Loungers PLC Landmark 150th new site opening
12 June 2019 - 4:00PM
RNS Non-Regulatory
TIDMLGRS
Loungers PLC
12 June 2019
Loungers plc
("Loungers" or "the Group")
Landmark 150th new site opening
Loungers, the leading operator of neighbourhood,
café-bar-restaurants trading under the Lounge and Cosy Club brands,
updates on its new opening programme. The Group is today opening
its 150(th) site - Fosso Lounge in Wells, Somerset - which brings
it to 125 Lounges and 25 Cosy Clubs.
Since the beginning of the 2019 calendar year, the Group has
opened 11 new sites. New Lounges have been opened across a wide
range of locations in Bangor, Manchester, Sheffield, Aylesbury,
Street, Southsea and Barnsley, together with new Cosy Clubs in
Norwich and Portsmouth. In addition, the Group's 25(th) Cosy Club
opened on 11 June 2019 in Cardiff Bay, the second Cosy Club in
Wales' capital city.
The pipeline for new sites is strong and well advanced, with the
Group remaining on track to open 25 new sites (comprising
approximately 20 Lounges and five Cosy Clubs) in its financial year
to 19 April 2020. As one of the UK's few expanding hospitality
businesses, Loungers is seeing some exciting opportunities in the
current property market.
The Group continues to trade well in the current environment and
Loungers' home-from-home, relaxed customer proposition - offering
great food and drink, all day, to an increasingly broad demographic
- continues to resonate with customers.
Over the course of the summer, the Group will open Lounge
café-bars in locations such as Abergavenny, Kings Lynn, Lakeside,
Huntingdon and Newbury. The Group is also due to open Cosy Clubs in
Durham and Plymouth as it expands its geographic footprint
nationwide. Each new site creates around 30 new jobs, representing
around 750 new jobs at the Group this year alone.
With a strong pipeline of additional sites in place, Loungers
plans to continue its managed expansion, bringing its suburban
"third space" lifestyle culture and hospitality to many new
locations and communities, with a target of 25 new openings per
financial year.
Nick Collins, Chief Executive of Loungers, said: "Reaching our
150(th) site is an exciting milestone in the Loungers' journey as
we progress our expansion plans for at least 400 Lounges and 100
Cosy Clubs nationwide. Whilst 150 sites represent a sizeable
business, the focus on evolution of design, menu development,
operational detail, our people and their communities has never been
stronger.
"Wells in Somerset is a fitting location for our 150(th) site in
taking us back to our roots in the West Country. Likewise, our
25(th) Cosy Club in Cardiff Bay further consolidates our strong
presence in Wales and is particularly exciting as it is the first
time we have opened two Cosy Clubs in one city. We continue to be
impressed with the broad demographic appeal of both brands, further
underpinning our conviction in the potential scale of the
business."
12 June 2019
For further information please contact:
Loungers plc Today: via Instinctif
Nick Collins, Chief Executive
Officer
Gregor Grant, Chief Financial
Officer
GCA Altium (Financial Adviser Tel: 020 7484 4040
and NOMAD)
Sam Fuller /Katherine Hobbs/
Tim Richardson
Instinctif Partners Tel: 020 7457 2020
Justine Warren/Matthew Smallwood
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END
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