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Wed 4th May 2022 - Incipio Group plans expansion as it receives fresh investment
Incipio Group plans expansion as it receives fresh investment: Incipio Group, the Edition Capital-backed operator of venues including The Prince and Lost In Brixton, has outlined its expansion plans as it received fresh investment. The Ed Devenport-led group said it plans to open a healthy pipeline of new venues in 2022 and 2023 as it takes its differentiated and scalable destination offerings to other parts of London. The group currently operates six venues and even with the impact of covid, welcomed almost 500,000 guests to its venues last year. The expansion plans follow the successful completion of a private placement of secondary shares led by Bosham Capital Advisors (BCA). The transaction represents the final tranche of shares sold by co-founder Charlie Gardiner who will exit the business as non-executive director and focus his energies on a new education venture in west London. Devenport said: “Just over two years ago our entire industry was forced to close its doors, with no certainty on when and how we might be permitted to operate again. In those two years Incipio has worked diligently to put our teammates and venues in a position to return to normal trading levels as quickly as possible. In 2021 we were able to open our first bricks and mortar site in Canary Wharf which, thanks to our brilliant team, has grown into a strong asset for the group. Demand and trading across the group has now returned to pre-pandemic levels and I am delighted to confirm openings for 2022 and 2023, including completion on two properties with openings confirmed for September. We are immensely grateful to be supported by fantastic partners who have supported our business strategy and share our growth ambitions.” Harry Heartfield, senior partner of Edition Capital, added: “We have been investors in Incipio since 2017 and have overseen a period of rapid growth. Ed and his team have delivered exceptional performance against an incredibly challenging backdrop for the whole hospitality sector and we remain excited about the growth prospects that lie ahead.” Adrian Faure, managing partner of BCA, said: “In our first meeting we were highly impressed by Ed Devenport and Incipio’s management team and were keen to co-invest to help them realise the significant growth opportunity that exists for this popular destination group. After due diligence, we then marketed it to our private investor network and have been delighted with the take-up for both placements, which were oversubscribed.” Incipio Group features in Propel’s Turnover & Profits Blue Book, which is updated monthly for Premium subscribers and now features 559 companies. 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 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

Just Eat COO under investigation for misconduct, chairman steps down: Just Eat has launched an internal investigation into chief operating officer Jorg Gerbig following a complaint personal misconduct at a company event. As a result Gerbig did not stood for re-election at the company’s annual general meeting (AGM) today (Wednesday, 4 May). The business said its supervisory board was informed of a formal complaint relating to alleged personal misconduct at a company event. The complaint was not related to financial or reporting obligations. Gerbig's term ended at the AGM and he is no longer a board member. Gerbig may be put up for re-election if the allegations are determined to be unfounded, the company said. Just Eat said it has begun the investigation “in line with its policies and will engage an external expert, and no conclusions have yet been drawn”. Gerbig is fully co-operating and has full confidence in the outcome, Just Eat said. Meanwhile, chairman Adriaan Nuhn has also stepped down after an upsurge of investor opposition. Vice-chair Corinne Vigreux will take over on an interim basis. “It is clear shareholders have concerns about the challenges the company is facing,” Nuhn said. “Not seeking re-election is, I believe, the best decision I can take with regard to serving the interests of the company.” Major shareholders Institutional Shareholder Services and Glass Lewis recommended voting against the re-election of supervisory board chairman Nuhn over the board’s gender diversity, and environmental and social governance, respectively.

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