Loungers reports strong trading since May reopening

Loungers, which operates 153 Lounge café-bars and 31 Cosy Club venues, saw sales climb from £53.5m to £102.4m. Adjusted EBITDA was £27.1m, up from £13.2m in 2020, while profit before tax was £12.8m, up from £117,000 last year.

It achieved headline like-for-like sales growth of 26.6% in the period from 17 May to 3 October, compared to 2019 figures. 

Since the end of the period Loungers says it has continued to consistently out-perform the sector and has achieved strong like-for-like sales growth, with headline like-for-like sales growth of 23.4% in the 28 weeks to 28 November 2021.

The group opened 12 new sites in the period, comprising 11 Lounges and one CosyC lub, with a further four sites opened since the year end, and is on track to open 25 restaurants this year.

The business said it was mindful of the news of the Omicron variant but was optimistic looking ahead to trading over the Christmas period and beyond.

“We will open 25 sites this year as we continue to benefit from the changing dynamics of the high street and our pipeline of new sites has never looked so strong,” says CEO Nick Collins.

“Our sustained growth alongside our operational discipline are enabling us to manage and mitigate most inflationary pressure.”