Inception Group secures £6.7m loan to support expansion

22 May 2023 by
Inception Group secures £6.7m loan to support expansion

Inception Group, which operates bar brands such as Mr Fogg's, Control Room B and Cahoots, has received a £6.7m loan from OakNorth Bank to aid expansion.

The 13-strong bar, restaurant and club group based in central London was founded in 2009 by Charlie Gilkes and Duncan Stirling.

It also received refinance and expansion support from OakNorth in January 2018 and throughout the pandemic.

The group's post-pandemic openings include Control Room B in London's Battersea Power Station, Mr Fogg's Apothecary in London's Mayfair and Mr Fogg's Pawnbrokers in London's Soho.

It is set 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."

Deepesh Thakrar, senior director of debt finance at OakNorth Bank, added: "Charlie and Duncan are great examples of the extraordinary entrepreneurs we have in the UK. They have built a creative and unique business under six different brands – all of which continued to trade throughout the pandemic."

OakNorth Bank launched in September 2015 and has since lent over £9.5b.

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