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LEGAL | Staff Reporter, UK

Loungers reports 26% rise in annual revenue growth

Like-for-like sales growth was 6.9%.

Cafés, bars and restaurant operator Loungers announced that its annual revenues rose by more than quarter.

The company said both the Lounge and Cosy Club brands had traded "well throughout the year and since the year end, with Loungers' relaxed home-from-home customer proposition - offering great food and drink, all day, to an increasingly broad demographic - continuing to resonate with customers."

Total revenue for the year was £153.0m, representing total revenue growth of 26.4% over the prior year, whilst like-for-like sales growth was 6.9%. 

Over the course of the year, the group opened 25 new sites, comprising 22 Lounges and three Cosy Clubs, taking the portfolio to 146 sites as of 21 April.

After the year-end, Loungers had opened two new sites, Panero Lounge in Southsea and Falco Lounge in Barnsley.

"The Group is on track to open 25 new sites in the current year, bringing its suburban 'third space' lifestyle culture and hospitality to many new locations and communities nationwide," the company said.

Photo credit: Lounge website

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