Loungers plans 10 more UK venues

BAR and restaurant chain Loungers is planning to open 10 more sites across the UK in the next financial year, it has announced.

The Bristol-founded group, which operates 150 Lounge cafebars and 31 Cosy Club restaurantbars, said sales have been “consistently strong” since reopening after the easing of lockdown restrictions.

According to the company’s latest trading update, like-for-like sales grew 26.6% over the 20 weeks to October 3 – compared to the same period in 2019.

The AIM-listed firm said the strength of its performance was “testimony to the relevance and resilience” of its brands.

Since the start of the financial year the group has opened 13 new sites (12 Lounges and one Cosy Club). Net debt at October 3 was £11.9m, excluding a further £5.6m of outstanding rent and deferred liabilities payable to HMRC.

Nick Collins, chief executive, said: “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. Loungers continues to thrive as we put Covid behind us and manage the current challenges facing our sector.”

Mr Collins said the company’s success “reinforced” its roll-out strategy - and its pipeline of future sites was “as strong as it ever has been”.

“We look ahead with confidence,” he added. “I would like to say a special thank you to our teams across England and Wales for their fantastic performance over what was a demanding summer trading environment.”

Loungers will announce its halfyear results on December 1.