Loungers sees 47% rise in turnover as expansion continues

10 June 2013 by
Loungers sees 47% rise in turnover as expansion continues

Bristol based cafe/bar/restaurant group Loungers has seen its turnover rise 47% to £22.14m in the year to April 2013, thanks to its continued expansion.

Company EBITDA (before exceptional and pre-opening costs) increasing to £2.91m (compared to £2.1m in 2012), and like-for-like sales for the period were up by 6.2%, with May like-for-like sales up 9.6%.

The group, led by Alex Reilley and Jake Bishop, opened nine sites during the period, which included three Cosy Club openings in Salisbury, Cardiff and Exeter.

Managing director Alex Reilley said: "We're really pleased with the performance of the business and we're particular pleased with how much we've grown having coming straight off the back of a private equity deal.

"Last year saw the roll-out begin to gain some significant momentum and moving straight into the new financial year we've really hit the ground running with 2 additional sites already open and a well-stocked pipeline of sites that should see us open at a rate of at least one a month going forward."

Loungers opened its 34th site, Vivo Lounge (pictured), in Dorchester's Brewery Square development last week, following a £450,000 investment. The 4,500 sq ft site, which is the group's 28th Lounge, is located on the lower ground floor of a Grade II listed building within the scheme and comprises of 130 covers internally and a further 70 covers externally.

Commenting on the new opening Reilley said: "We're extremely pleased to have opened in what has fast become a very popular scheme, particularly as we're in a building of significant character and we have the benefit of a fantastic terrace". "There's a lot of casual dining competition within the scheme but we believe the informal, flexible nature of our offer gives us a real point of difference and we have fairly high expectations of how we'll trade there."

The company is set to open Portivo Lounge in Gloucester Quays opening on 6 July, followed by Expo Lounge in Didsbury, Manchester, two weeks later.

It is understood that the group expects to open up to a further four sites in and around the Liverpool area before the end of 2013 as well as adding sites in the East Midlands and Cornwall.

Loungers revenue up 38% as expansion continues >>
Loungers secures £16m investment from Piper >>
Loungers opens 20th Lounge site >>

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