Fortress’ Loungers takeover sanctioned by High Court
The takeover of hospitality group Loungers by US private equity firm Fortress Investment Group’s is set to go ahead after being sanctioned by the High Court.
An initial agreement between Loungers and Fortress – which also owns the Poundstretcher and Majestic Wines brands – was reached in November 2024, valuing Loungers for almost £340m. However Fortress submitted a higher offer in January.
The newer offer, which values Loungers at around £366.6m, was then approved by the operators’ shareholders.
Loungers operates over 280 sites across the Lounge, Cosy Club, and Brightside brands.
Fortress previously said it believes it is a strong partner for Loungers, its management team, its employees and its other stakeholders in the next stage of its growth journey. The investment group added that it believes in Loungers’ growth prospects, and the future of experience-led retail and hospitality offerings in the UK market.