Inception Group raises glass to record revenues

Inception Group, owner of quirky, immersive London bars including Mr Fogg’s, Cahoots and Control Room B, toasted record takings in 2024 and said it expects to hit £30m in revenue this year.

The business, which runs 15 bars in the capital, saw turnover rise 9% to £28.9m in the year ended 31 December 2024. 

Revenue at its bars open for more than a year rose 6.4% during 2024, while Inception shrugged off surging energy bills and the cost of living crisis to see underlying earnings inch up by £100,000 to £3.1m.

Inception said its newest opening, Bunga 90, the Nineties-themed bar and restaurant packed with VHS tapes, Sega Megadrives, karaoke and pizza, was showing “very promising early signs".

The second Cahoots location, which opened near London Bridge in Borough Yards last October, with decor inspired by the post-war postal service, “continues to trade beyond expectations,” co-founder Charlie Gilkes added. 

He also said margins – which had come “under pressure” in 2024 due to a cost inflation on many fronts – had “started to improve”.  

Gilkes said Inception had an “exciting pipeline” of sites for 2026. He founded Inception Group with Duncan Stirling in 2009, when the duo met after both booking the same venue for rival events. They decided to unite to throw a bash together and then ran a joint venture in London’s Sloane Square Hotel for three years, before going on to launch Inception.

The group secured a £6.7m loan from OakNorth bank to fund its expansion in 2023.