Inception Group, operators of venues including Bunga Bunga, Cahoots, and Mr Fogg’s, has released its financial results for 2023, showing strong growth despite wider industry challenges. Co-founders Charlie Gilkes and Duncan Stirling mark the group’s 15th year with plans for further expansion while maintaining private ownership of the company.
Financial Snapshot
Inception Group reported a turnover of £26.5m in 2023, an impressive 16.7 per cent increase from £22.7m in 2022, with forecasts for 2024 suggesting a record-breaking year with projected revenues of £29m. 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.
Key Financial Highlights
Turnover: £26.5m (up 16.7% from £22.7m in 2022)
Site EBITDA: £7.2m (up 22% from £5.9m in 2022)
Group EBITDA: £3m ((down slightly from £3.4m in 2022 due to exceptional items but projected to exceed 2023 levels in 2024)
The Launch of Cahoots: Postal Office
Inception Group continues its expanding hospitality footprint with the launch of Cahoots: Postal Office in October 2024 at Borough Yards, London. This marks the 15th venue since the group’s launch in 2009, with its signature immersive style and British charm setting it apart in the capital’s competitive bar scene. The latest addition is inspired by a 1940s post office and features a world-first pneumatic tube system, delivering cocktails directly to guests’ tables—an example of the group’s commitment to creating shareable, TikTok-ready experiences. With ‘Britishcore’ trends surging across social media platforms like TikTok, Cahoots: Postal Office is perfectly positioned to tap into this rising cultural nostalgia. The new venue exemplifies the group’s flair for blending history and innovation, delivering experiences that resonate with modern consumers looking for something beyond the ordinary.
Expansion Plans: Mr. Fogg’s and Beyond
Expansion remains a priority for Inception Group, with plans to extend the Cahoots brand and 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,” says co-founder Charlie Gilkes. “There’s growing interest in taking our immersive concepts to key cities such as Manchester, Birmingham, and even overseas.”
Corporate Growth and Optimism for 2024
With post-pandemic challenges largely behind, Inception Group has seen a resurgence in corporate bookings, contributing to strong performance across its portfolio. “2023 has been a year of resilience and reinvention,” said 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.”
Private Ownership: A Strategic Advantage
One of Inception Group’s core strengths lies in its private ownership, which has allowed it to remain agile and creative in a challenging market. Free from the constraints of external influences, the group has maintained its commitment to delivering bold, customer-focused concepts that drive loyalty and create memorable experiences.
Gilkes concludes: “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.”