and leisure sites, has been severely impacted by the UK wide shutdown,” auditors wrote.
In good news for students with dirty clothes and not much cash – and assorted fans of competition in the higher education laundry sector – Circuit’s 2017 takeover of rival Washstation was deemed to be bad for competition.
It was ordered by the Competition and Markets Authority to divest all of Vendshare’s HE contracts.