Kensington Roof Gardens posts £26m statutory loss as owners absorb restoration costs

Newly filed accounts show a £26m loss for the year to December 2023 driven largely by one‑off conservation and reopening expenditure funded through intercompany loans as the Grade II‑listed venue reopens as a multi‑restaurant private members’ club.

The parent company behind the long‑closed Kensington Roof Gardens has reported a statutory loss of about £26 million for the year ended 31 December 2023, the most recent accounts show. The figure — a sharp increase from a reported loss of roughly £6.6 million in the prior period — was disclosed in filings that cover the year to the end of December and, the Evening Standard notes, relate to a limited trading period. According to the published accounts, the headline deficit largely reflects one‑off restoration and reopening costs rather than a sustained trading loss over a full year. (The company made the full set of statutory accounts available to Companies House in October 2024.)

The group and its spokesman have sought to frame the loss as an investment in a conservation‑led revival. “The figures reflect the major restoration and investment into the project. We have created and opened three restaurants with a fourth coming later this year. The transformation of this space, which had been empty for years, has created hundreds of jobs and reimagined the private members’ club experience in the capital,” a spokesman told the Evening Standard. The venue, owned through interests linked to Ovo founder Stephen Fitzpatrick, formally reopened in July 2024 and has since staged high‑profile events and drawn celebrity visitors as it repositions itself as a private members’ club with multiple dining offers.

Behind the headlines, the financing of the restoration is a group affair. Reporting in the Telegraph drew on Companies House entries to show that Imagination Industries — an entity associated with Mr Fitzpatrick — advanced more than £11 million in intercompany loans to underwrite the refurbishment. The Companies House filing history and the full accounts document the scale of intercompany lending and other group‑level financial support used to fund works and the restart of hospitality operations. These disclosures help explain why the corporate accounts show heavy losses even before a prolonged period of trading has taken place.

The Companies House filing that accompanies the accounts is a detailed statutory record: a 22‑page set of full accounts made up to 31 December 2023, lodged in October 2024, containing balance sheets, notes and other disclosures that allow external scrutiny of trading results and financing arrangements. The public company record also lists Kensington RG Ltd’s incorporation on 23 July 2020 and the firm’s registered office on Kensington High Street, along with confirmation statements and other filings that map the company’s formal structure and recent changes.

Neighbour relations and operational controls have been prominent in communications from the club. An Operational Management and Dispersal Plan circulated to residents sets out the venue’s procedures for security, staggered departures, taxi and delivery management, staff training and other day‑to‑day measures intended to limit noise and nuisance. Earlier coverage of the project explained that the restored Roof Gardens will host a sixth‑floor clubroom restaurant, an Asian‑inspired dining room on the seventh floor, a North African and southern European grill in the Spanish Garden and an al‑fresco Italian offer in the Tudor Garden, with membership and operational limits intended to reduce disturbance.

Taken together, the filings and public statements sketch a deliberate pattern: costly conservation‑grade restoration, group funding to carry the project through to reopening, and carefully codified operational restrictions to placate neighbours. Critics and some local residents have previously expressed concern about the use of internal group loans and the scale of activity at a sensitive, Grade II‑listed site; those tensions are flagged in reporting on the project and remain part of the story as the venture moves from capital works into revenue generation.

For observers and investors the immediate questions are practical: whether membership uptake and events income will close the gap created by upfront spending, how the group will service intra‑company loans and whether future statutory accounts will show the turnaround the owners anticipate. The venue’s management continues to roll out its food and drink offers — including a planned Japanese restaurant later in the year — and further company filings and the next set of accounts should provide a clearer picture of the commercial trajectory.

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Source: Noah Wire Services

Noah Fact Check Pro

The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.

Freshness check

Score:
8

Notes:
The narrative is recent, published on 19 August 2025. The earliest known publication date of substantially similar content is 30 September 2023, reporting on the £11 million loan from Imagination Industries to fund the refurbishment of Kensington Roof Gardens. ([telegraph.co.uk](https://www.telegraph.co.uk/business/2023/09/30/ovo-energy-owner-loans-millions-restore-london-party-venue/?utm_source=openai)) The report includes updated financial figures and mentions the opening of a new restaurant, indicating a higher freshness score. However, the core information about the venue’s financial losses and ownership remains consistent with earlier reports. The narrative is not flagged as recycled content. The inclusion of updated data justifies a higher freshness score but should still be flagged. ([standard.co.uk](https://www.standard.co.uk/news/london/kensington-roof-gardens-accounts-loss-b1243434.html?utm_source=openai))

Quotes check

Score:
9

Notes:
The direct quote from the spokesman, “Over the past two years, there has been significant investment into The Roof Gardens, sparking a revival of the iconic London landmark,” appears to be original and not found in earlier material. No identical quotes were found in earlier reports, suggesting potential originality. The wording varies from previous statements, indicating new information.

Source reliability

Score:
9

Notes:
The narrative originates from The Standard, a reputable UK news outlet. The Telegraph, another reputable source, has also reported on related aspects of the venue’s financial situation and ownership. ([telegraph.co.uk](https://www.telegraph.co.uk/business/2023/09/30/ovo-energy-owner-loans-millions-restore-london-party-venue/?utm_source=openai)) The involvement of Stephen Fitzpatrick, founder of Ovo Energy, adds credibility to the report.

Plausability check

Score:
8

Notes:
The claims about the £26 million loss and the opening of a new restaurant align with recent developments at Kensington Roof Gardens. The venue’s transformation into a private members’ club and the involvement of high-profile individuals like Sir Mick Jagger and David Beckham are plausible and consistent with its history. The report lacks specific factual anchors, such as exact dates for the new restaurant opening, which reduces the score. The tone and language are consistent with typical corporate communications.

Overall assessment

Verdict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary:
The narrative is recent and includes updated information, with no significant discrepancies or signs of disinformation. The quotes appear original, and the sources are reputable. While some details lack specific factual anchors, the overall plausibility and consistency with known facts support a high confidence in the report’s accuracy.