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Gloucestershire Business News

Loungers reports strong post-lockdown trading

Hospitality group Loungers Plc has almost doubled revenues in the 24 weeks to October 3, compared to the same period in 2020.

The business, which operates 153 Lounge and 32 Cosy Club venues including those in Gloucester, Cheltenham, Stroud, Tewkesbury and Cirencester, reported a rise in turnover from £53.5m to £102.4m.

Adjusted EDITDA was £27.1m, up from £13.2m for the same period last year. Profit before tax also reached £12.8m, up from £117,000.

Loungers said like-for-like sales grew 26.6 per cent in the period May 17 to October 3, when compared to pre-pandemic 2019 figures.

The group opened 12 new sites during the period, and four more sites since the year end. It said it was still on course to open 25 restaurants this year.

CEO Nick Collins said: "Our value for money, all-day offer appeals to a very broad demographic and this underpins our market-leading performance in towns and suburbs across England and Wales.

"We will open 25 sites this year as we continue to benefit from the changing dynamics of the high street and our pipeline of new sites has never looked so strong.

"Our sustained growth alongside our operational discipline are enabling us to manage and mitigate most inflationary pressure.

"As we move into the Christmas trading period any potential impact of Omicron remains to be seen, but as we look ahead to 2022, I am very optimistic with regards to our prospects and the continuing rollout of both Lounge and Cosy Club."

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