The Incipio Group, the food court, bar and restaurant operator, has secured £5m investment to kickstart its next stage of growth, with five London sites and its regional debut lined up for the next 18 months.
The company, which launched in 2015, has secured a further investment from Edition Capital, valuing the business at £20.5m.
With the backing, the group is eyeing large scale sites in Wimbledon, Brixton and Putney, with sites also planned for Mayfair and Fulham, and their first venue beyond London opening in Birmingham later this year.
The focus is now on moving out of the temporary lease and focusing on delivering and building sites that work in long term leases.
The group operates Pergola Olympia London, Pergola Paddington, The Prince, Feast and W12 studios.
This month also sees Incipio Group celebrating a milestone, after hitting one million visitors through their doors over the past three years.
Founders Charlie Gardiner and Ed Devenport said: “It’s been an incredible journey to date and we are so proud of what has been achieved by everyone here at Incipio. We are just getting started and are very much looking forward to continuing to build the business and deliver fun venues that people enjoy coming to. When we sat on top of an empty car park three years ago, I would not have thought we would be here today writing the fact we have had a million people through the doors, feels surreal but also very rewarding. Thanks to everyone who played a part and we are so pleased to be working with the guys from Edition”
Since 2016, the group has increased turnover from £1.7m to £8.9m in 2018, with a projected turnover of £17.88m for 2019.
Lisa Boden Shah from Edition Capital said: “From the very first time we walked into an Incipio venue, we knew Charlie and Ed had an unparalleled understanding of what the modern consumer wants. Reaching the million customer milestone and the growth achieved over the past 4 years is testament to their vision and execution. We are delighted to have made a further significant investment in the company to support the next phase in its evolution.”