Sales rise for restaurant group
By Sarah Wood | 29th November 2023
Loungers plc, which owns the Lounge and Cosy Club brands, has reported strong growth for its first half.
The operator of all day café-bars and restaurants, including Rosado Lounge in Tewkesbury, Portivo Lounge in Gloucester, Toro Lounge in Cirencester, Fioro Lounge in Cheltenham and Curio Lounge in Stroud, saw a 7.7% rise in like-for-like sales for the 26 weeks to October 1.
It said it has seen consistently strong sales across all of its sites, including Cosy Club in Cheltenham.
The brand is on track to open 34 UK sites this year, creating 1,000 jobs, and plans to do the same next year. It aims to have a total of 600 Lounges and 65 Cosy Clubs around Britain.
Part of the company's strategy for the Lounge brand is to target locations that are outside city centres. As a result, the company estimates that one in eight of its jobs is in an area the Government wants to level up by creating better opportunities and standards of living.
Loungers has built a reputation for being a good starting point for young people entering the hospitality industry - with around a third of its 8,400-strong team aged 21 or younger.
Nick Collins, chief executive officer of Loungers, said: "We are proud of the positive impact that our Lounges have on the local community. Each new Lounge creates 30 new jobs on average, and each opening typically represents an investment of up to £1m into the local high street.
"Apart from the employment opportunities, there's a wonderful halo effect created by having a vibrant, friendly, community hub at the centre of a high street. The increased footfall is great for all of the other local businesses, and typically leads to other enterprises coming to the area too."
Of the 59 sites Loungers has opened in the last two years, 39% were former retail sites (including former Boots, Waterstones, Argos, WH Smith, M&Co, Topshop and Currys branches), 20% were in brand new developments, 15% were former restaurants (such as Prezzo, Jamie's Italian and Bistrot Pierre) and 12% were former banks.
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