Loungers reports 22% revenue growth as portfolio continues to expand rapidly
Loungers has reported 22% revenue growth in the 24 weeks to 6 October 2019 as its portfolio of all-day restaurants and cafés reached 156.
The group, which has previously said it has aspirations to reach 500 UK sites under its Lounge and Cosy Club brands, has opened in Basingstoke since the end of the period, with a further three outlets set to launch before the end of the month.
Revenue in the period had reached £79.8m, off a like-for-like sales increase of 5.4%.
Nick Collins, chief executive, said: "Both Lounge and Cosy Club have continued to perform well, reflecting the growing appeal of our customer offer in the communities in which we serve. Our broad, value for money proposition across multiple occasions underpins the resilience of our trading and leaves us well placed to continue to outperform the market.
"We remain confident of delivering another year of positive progress for the group and are encouraged by the performance of our new openings."
