Deal adds to Loungers optimism ahead of reopening
By Rob Freeman | 9th April 2021
Loungers has secured an extension to its credit facility and announced the opening of new venues as it prepares to reopen some of its restaurants and bars partially from Monday.
The firm, which operates Cosy Club in Cheltenham, Portivo Lounge at Gloucester Quays, Curio Lounge in Stroud, Rosado Lounge in Tewkesbury, has had a 12-month extension agreed to the £15million facility with Santander and Bank of Ireland.
Four new outlets are due to open in May after being partially fitted out before lockdown, taking the total number to 172 with three more to follow in the coming months.
From Monday, 47 sites in England - including Portico Lounge - will open for takeaway and external trading with the remaining outlets due to reopen by May 17.
Chief executive Nick Collins said" "We expect to trade well once the estate is fully re-opened, particularly with our strong coastal presence as we look forward to a summer of staycationing.
"Our suburban and market town locations, combined with our flexible, all-day model, mean we are well-positioned as we look to the future.
"We will approach the coming months cautiously but are very keen to get back to opening 25 sites a year at the earliest opportunity."
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