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Loungers expansion brings reward

11 | 06 | 13

Loungers has reported impressive financial results for the year up to April 2013. 

The Bristol-based bar, cafe and restaurant chain achieved a turnover of £22.14 million, which represents an increase of 47 per cent on the previous year. 

This growth follows the company's ambitious expansion campaign that saw it install kitchen equipment at nine new sites across the country. 

Like-for-like sales showed growth of 6.2 per cent compared to the 2011-12 financial year and volumes for May 2013 were up by 9.6 per cent on the same month last year. 

Total earnings before interest, taxes, depreciation and amortisation stood at £2.9 million, an increase on £2.1 million in the previous year. 

Alex Reilley, who leads the company alongside Jake Bishop, said he was happy with the group's results. 

"We’re really pleased with the performance of the business and we’re particularly pleased with how much we’ve grown having coming straight off the back of a private equity deal," he stated.

Loungers opened another new site - its 34th in total - last week at the Brewery Square development in Dorchester. The Vito Lounge was developed with a £450,000 investment and is situated in a Grade II listed building. It has internal cover for 130 customers, with seating for an additional 70 people outside. 

"We’re extremely pleased to have opened in what has fast become a very popular scheme, particularly as we’re in a building of significant character and we have the benefit of a fantastic terrace," Mr Reilley stated.

The Lodgers chief said the company gained significant momentum last year and is pleased to have "hit the ground running" in 2013. He added that a number of new sites are "stockpiled" in the pipeline and the group could open at least one venue each month over the coming year. 

The firm will open the Portivo Lounge in Gloucester Quays on July 6th, with the Expo Lounge in the Didsbury area of Manchester to open two weeks later. ADNFCR-16001031-ID-801597351-ADNFCR


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