Bristol restaurant chain saw revenues rise by almost 25 per cent over last 12 months

Bristol restaurant chain Loungers has seen revenues increase by almost a quarter of the last 12 months.

The company, which opened 36 new restaurants last year, say it had achieved record revenues of £353.5m, up 24.7% on the previous year.

The sales performance reflects both continuing strong like for like sales growth (+7.5% across the 53 weeks) and the ongoing success of the new site opening programme.

The strength of the sales performance has been accompanied by disciplined management of costs and a continued easing of inflationary cost pressures.

As a result the firm expects profits to be ahead of market expectations.

During the year Loungers opened a record 36 new sites, comprising 33 Lounges, one Cosy Club and two Brightsides.   At year end the portfolio totalled 257 sites.

The new sites have traded well since opening, giving the company confidence as to the continuing strength of the pipeline.

Chief executive Nick Collins said: “I am delighted with our performance over the year. We have consistently out-performed the sector on a like for like basis whilst having delivered a record 36 new site openings.

“As ever, it’s our continued focus on menu innovation, value for money and exceptional hospitality that is driving the strength of our performance in both the mature estate and our new openings.

“As we start the new financial year we are looking ahead with optimism. Our experience suggests that the UK economy is holding up well and we are well positioned to deliver continued growth.”