Loungers in 42.3% turnover rise
Bristol-based cafe/bar group Loungers has reported a 42.3% rise in turnover to £48m, as it gears up to open its 64th site next week.
The company, which is backed by Piper Private Equity, also reported a 50% rise in company EBITDA (before exceptional and pre-opening costs), increasing from £4.4m to £6.6m.
The company invested £12.7m opening 18 sites during the period, and saw like-for-like sales rise by 3.9%, with like-for-like site EBITDA rising by 11.7%.
Managing director Nick Collins said: "It's been another 12 months of strong growth and we're extremely pleased with the group's performance. We've opened some cracking sites in the last 12 months and have been fortunate enough to hire some really great people. To have posted another 40%+ rise in revenue is fantastic; however, it is the level of growth at EBITDA level that is most pleasing".
Collins said that for the financial year ahead run-rate turnover was forecast to rise to £78.8m producing a run-rate site EBITDA of £17.4m as the group aims to reach 83 sites by the end of April 2016. Over half of the 25 sites Loungers plan to open in 2016 are thought to have been secured already.
"We've invested heavily in the central structure we believe the business will require to grow well beyond 100 sites and as such we feel ready and excited about the next 12 months", Collins said. "With two extremely scalable brands and a great management team we feel there is huge potential for the business to continue to grow rapidly for many years to come."
Loungers opened its latest site, Palacio Lounge, in Falmouth last week and will open its 64th site, Toro Lounge, in Cirencester next Wednesday.
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