A minority share-owner of Loungers, the all-day café, bar and restaurant group, is planning to exit from the 77-strong business.
The Loungers brand was founded by friends Dave Reid, Alex Reilley and Jake Bishop, who launched the first site in Bristol in 2002. Private equity firm Piper, who invested in 2012 and helped the business grow from 12 sites to over 50 in 2014, now wants to sell its stake in the business, but the founders and management will continue to retain their shareholding.
Greene King and Fullers pub chains are said to have shown interest, alongside buyout firms Inflexion Private Equity and Equistone, according to The Sunday Times.
In December 2015, Loungers opened its 75th site with plans to reach 100 by 2017. Last year, Loungers reported £48m of turnover and produced £2.5m of profit.
Just before the launch of Novello Lounge in Southwater Square, Telford, on 20 September, Loungers chief executive Nick Collins said: "Novello Lounge in Telford is our 14th opening this year and the pipeline remains very strong looking ahead into 2017 and 2018 for both brands".
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