Loungers CFO to step down as group toasts 'strong financial and operational growth'

Loungers confirmed that the board has commenced a search to identify his successor and expects to make an appointment well in advance of Grant leaving the group in order to allow for a seamless handover of responsibilities.

Grant will step down following the publication of the group’s results for the year ending 21 April 2024, with effect from 31 July 2024.

The announcement comes as Loungers reports 'another period of strong financial and operational growth'. 

In the 24 weeks to 1 October 2023, the café-bar group posted revenue of £149.6m, up from £122.3m in the same period last year, and adjusted EBITDA of £23.9m.

Sixteen new sites opened in the period with the group on-track to open 34 new sites in total by the end of the financial year, bringing its estate to 256.

“This has been another period of strong financial and operational growth for Loungers,” says Nick Collins, chief executive of Loungers. 

“The fact that we have delivered increases of 22.3% and 23.6% in our revenue and EBITDA respectively should be taken as yet another reminder that it is not all doom and gloom in the UK hospitality sector.

“We are living proof that businesses which can provide outstanding hospitality, great food and drink and excellent value are still capable of thriving, and we see more growth potential for Loungers than ever before.”