Loungers results better than expected
By Matt Hall | 2nd December 2020
Restaurant and bar operator Loungers has revealed better than expected financial results after adapting well to the effects of the coronavirus.
Although intrim revenue at the business fell by more than £26million, a boost in trading post the first lockdown provided the confidence that the group will perform well post-covid.
The business, which owns 168 sites across England and Wales including Portivo Lounge in Gloucester, Cosy Club in Cheltenham and Curio Lounge in Stroud, recorded a 33 percent decline in revenue to £53.5m in the 24 weeks to October 4.
Chief executive Nick Collins said: "The last six months have been challenging, but I am immensely proud of how we have reacted and delivered such a strong performance.
"We are fortunate that due to our suburban and market town locations, the flexibility of our offer, and our fantastic team, we have been able to trade well when given the opportunity to open our sites.
"As we dare to look beyond Covid-19, Lounge and Cosy Club have never seemed more relevant, and we approach 2021 with enthusiasm and optimism.
"Our strong balance sheet will enable us to get back to doing what we do best, opening 25 sites a year, creating over 500 jobs a year, investing in high streets across the UK and looking after our customers and teams."
Copyright 2021 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.