Inception Group delivers record revenue in 2024
Bar operator Inception Group has released its financial results for 2024.
The hospitality business behind the Mr Fogg’s collection, Cahoots and Control Room B has released its financial results for 2024, showing strong growth despite challenging market conditions.
Inception Group reported a revenue of £28.9m in 2024, a 9.4% increase from 2023, with forecasts for 2025 suggesting another record-breaking year, exceeding £30m for the first time.
The group, led by Charlie Gilkes (above left) and Duncan Stirling (above right), had 15 sites trading at the 2024 year-end. With just one additional site from 2023, like-for-like revenue was up 6.4%, delivering and EBITDA of £3.1m (+3.4%).
"2024 saw strong like-for-like revenue growth and in October of last year we opened our second Cahoots location in Borough Yards, which continues to trade beyond expectations," says Gilkes. "Margins came under pressure in 2024 due to a multitude of cost inflation.
"Total group revenue will exceed £30m for the first time in 2025 and margins have started to improve. We will shortly be announcing some exciting pipeline sites for 2026."
In September of this year, Inception Group opened Bunga 90, a completely reimagined concept, centred around the 1990s on the former Bunga Bunga site.
July 2025 saw Mr Fogg's named Bar Group of the Year at the National Pub & Bar Awards.
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