Incipio Group has reported a “record year” of growth, adding three new sites, and posting record topline performance.
Sales were up 38% to £20.65m in the period ending December 2022.
Adjusted EBITDA was £884k, down from £1.73m in 2021, due to the cessation of business rates relief.
On a site level, EBITDA was £3.56m, which is expected to increase as new sites mature.
Overall, the group made a loss for the period of £1.67m.
“Sizeable capital and operational investment was committed across the year to ensure the group is in a strong position to both weather the headwinds of inflation, whilst taking advantage of favourable property opportunities, setting the group up for long term growth,” CEO Ed Davenport wrote in a strategic report.
Growth has been supporting by Metrobank, with an additional £2m recovery loan scheme loan, drawn down from May-November 2022.
Combining with CBILS loans from Metrobank, total debt was £3.85m at the reporting date.
The group received an injection of £2m of additional equity mostly from existing shareholders in November 2022 to finance further growth in 2023.
Funding has helped the group invest £5m in fixed assets, with £4.5m invested in three new sites in London.
Dear Grace open in February 2022 at a cost of £713k, The Palm House in September in Victoria at a cost of £766k, and the Libertine in October at Bank at a cost £3m.
In 2023, the Lost in Brixton site benefited from a refurbishment and new longer lease, expanding the site into three railway arches.
The Prince underwent a refurb in April, with a new in house food unit launched.
The group launched a new site in Sep in Angel called ‘The 411’, a New York-inspired venue bringing the estate to nine.
