Inception Group revenues jump 16.7% in FY23
The hospitality group, which owns venues including Bunga Bunga, Cahoots, and Mr Fogg’s, now forecasts a “record-breaking” year with projected revenues of £29m in 2024
Inception Group’s turnover hit £26.5m in 2023, a 16.7% increase from £22.7m in 2022, as the 2023 financial year ended.
The hospitality group, which owns venues including Bunga Bunga, Cahoots, and Mr Fogg’s, now forecasts a “record-breaking” year with projected revenues of £29m in 2024.
However, group EBITDA during the year reached £3m, slightly down from £3.4m in 2022.
The company attributed the performance to both “well-established” venues and the opening of new sites.
The group has also revealed that it is expanding its hospitality footprint with the launch of “Cahoots: Postal Office” in October 2024 at Borough Yards, London, making the 15th venue since the company in 2009. This latest addition is inspired by a 1940s post office and features a “world-first pneumatic tube system”, delivering cocktails directly to guests’ tables.
In addition, Inception also has plans to extend its Cahoots brand as well as having international expansion on the horizon for the Mr. Fogg’s collection.
Co-founder Charlie Gilkes said: “We’re in early discussions about opening sites both in and outside of London. There’s growing interest in taking our immersive concepts to key cities such as Manchester, Birmingham, and even overseas.
“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.”