Loungers reports 'significant' sales growth

By BigHospitality

- Last updated on GMT

Restaurant and bar group Loungers reports 'significant' sales growth

Related tags: Loungers, Restaurant, Pub & bar, Cosy club

Loungers is on track to open a further 10 venues in the current financial year having achieved “significant outperformance of the market” since the reopening of indoor trading.

The operator of 150 Lounges 31 Cosy Clubs sites says it delivered like-for-like sales growth of 26.6% for the 20 weeks to 3 October 2021, using the period 20 May to 6 October 2019 as the comparator.

Net debt at 3 October 2021 was £11.9m, excluding a further £5.6m of outstanding rent and deferred liabilities payable to HMRC.

Since the start of the financial year the group has opened 13 new sites, comprising 12 Lounges and one Cosy Club, taking its portfolio to 181 venues.

“Our like for like sales have been consistently strong since re-opening, across all site age cohorts and both brands. In addition, I am particularly pleased with the strength of performance in the new sites we have opened in this financial year,” says CEO Nick Collins.

“Loungers continues to thrive as we put Covid behind us and manage the current challenges facing our sector. This success reinforces our roll-out strategy, and we look ahead with confidence, with our pipeline of future sites as strong as it ever has been.”

In May 2020, the company made the decision to lock in its gas and electricity contracts in May 2020 (a low point in the energy market), resulting in fixed energy prices until September 2024.

 

Related topics: Casual Dining

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