If successful, the all-day café-bar group will join just a handful of other restaurant chains, including Mexican street food concept Wahaca, which are listed on AIM, a sub-market designed to help smaller and growing companies raise capital. Global advisory firm GCA Altium is advising, with Liberum Capital Limited and Peel Hunt acting as joint bookrunners.
Founded in Bristol by Dave Reid, Alex Reilley and Jake Bishop in 2002, Loungers owns the eponymous Lounge and Cosy Club brands.
The group, which claims to be “the only growing all-day operator of scale within the UK hospitality sector” currently operates 146 café-bars and restaurants across England and Wales. Between 2016 and 2018 it has opened 20-22 sites annually, and plans to open a further 25 by the end of 2019.
“It has long been the ambition of the founders and myself that Loungers becomes a listed entity,” says Loungers chief executive Nick Collins.
“The listing will allow us to broaden the employee shareholder base and provide us with an appropriate capital structure to pursue our future growth ambitions.
“We believe our track record speaks for itself and look forward to the opportunity which lies ahead to deliver significant value for all shareholders.”