The business, founded by Charlie Gilkes and Duncan Stirling, reported turnover for its 2023 financial year was £26.5m (up 16.7% from £22.7m in 2022), Site EBITDA (earnings before interest, taxation, depreciation and amortisation) was £7.2m (up 22% from £5.9m in 2022) and group EBITDA was £3m (down from £3.4m in 2022 due to exceptional items but projected to exceed 2023 levels in 2024).
The results mark the 15th year of operation for the group and it said there are plans for further expansion while maintaining private ownership of the company.
It added 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 portfolio.
New Cahoots launched
Inception Group launched Cahoots: Postal Office (pictured below) this month (October) at Borough Yards, London, which is the company’s 15th venue. It is inspired by a 1940s post office and features a world-first pneumatic tube system, delivering cocktails directly to guests’ tables.
Expansion remains a priority and there are plans to extend the Cahoots brand and international sites on the horizon for the Mr Fogg’s collection.
“We’re in early discussions about opening sites both in and outside of London,” said Gilkes. “There’s growing interest in taking our immersive concepts to key cities such as Manchester, Birmingham, and even overseas.”
The business added it had seen a resurgence in corporate bookings, contributing to strong performance, of which Gilkes said: “2023 has been a year of resilience and reinvention. 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 2024 will be another milestone year for the group.”
Core strength
It said its private ownership is one of its core strengths that has allowed it to “remain agile and creative in a challenging market”.
Gilkes concluded: “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.
“[This financial year] 2024 looks set to be a landmark year as we expand our portfolio even further.”
