Loungers hails record year of expansion
Loungers opened 39 new sites during the 2024 financial year, a record for the restaurant and bar operator.
These openings comprised 33 Lounges, one Cosy Club, and two sites for the group’s roadside concept Brightside.
As of 21 April 2024, the group’s portfolio totalled 257 sites. Loungers also opened a Lounge site post-period end in Ely, Cambridgeshire.
Last year, the group said it had identified potential for at least 600 sites across the UK.
During the 2024 financial year, Loungers delivered a record revenue of £353.5m, a year-on-year increase of 24.7%. Across the period, like-for-like sales were up by 7.5%.
Nick Collins, Loungers CEO, 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.”