According to BigHospitality's sister publication M&C Allegra Foodservice, it is understood that well over half of the 25 sites Loungers plan to open in 2016 have already been secured.
Turnover in the year to 26 April for the Piper Private Equity-backed group, which is expected to assess its options next year, increased 42.3 per cent to £48m with company EBITDA (before exceptional and pre-opening costs) increasing from £4.4m to £6.6m. Like-for-like sales for the period grew by 3.9 per cent with like-for-like site EBITDA increasing by 11.7 per cent.
Managing director Nick Collins said: “It’s been another 12 months of strong growth and we’re extremely pleased with the groups’ performance. We’ve opened some cracking sites in the last 12 months and have been fortunate enough to hire some really great people. To have posted another 40 per cent+ rise in revenue is fantastic however, it is the level of growth at EBITDA level that is most pleasing.”
“We’ve invested heavily in the central structure we believe the business will require to grow well beyond 100 sites and as such we feel ready and excited about the next 12 months. With two extremely scalable brands and a great management team we feel there is huge potential for the business to continue to grow rapidly for many years to come”.
Loungers opened their latest site, Palacio Lounge, in Falmouth last week and will open their 64th site, Toro Lounge, in Cirencester next Wednesday.