With more than 200 locations in the UK, including the The Portivo Lounge in Gloucester Quays, Curio in Stroud and Fioro on Cheltenham's Bath Road, as well as Rosado on Church Street, in Tewkesbury, Loungers PLC has been snapped up by a foreign investor for £338m.

With 20 sites opened in each of its last seven years across three brands – delivering consistent 30% plus returns on capital – there is little surprise in today's news that the London-listed restaurant chain, which began and is based in Bristol, has been on international radar.

The café-bar chain, which trades as Loungers, runs an eccentrically themed British cafe-bar and restaurant chain which was founded in 2002 by Alex Reilley, David Reid, and Jake Bishop.

Overall, the chain operates three brands of bar: Lounge, Cosy Club (which has a spot in Cheltenham's Brewery Quarter) and Brightside, which is a chain of alternative family-focused roadside-diners.

Fortress is the name behind the new acquisition, the US investment firm adding Loungers to a portfolio which already includes Punch Pubs and Co, Majestic Wine and Curzon cinemas.

Under the terms of the deal, Fortress has offered 310p per share, above the highest-ever closing price for Loungers shares, pus a 30% premium to yesterday's closing price.

With 280 locations in all, Loungers had also just revealed its latest figures for the 26 weeks ended 6 October 2024. Revenue over the half-year account went up 19% to £178.3m, while pre-tax profit rose more than 50% to £5.9m.

Alex Reilley, Loungers chairman, said: "We remain very confident about Loungers' future prospects and the half year results that we announced separately today clearly demonstrate the strong momentum that we have in the business.

"Loungers has come a long way since we opened our first site in Bristol in 2002, and we are hugely proud of the jobs we've created, the positive impact we've made on the UK's high streets, and the outstanding hospitality our amazing teams have provided since then.

"We are more ambitious than ever and we see Fortress as being an ideal partner to help us take Loungers into the next phase of its growth journey. We believe that the acquisition represents a compelling proposition for all of our stakeholders and will allow us to execute our ambitious growth plans even more decisively and effectively."

Domnall Tait, managing director of Fortress said: "Fortress is pleased to present this offer for Loungers, a company we believe holds a strong and differentiated position in its industry. Loungers' directors have delivered impressive increases in the number of locations, same-store sales and revenues over the past several years - in spite of the recent challenges faced by the wider hospitality sector. This growth, and management's continued commitment to the business, give us confidence in the company's growth potential and in the opportunity to increase value."

He added that Fortress "brings to the table a successful track record of investing in consumer-focused businesses across the globe, particularly in the UK. For example, Fortress' investment in Majestic Wines and Punch Pubs and Co. has helped drive the growth of each of those companies. Today's announcement further strengthens Fortress' commitment to the UK market, and to being a responsible steward of and investor in UK businesses."