Restaurant chain announces record year of openings
Restaurant chain Loungers is aiming to open 34 new venues over the next financial year.
The Bristol company now has 238 sites but is aiming for a record year in terms of new openings. Around 1,000 jobs have been created as a result of the new openings in towns and cities across the UK.
The company, which also owns the Cosy Club and Brightside brands, issued a trading statement this morning.
It said it delivered year like for like sales growth of 7.7 per cent over the 24 weeks to 1 October 2023.
This is an increase from the sales growth of 5.7 per cent previously reported for the 12 weeks to 9 July.
The company said it is a reflection of the continuation of its strong sales performance since the pandemic.
Loungers delivered total revenue for the first half of the year of £149.6m, up 22.3 per cent on the previous year.
Loungers said Inflationary pressures are continuing to diminish in line with expectations.
The group has opened 16 new sites during in the first half, taking the portfolio to 238 sites by October. One Lounge site has been opened to date in the second half and, with a further 17 sites due to open.
Chief executive Nick Collins said: “I am delighted with our strong trading performance across both the mature estate and our new openings.
“Our consistent sales growth reflects the continued evolution of our offer and the resilience of the UK consumer and high street.
“We have now opened 34 sites in the past 12 months, creating around 1,000 jobs in the process, and 72 sites since the last Covid lockdown.
“With a great pipeline of further openings in front of us I have never felt more optimistic about our prospects. None of this would be possible without our amazing team, and as ever I would like to say a massive thank you to them for their hard work.”
