Incipio Group shares expansion plans with trading levels now well above pre-Covid levels
LONDON, 4th May, 2022
The Ed Devenport-led Incipio Group has today announced it plans to open a healthy pipeline of new venues in 2022 and 2023 as the group takes its differentiated and scalable destination offerings to other parts of London.
The group currently operates 6 venues including Pergola in Paddington, the Prince in West Brompton and opened Pergola on the Wharf in Canary Wharf in May 2021. Even with the impact of Covid, the group welcomed almost 500,000 guests to its venues last year with its Oktoberfest and Christmas seasonal transformations proving popular in attracting a new customer base into the venues.
The expansion plans follow the successful completion of a private placement of secondary shares led by Bosham Capital Advisors. The transaction represents the final tranche of shares sold by co-founder Charlie Gardiner who will exit the business as NED and focus his energies on a new education venture in West London. Incipio Group previously received institutional backing from leisure & hospitality specialist Edition Capital in 2017.
Ed Devenport, Co-founder & CEO of Incipio Group, commented:
“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, commented:
“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, noted:
“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.”
About Incipio Group
Incipio Group – www.incipio-group.co.uk – specialise in turning newly discovered, forgotten and overlooked spaces into beautiful venues that transport guests ‘somewhere else’. Incipio Group operates Pergola Paddington, Pergola on The Wharf, Lost in Brixton, Dear Grace, Percy’s Kensington and The Prince.
About Bosham Capital Advisors
Bosham Capital Advisors (BCA) – www.boshamcapitaladvisors.com – is an independent investment, corporate finance and capital advisory firm, based in London. BCA provides investment, corporate finance, strategic advisory, M&A and capital raising services across the digital-media, disruptive technology, consumer and real estate sectors.