Loungers plans to open seven more sites this year

Published: 01 June, 2011

Loungers, the Bristol-based group behind the Lounge and Cosy Club bar-restaurants, plans to open seven more sites by April 2012, after announcing 55% growth in turnover and 88% rise in EBITDA profits.

In the year to April 30th Loungers saw turnover increase to £10.93m (from £7.07m), unit EBITDA increase to £2.46m (from £1.46m), and underlying EBITDA (excluding start-up costs and exceptional costs) rise to £1.64m (from £872k).

Loungers ended the financial year with 17 sites, having opened four sites during the previous 12 months, including their first Cosy Club site in Taunton in September.

Managing director Alex Reilley said: "Our decision to grow more aggressively against the backdrop of the economic downturn was considered extremely brave by many but has certainly paid dividends".

Loungers intends to add another seven sites by the end of April 2012 and is pushing on with rolling-out both the Lounge and the Cosy Club concepts. The groups second Cosy Club is due to open in Bath in mid-June followed by Santo Lounge in Shirley, Southampton in early August. Beyond that Reilley said he has two additional Lounge sites lined up in Bournemouth, one in Birmingham alongside Cosy Club sites secured in Stamford and Exeter.

"We've got a fully stocked pipeline to take us up to 24 sites by the end of April 2012.
"We've got our pitch marked out and believe there are still loads of opportunities, easily enough to take us beyond 30 sites, within a three-hour drive from Bristol without going into London," he added.

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