Inception Group results show “resilience and reinvention”
Inception Group has reported a turnover of £26.5m in 2023.
The hospitality business behind Bunga Bunga, Cahoots and Mr Fogg’s has released its financial results for 2023, showing strong growth across the company.
Inception Group has reported a turnover of £26.5m in 2023, a 16.7% increase from £22.7m in 2022, with forecasts for 2024 suggesting a record-breaking year with projected revenues of £29m.
The growth has been driven by both well-established venues and the opening of new sites across its 14-venue portfolio. Site EBITDA came in at £7.2m (up 22% from £5.9m in 2022), while group EBITDA was £3m (down from £3.4m in 2022 due to exceptional items).
“Last year was a year of resilience and reinvention,” says co-founder Charlie Gilkes. “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. We are optimistic that 2024 will be another milestone year for the group.”
Plans for the future
Inception Group will launch Cahoots: Postal Office this month at Borough Yards, London. This marks the 15th venue since the group’s creation in 2009. There is also international expansion on the horizon for the Mr. Fogg’s collection.
“We’re in early discussions about opening sites both in and outside of London,” adds Gilkes. “There’s growing interest in taking our immersive concepts to key cities such as Manchester, Birmingham and even overseas.”
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