Inception Group secures £6.7m loan to fund growth

OakNorth initially provided refinance and expansion facilities to Inception Group in January 2018, and further supported the group during the pandemic. The £6.7m capital will extend existing facilities the business has with the bank, as well as fund the opening of new sites, it says.

Inception Group is led by Charlie Gilkes and Duncan Stirling and currently operates 13 sites under brands that include Mr Fogg’s, Bunga Bunga, Cahoots, Barts, Maggie’s, and Control Room B.

Mr Fogg’s Hat Tavern and Gin Club is set to open in Soho later this summer.

“Over the years, we’ve built an incredibly collaborative relationship with the team at OakNorth – they understand our business and have continued to be a trusted funding partner through the challenging times of both the pandemic and the current cost-of-living crisis,” says Charlie Gilkes, co-founder of Inception Group.

“With their support, we’ve been able to open several new sites, including Control Room B at Battersea Power Station which has exceeded our expectations in terms of performance. With this capital, we’ll be able to open additional sites and continue bringing our unique bars and restaurants to London’s residents and visitors.”

Since the pandemic, Inception Group has opened three new sites - Battersea Power Station’s Control Room B, Mr Fogg’s Apothecary and Mr Fogg’s Pawnbrokers.

“Charlie and Duncan are great examples of the extraordinary entrepreneurs we have in the UK. They have built a creative and unique business under six different brands – all of which continued to trade throughout the pandemic, says Deepesh Thakrar, senior director of debt finance at OakNorth Bank.

“Given the ongoing economic challenges, they have made realistic assumptions about the future performance of the business, making sure they don’t expand too quickly or too much. We’re delighted to once again be supporting them in their growth ambitions and look forward to visiting the new sites when they open.”