Loungers to accelerate growth after record year
The group recently opened its 200th site and says it has a target of reaching 500 venues across its Lounge and Cosy Club brands in the future.
It had previously set an opening target of 25 sites a year but surpassed that target in the past 12 months, opening 27 new sites in the year to 17 April 2022. With a bolstered build team the company says it now has the capacity to open around 32 new sites per year.
Loungers has reported a record year with revenues of £237.3m, compared to £78.3m in 2021, and £166.5m in 2020. Since the year-end, like-for-like sales have increased by 17.9% on a three-year basis.
Adjusted EBITDA was £53.6m, with operating profit £28.4m and profit before tax of £21.6m.
“These results demonstrate the extent to which Loungers has thrived over the past year, achieving a record number of openings, record underlying like for like sales growth and a record level of profits,” says Nick Collins, chief executive officer of Loungers.
“We are benefitting from changes in consumer behaviour, with more people staying local, working from home, and supporting their local community and high street.”
“We are in an excellent position to weather the storm and to take advantage of growth opportunities coming out of it”.
Loungers has also announced the appointment of Guy Youll as chief people officer. Youll will join the business in the autumn and will lead the people side of the business.
