- Founded in 2009, Inception Group operates a collection of unique bars, restaurants, and clubs in Central London;
- The group currently operates 13 sites under the brands of Mr Fogg’s, Bunga Bunga, Cahoots, Barts, Maggie’s and Control Room B;
- OakNorth initially provided refinance and expansion facilities in January 2018, and further supported the group during the pandemic;
- Since the pandemic, Inception Group has opened three new sites, including Battersea Power Station’s Control Room B, Mr Fogg’s Apothecary and Mr Fogg’s Pawnbrokers and are soon to open Mr Fogg’s Hat Tavern and Gin Club;
- The £6.7m capital from OakNorth will extend existing facilities the business has with the bank, as well as funding the opening of new sites.
OakNorth – the neobank for entrepreneurs, by entrepreneurs – has provided a £6.7m loan to the popular bar and restaurant business, Inception Group, to support the opening of new sites in the future.
Founded in 2009 by Charlie Gilkes and Duncan Stirling, Inception operates 13 experiential venues across London, including the brands Mr Fogg’s, Bunga Bunga, and Cahoots. The business’ creative and quirky style has won it numerous awards over the years, including the ‘Best Pub/Bar Company Award’ at the highly coveted MCA Retailers’ Retailer Awards earlier this year, where it was voted for by its industry peers.
Having been an OakNorth customer for several years now, the business is once again returning to the neobank to support with its growth ambitions.
Charlie Gilkes, co-founder of Inception Ventures Group, 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. Given the ongoing economic challenges, they have made realistic assumptions about the future performance of the business, making sure they don’t expand too quickly or too much. We’re delighted to once again be supporting them in their growth ambitions and look forward to visiting the new sites when they open!”
ENDS
Notes to editors
About OakNorth Bank plc
Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible, and accessible debt finance to the UK’s Missing Middle.
Since its launch, the bank has:
- Lent over £9bn, directly helping with the creation of 37,000 new jobs and 27,000 new homes across the UK.
- Raised deposits from c.175,000 savers.
- Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
Media contact
Tom Pavey-Smith, Associate Director, Growth & Communications – [email protected] / [email protected] / 0791 716 5588