Incipio Group, specialists in creating large-scale and unique dining destinations across London, has praised the support received from its landlords during the months of lockdown which has allowed for a successful reopening period for the business.
The group, which runs six London sites; Pergola Paddington (pictured), Pergola Olympia, Lost in Brixton, Bloom, The Prince and W12 Studios, says the flexibility and support of its landlords throughout lockdown means the business can confidently look to the future and plan for expansion next year. Before lockdown in March, the group was on track to turnover £20m+ for 2020.
Since reopening on 4th July, the company has welcomed 105,000 guests and despite operating at reduced capacity of 52%, has seen turnover at almost 70% compared to the same period last year by adjusting its operating model in line with the changes.
The company participated in the Eat Out to Help Out scheme and witnessed an uplift of 40% in revenue across its sites on Monday to Wednesday during August and was fully booked at The Prince, West Brompton for the duration of the month.
Ed Devenport, CEO of Incipio Group, is optimistic for the future and has cited its strong relationship with landlords as a key factor in why the business is in a robust position. He said, “During the most challenging months the industry has probably ever seen, like many others, we were in fight mode in order to protect the business, our staff and our future.
'One of the first things we did was proactively turn to each of our landlords to discuss solutions to safeguard the venues and our teams.
“There has been a lot of negative press recently regarding how landlords have treated their tenants during the pandemic. From our perspective, we have always worked incredibly hard on our relationships with our landlords and their approach towards us has been exceptional.
'They have given us support that has underpinned our ability to retain the majority of our team, reopen and bounce back strongly.”
Incipio Group’s landlords include British Land (Pergola Paddington), Stanhope Capital (W12 Studios), Yoo Capital (Pergola Olympia), Delancey (The Prince), Hondo Enterprises (Lost in Brixton) and The Royal Garden Hotel (Bloom). The group has secured a variety of rental agreements including rent-free periods during lockdown as well as turnover and capacity-based rents now trading has recommenced.
Commenting on future plans, Devenport added, “Our landlords have provided us with opportunities that have been critical to our brand and growth, and our relationships with them are a priority whatever the future business climate holds.
'Prior to lockdown, the group was performing strongly and we remain hugely excited about our long-term future and the execution of our growth plans for 2021 and beyond.”
