Inception Group plots regional expansion as it toasts ‘record growth’
Co-founder Charlie Gilkes, who launched Inception Group with Duncan Stirling in 2009, says there’s ‘growing interest’ in growing the group’s Mr Fogg's and Cahoots brands.
“We’re in early discussions about opening sites both in and outside of London,” he explains.
“There’s growing interest in taking our immersive concepts to key cities such as Manchester, Birmingham, and even overseas.”
It comes as Inception Group, whose portfolio also includes the Bung Bunga and Maggie's brands, reports ‘record growth’ in its 2023 financial results.
Group turnover rose 16.7% to £26.5m in 2023 (2022: £22.7m), with forecasts for 2024 suggesting revenues will continue to rise to £29m.
Site EBITDA was £7.2m, up 22% from £5.9m in 2022.
Group EBITDA, meanwhile, dipped slightly from £3.4m in 2022 to £3m in 2023 due to ‘exceptional items’. However, the group adds that 2024 levels are project to exceed 2023.
“Our 2023 results reflect the resilience and creativity of our business, even in the face of market challenges and industry shifts,” Gilkes continues.
“London’s hospitality scene, despite the challenges, is vibrant once again, and the return of office workers, particularly on Mondays, has been a key driver for our venues.
“The drive of the group to deliver unique and high-quality experiences to our customers means we have continued to see strong growth, particularly from our existing venues.”
Inception currently operates 14 sites across the capital. A further opening is planned this month with the launch of a second site under its Cahoots brand.
Cahoots: Postal Office will be located inside an old railway arch within the Borough Yards development.
Modelled on a vintage post office, the new venue will feature repurposed 1940s mail delivery technology, the focal point of which will be a pneumatic tube system that will deliver cocktails to guests from the bar to tables through a series of air-powered tubes.
“2024 looks set to be a landmark year as we expand our portfolio even further,” Gilkes adds.
“We are optimistic it will be another milestone year for the group.”
