UK-based hospitality company Inception Group has received a loan worth £6.7m from OakNorth Bank to further its expansion plans across London, UK, The Caterer reported.
Established by Charlie Gilkes and Duncan Stirling in 2009, Inception Group operates bar brands such as Mr Fogg’s, Cahoots and Control Room B.
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The bar, restaurant and club operator’s portfolio includes 13 locations.
The loan comes after OakNorth Bank provided the company with refinancing and expansion support facilities in January 2018 and throughout the pandemic.
OakNorth Bank debt finance senior director Deepesh Thakrar said: “Charlie and Duncan are great examples of the extraordinary entrepreneurs we have in the UK.
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“They have built a creative and unique business under six different brands – all of which continued to trade throughout the pandemic.”
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By GlobalDataIn the post-pandemic era, Inception Group opened three locations in London, including Control Room B at Battersea Power Station, Mr Fogg’s Apothecary in Mayfair and Mr Fogg’s Pawnbrokers in Soho.
The group also plans to relaunch the London Gin Club as Mr Fogg’s Hat Tavern and Gin Club.
Gilkes said: “Over the years, we’ve built an incredibly collaborative relationship with the team at OakNorth – they understand our business and have continued to be a trusted funding partner through the challenging times of both the pandemic and the current cost-of-living crisis.
“With their support, we’ve been able to open several new sites, including Control Room B at Battersea Power Station, which has exceeded our expectations in terms of performance.
“With this capital, we’ll be able to open additional sites and continue bringing our unique bars and restaurants to London’s residents and visitors.”
