Inception Group is expanding other brands in its eight-strong porfolio of venues at the same time, securing a “huge” site on Drury Lane, Covent Garden for a new Bunga Bunga.
This new Bunga Bunga alone has the potential to increase Inception Group’s £12.5m revenues by 50pc, Gilkes says. Mr Foggs Tavern, a new pub concept opened last year, will also be rolled out into several more sites.
The focus will remain on London, although the company is in talks with potential partners in the US and Dubai. The business is forecasting revenues of £20m next year, and has never raised outside capital, securing a “multi-million-pound loan” to help fund the next few sites.
As for going alcohol-free, “We’re not turning our back on our other brands,” insists Gilkes, revealing he is already considering offering one beer and a red and white wine option at one or two Squirrel sites. “At dinner times only,” he says sternly.
“But Duncan and I don’t want to open any more nightclubs now. Their appeal is limited to a small age group. We want to move more and more towards the day.”
Charles Benjamin Associates were instructed to confidentially find a purchasor for the former Dury Club.