Loungers continues expansion push as revenue rises

By Sophie Witts contact

- Last updated on GMT

Loungers continues expansion push as revenue rises

Related tags: Casual dining

All day bar and restaurant group Loungers saw revenue rise over the summer as it opened 10 new sites.

Total revenue for the 24 weeks to 6 October 2019 was £79.8m, up 22% on the previous year, while like for like sales grew 5.4%.

In a trading update the group, which operates 157 sites under the Lounge and Cosy Club brands, says it is on track to open 25 sites within the financial year.

Its 27th​ Cosy Club launched in Basingstoke last week and a further three sites are scheduled to open before the end of October in Plymouth, Camarthen and Buxton.

“Our broad, value for money proposition across multiple occasions underpins the resilience of our trading and leaves us well placed to continue to outperform the market,” says Loungers CEO Nick Collins.

“We remain confident of delivering another year of positive progress for the Group and are encouraged by the performance of our new openings.”

Loungers launched in Bristol in 2002 and has been backed by private equity firm Lion Capital since 2016.

Co-founder Alex Reilley said earlier this year that the group had the potential to grow to up to 500 sites in the UK.

Related topics: Business

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