Inception Group, the parent company behind London bar chains Cahoots, Mr Fogg’s and Bunga Bunga, saw sales grow to £26.5 million (US$34.8m) in 2023, a 16.7% increase on the previous year.
The group projects 2024 revenue to be £29m (US$38m), breaking its previous sales records.
It believes ‘this growth has been driven by both well-established venues and the opening of new sites, reflecting the group’s continued success in delivering unique, narrative-driven experiences across its 14-venue portfolio.’
Group earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell slightly, from £3.4m (US$4.5m) in 2022 to £3m (US$3.9m), which Inception said is ‘due to exceptional items but projected to exceed 2023 levels in 2024’.
Last month, the group announced the launch of a new Cahoots venue, which will open in London’s Borough Yards on 11 October. The site will be the group’s 15th since its launch in 2009.
It also hinted at further Cahoots sites, as well as international expansions for Mr Fogg’s, which currently has nine sites in London.
“We’re in early discussions about opening sites both in and outside of London,” said co-founder Charlie Gilkes. “There’s growing interest in taking our immersive concepts to key cities such as Manchester, Birmingham, and even overseas.”
The group has seen a resurgence in corporate bookings. “2023 has been a year of resilience and reinvention,” Gilkes continued. “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.
“Our 2023 results reflect the resilience and creativity of our business, even in the face of market challenges and industry shifts. 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. 2024 looks set to be a landmark year as we expand our portfolio even further.”
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Author: Lauren Bowes
