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Hospitality operator Inception Group has reported that its revenues increased by 9.4% to £28.9m for 2024, despite ongoing cost pressures across the sector.
The company, known for themed London venues including the Mr Fogg’s collection, Cahoots and Control Room B, said like-for-like sales rose 6.4%, with EBITDA increasing by 3.4% to £3.1m.
Inception Group operated 15 sites at the end of 2024, up from 14 the previous year, and forecasts that total revenue will exceed £30m for the first time in 2025.
Charlie Gilkes, co-founder of Inception Group, said: “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. 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.
“In September of this year Bunga Bunga relaunched as ‘Bunga 90’, a completely reimagined concept with incredibly promising early signs. We will shortly be announcing some exciting pipeline sites for 2026.”
Founded in 2009 by Gilkes and Duncan Stirling, Inception Group operates a portfolio of immersive bars and restaurants across London. Its brands include Mr Fogg’s collection of Victorian-inspired venues, the 1940s-themed Cahoots bars, the 1980s-inspired Maggie’s nightclub in Chelsea, and Control Room B, set within the former Battersea Power Station.
The company said it expects continued growth in 2025 as it develops further London sites and prepares to mark the 15th anniversary of Maggie’s next year.
