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Morning Briefing for pub, restaurant and food wervice operators

Tue 5th Mar 2019 - Incipio Group secures £5m to open six sites including first outside London
Incipio Group secures £5m to open six sites including first outside London: Incipio Group has received £5m from entertainment and leisure investor Edition Capital to open six sites in the next 18 months, including its first outside London. Launched in 2015, Incipio Group aims to transform dead spaces into large, social venues concentrated around food and drink. Having launched Pergola Olympia London, Pergola Paddington, The Prince in West Brompton Crossing, Feast in Hammersmith and W12 studios at the former home of the BBC in White City, Incipio Group has secured from Edition Capital. It has raised £5m through EIS, valuing the business at £20.5m. This will be used for large-scale sites in Wimbledon, Brixton and Putney, with venues also planned for Mayfair and Fulham, as well as its first opening outside London, in Birmingham later this year. Incipio Group said it was now focusing on delivering and building sites that work in long-term leases. Having opened its first major project, Pergola on the Roof, in 2016, a 600-capacity rooftop venue in White City, this month also saw Incipio Group hit the milestone of one million visitors through their doors in just three years. The group’s second venture, Pergola Paddington, an 850-capacity site, which opened in the summer of 2017, attracted 180,000 visitors in just 26.5 weeks of being open. Incipio Group opened The Prince in November 2017, comprising of four restaurants, a pub and a large covered garden, which welcomed 100,000 visitors within its first 23-week opening. In 2018, the company opened pop-up Feast Canteen, and Pergola Olympia London, a rooftop venue with three restaurants and a bar, overlooking Kensington Olympia. Since the start of 2019, Incipio Group has launched W12 Studios, offering twice-weekly live music and a rotating restaurant line up each month, securing 3,000 visitors over its ten-day launch period. Turnover has significantly increased each year, from £1.7m in 2016, £5.6m in 2017 to £8.9m in 2018, with a projected turnover of £17.88m for 2019. Founders Charlie Gardiner and Ed Devenport said: “It’s been an incredible journey to date and we are so proud of what has been achieved by everyone here at Incipio. We are just getting started and are very much looking forward to continuing to build the business and deliver fun venues that people enjoy coming to. We are so pleased to be working with the guys from Edition.” Edition Capital partner Lisa Boden Shah added: “From the first time we walked into an Incipio venue, we knew Charlie and Ed had an unparalleled understanding of what the modern consumer wants. Reaching the million-customer milestone and the growth achieved over the past four years is testament to their vision and execution. We are delighted to have made a further significant investment in the company to support the next phase in its evolution.”

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