Loungers has opened its 150th venue under its Lounge and Cosy Club brands in Wells, Somerset, as it works towards its target of 500 sites nationwide.
The all-day restaurant and café group now has 125 Lounges and 25 Cosy Clubs, having opened 11 venues so far in 2019. A pipeline of new openings is in place and is expected to reach 25 new sites in the financial year to April 2020.
Nick Collins, chief executive of Loungers, said: “Reaching our 150th site is an exciting milestone in the Loungers’ journey as we progress our expansion plans for at least 400 Lounges and 100 Cosy Clubs nationwide. While 150 sites represent a sizeable business, the focus on evolution of design, menu development, operational detail, our people and their communities has never been stronger.
“Wells in Somerset is a fitting location for our 150th site in taking us back to our roots in the West Country. Likewise, our 25th Cosy Club in Cardiff Bay further consolidates our strong presence in Wales and is particularly exciting as it is the first time we have opened two Cosy Clubs in one city. We continue to be impressed with the broad demographic appeal of both brands, further underpinning our conviction in the potential scale of the business.”
Earlier this year Loungers was admitted to the Alternative Investment Market (AIM), after the company was valued at £185m.
Financial statements showed revenue of £65.4m in the year to 7 October 2018, with operating profits of £4.5m.