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Loungers on track to meet target of 25 new projects a year

Establo Lounger cafe bar, Littlehampton

Loungers said this morning that it remains on track to open 25 new sites in the financial year after issuing a trading update for the 24 weeks ended 6 October 2019.

Over the course of the period, the group has opened 10 new sites, comprising eight Lounges and two Cosy Clubs, taking the portfolio to 156 sites.

Since then, the Group’s 27th Cosy Club opened in Basingstoke last week and a further three sites are scheduled to open before the end of October, comprising a Cosy Club in Plymouth and Lounges in Carmarthen and Buxton.

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It said it will meet its target of 25 store openings a year and described its pipeline as “strong”.

Loungers – which became a listed company in April – said both its brands have traded well in the last six months, with Loungers’ relaxed home-from-home customer proposition continuing to resonate with customers.

Total revenue for the period was £79.8 million, representing total revenue growth of 22% over the prior year, and 5% on a like-for-like basis.

Nick Collins, CEO, commented: “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.”

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Tags : Loungers
Andrew Seymour

The author Andrew Seymour

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