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Gloucestershire Business News

Pub and restaurant chain eyes flotation as turnover hits £120m-plus

A fast-growing bar and restaurant chain in Gloucester, Tewkesbury, Cirencester and Stroud, plans to open more sites - and a possible Stock Market flotation.

The business, started by three friends back in 2002 and which is a star draw at Gloucester Quays in the form of Portivo Lounge, has just released its annual results.

It has reported a 31.9 per cent jump in revenues to £121.1 million in the 12 months to April 22, a year in which it opened 22 new venues including Rosado in Tewkesbury, and saw like-for-like sales grow by six per cent.

It also has Curio in Stroud, which opened in December 2014, and Toro in Cirencester, which opened in June 2015.

Apparently underlying earnings rose by 31.4 per cent to £16.7 million with pre-tax profits rising from £3.2million to £5.6million.

According to The Times the company, which started life in Bristol where it still has its head office, is also considering a flotation.

Nick Collins, chief executive, said: "Loungers has a proven track record of demonstrable growth which continues to outperform the sector. This year has been no different and I am delighted to report such a strong trading performance.

"These results are all the more pleasing in light of the current sector and macro-economic environment and underpin our confidence in the sustainability of the group's future growth prospects.

"We have a clear growth strategy and remain on track to open another 25 new sites this year, bringing our community-led hospitality to an increasingly broad customer base, making a positive contribution to high streets and town centres across the country. We remain confident in delivering another year of strong growth."

Loungers model is said to support the opening of 25 new bar/restaurants a year and there is no word of that changing.

"The business is on track to reach 139 sites by the end of 2018 and has identified the potential for at least 400 Lounges and 100 Cosy Clubs nationwide," said a statement from the firm.

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