Skip navigation

Gloucestershire Business News

Revenues rise by 22 per cent at firm who run popular Gloucestershire bars and restaurants

The success of the group behind some of Gloucestershire's most popular bars and restaurants shows no sign of being stopped.

In their interim results for the 24 weeks to October 6, Loungers - who run the successful Lounge and Cosy Club brands reported "continued growth and outperformance, with revenue up 22 per cent."

In a statement to the Stock Exchange, the Bristol-based firm also reported that adjusted EBITDA was up by 26 per cent.

Revenue for the 24 weeks came in at £79.8million, up from £65.4million for the same period to October 2018.

Founded in 2002, there are now 161 cafés, bars and restaurants under the Loungers umbrella. Of those, 133 operate under the Lounge moniker - like the Portivo Lounge in Gloucester Quays.

There are also 28 Cosy Clubs, with the firm pushing ahead with expansion plans to increase the number of sites by opening a further 25 outlets each year.

Nick Collins, Chief Executive Officer of Loungers said: "I am delighted to announce another strong set of results which continue to highlight our consistent outperformance against the market.

"This will be the fifth consecutive year we have opened at least 20 new sites and we remain excited by the prospects and potential for both our Lounge and Cosy Club formats and the significant opportunity we have ahead of us.

"We have delivered sector leading like for like sales growth of 5.4 per cent alongside a 0.4 per cent improvement in our EBITDA margin.

"This has been achieved alongside opening 10 new sites in H1, delivering impressive overall sales growth of 22 per cent and successfully listing the business on AIM.

"Looking ahead, the strength of our FY20 openings to date and the continued evolution of our offer further underpins our confidence in continuing our current growth rate of 25 new openings per year and the potential for more than 400 Lounges and 100 Cosy Clubs across the UK."

As well as the Portivo Lounge in Gloucester and Cosy Club in Cheltenham's Brewery, the group operate the Rosado Lounge in Tewkesbury, Toro Lounge in Cirencester and Curio Lounge in Stroud.

Related Articles

Historic Cotswold pub up for grabs Image

Historic Cotswold pub up for grabs

16th century Lechlade inn on the market.

Frame and fortune: Moreton shop's amazing donation Image

Frame and fortune: Moreton shop's amazing donation

Gallery digs deep for life-saving chopper.

Big fall in profits for Lloyds Image

Big fall in profits for Lloyds

Lloyds Banking Group profits were down 28% in the first quarter.

Pretty as a picture: Investors snap up art gallery Image

Pretty as a picture: Investors snap up art gallery

Move follows administration for 2006 Cotswold business.

Copyright 2024 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.