Loungers eyes 500 sites as pre-tax profits grow to £5.6m
Loungers revealed ambitions to reach 500 sites across the UK as it reported that pre-tax profits had increased from £3.2m to £5.6m in the year to 22 April 2018.
During the period, the 137-site operator, whose portfolio includes 115 Lounges and 22 Cosy Clubs, recorded revenue growth of 31.9% to £121.1m, with like for like sales increasing by 6%.
The period saw 22 new sites opened, with the group expecting to reach 139 sites by the end of the year. Ambitious expansion is set to continue as Loungers continues to "buck the sector trend", with 25 new openings a year planned, and the potential identified for 400 Lounges and 100 Cosy Clubs nationwide.
Since April like-for-like sales have continued to increase and are currently on track to achieve another year of 6% growth.
Chief executive Nick Collins said: "Loungers has a proven track record of demonstrable growth which continues to outperform the sector. This year has been no different and I am delighted to report such a strong trading performance. These results are all the more pleasing in light of the current sector and macro-economic environment and underpin our confidence in the sustainability of the group's future growth prospects.
"Our people are key to our success, delighting our customers every day and genuinely engaging with the local communities in which we serve. We aim to run places we want to eat, drink and relax in, and that vision inspires our keen attention to detail, informal ‘home from home' ambience and the unique culture inherent in our business with hospitality at our core.
"We have a clear growth strategy and remain on track to open another 25 new sites this year, bringing our community-led hospitality to an increasingly broad customer base, making a positive contribution to high streets and town centres across the country. We remain confident in delivering another year of strong growth."
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