The owners of Portivo Lounge and Cosy Club are set to float on the London's junior market later this month.

The Bristol-based Loungers group own 122 Lounges across the country including Portivo in Gloucester, Curio in Stroud, Rosado in Tewkesbury and Toro in Cirencester.

They also own 24 Cosy Clubs, including the one on the Brewery Quarter in Cheltenham.

Founded in 2002 by three friends from Bristol, the group announced yesterday that they were listing on the Alternative Investments Market.

Chief executive Nick Collins "I am delighted to announce our intention to list on AIM.

"It has long been the ambition of the founders and myself that Loungers becomes a listed entity.

"The listing will allow us to broaden the employee shareholder base and provide us with an appropriate capital structure to pursue our future growth ambitions."

The Loungers Group recorded a turnover of £121.1 million in the last financial year, leading to an underlying profit of £16.6million.

The Portivo Lounge in Gloucester is on a prominent corner of the Gloucester Quays development, opening in 2013. At that time there were only 35 other Lounges.