Inception Group on track for consecutive ‘record-breaking’ year
The owner of UK bars Mr Fogg’s, Cahoots and Control Room B has predicted its 2025 sales will exceed £30 million (US$40.3m) for the first time.
In 2024, the group reported revenue of £28.9m (US$38.8m), a 9.4% increase on 2023. The firm had predicted strong sales for the year, based on its 16.7% increase in 2023.
At the end of 2024, it had 15 sites trading, up from 2023’s 14 sites. Its second Cahoots venue opened in October 2024.
Like-for-like revenue – which compares sites that were open for the duration of both 2023 and 2024 – was up by 6.4%.
Meanwhile, earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 3.4% to £3.1m (US$4.2m).
This month, Inception Group opened Bunga 90, a reimagined version of its Bunga Bunga bar themed around the 1990s.
The group’s co-founder Charlie Gilkes 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.”
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