Sad: Circuit Laundry’s profits fell by two thirds in 2020
But the company still raked in a cool £2 million profit from your smelly socks
Circuit Laundry, the uni washing service which for legal reasons I feel compelled to say is flawless, fairly priced and beloved by students, saw its profits more than halve during the Covid pandemic.
The most recent accounts for the company, Circuit Launderette Services Ltd, show profits for the year to 31st October 2020 totalled £2 million, down from £5.6 million the year before – a 64 per cent decrease
Uni washing machines account for around a quarter of the company’s revenue, according to previous accounts.
But the pandemic – when everyone was at home, and those who were at uni wore the same trackies for six months – hit the company hard. The accounts blame “uncertain economic conditions” on the fall in revenue – but say there are plans to grow the company significantly.
Despite the downturn, the company’s directors were paid a total of £1,494,000 – up from £889,000 the year before.
While the pandemic is clearly a factor, some students are also taking matters into their own hands. One student told The Tab last year how their animus for Circuit pushed them to wash their clothes in the shower. Southampton fresher Rosie said she saved about £100 in a single month.