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Wed 19th Jan 2022 - Inception Group to take on ex-Balls Brothers site in Mayfair as Grosvenor makes latest tenant investment
Inception Group to take on ex-Balls Brothers site in Mayfair as Grosvenor makes latest tenant investment: Landlord Grosvenor Britain & Ireland has made its latest investment in a new tenant, Inception Group, the London-based group, with a loan to support the launch of a new Mr Fogg’s in Mayfair, Propel has learned. Inception, which is also behind Bunga, Maggies and Cahoots, will relaunch the former Balls Brothers site at 34 Brook Street in late spring. Grosvenor’s Tenant Investment Fund was established to enable businesses with new ideas and diversification strategies to expand and create jobs at a time when access to traditional bank funding is constrained. Inception Group is the fourth hospitality business supported by this financing model. Grosvenor has also supported the launch of JKS Restaurants’ latest venture, Bibi, in North Audley Street, Mayfair; and Atis, the salad bar and bowl concept in Eccleston Yards, Belgravia. Charlie Gilkes, co-founder of Inception Group, said: “'Grosvenor has been incredibly progressive in finding ways to support hospitality and retail tenants. With limited funding for new openings in the wake of the pandemic it is enabling growth and new jobs that simply would not have happened were it not for the Tenant Investment Fund. The iconic former Balls Brothers site in Mayfair is a fantastic space from which to create a truly exceptional iteration of a Mr Fogg's cocktail bar. Mayfair is changing all the time. Alongside world renowned brands like Claridges and Le Petit Mason, we’ll be opening close to retail and hotel developments like the Rosewood and Biltmore in Grosvenor Square, and the South Molton Triangle development.” James Raynor, chief executive, Grosvenor Property UK, added: “The West End is renowned for its world class sense of occasion and fun. Inception Group’s immersive destinations are the capital’s most highly anticipated openings, and their expansion in Mayfair is a huge vote of confidence in the future of central London’s night-time economy. Our Tenant Investment Fund is about recasting traditional property owner/occupier relationships. It’s not just a response to the pandemic. We’re looking to challenge the stereotypes and tell the story of a sector investing in society and working with tenants in good faith to find solutions to problems we all face.” Gilkes told Propel that Inception would look to do similar investment partnerships if the right opportunities came up, as it looked to rebuild momentum coming out of the crisis. He said although the business would concentrate on further openings in the capital over the coming year, it had an eye on a regional launch in the following 12 months. Over the past year, the business has launched two new sites – Mr Fogg’s Secret Garden in Mayfair, and the London Gin Club in Soho. Propel understands Inception Group is delighted with the performance of its recent openings, both of which are performing in line with expectations and are on track to deliver strong returns on investment. During last year, the business also secured additional funding through the Coronavirus Business Interruption Loan Scheme with OakNorth with a total facility of £8.95m at a blended interest rate of 7%.
Inception Group features in Propel’s Turnover & Profits Blue Book, which is updated monthly for Premium subscribers and now features more than 500 companies. Inception Group has turned over an average of £17.3m in the past five years. The Blue Book, which is produced in association with Mapal Group, provides a five-year overview of turnover and profit, ranks companies according to turnover, pre-tax profit and profit conversion. The latest edition also features group editor Mark Wingett’s next quarterly pick of the companies well-placed to grow in the post-pandemic era. His latest pick of companies are Brakspear, Simmons Bars, Hub Box, Park Holidays, Vaulkhard Leisure, Hostmore, QFM Group, Caprice Holdings and Ivy Collection. The picks are accompanied by a 2,100-word report. The Blue Book also provides details of directors’ earnings and highest paid directors. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The single subscription rate is £445 plus VAT for operators and £545 plus VAT for suppliers. Email to sign up 

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