Loungers reports like-for-like sales growth of 26.6%
Loungers, the operator of 150 Lounge café-bars and 31 Cosy Club restaurant-bars, has reported like-for-like sales growth of 26.6% for the 20 weeks to 3 October 2021 compared to 2019.
Net debt for the company was £11.9m, excluding a further £5.6m of outstanding rent and deferred liabilities payable to HMRC.
Since the start of the financial year the group has opened 13 new sites, comprising 12 Lounges and one Cosy Club, taking the portfolio to 181 sites. It is expected to open a further 10 sites in the current financial year.
Chief executive Nick Collins said: "Our like-for-like sales have been consistently strong since reopening, across all site age cohorts and both brands. In addition, I am particularly pleased with the strength of performance in the new sites we have opened in this financial year.
"Loungers continues to thrive as we put Covid behind us and manage the current challenges facing our sector. This success reinforces our roll-out strategy and we look ahead with confidence, with our pipeline of future sites as strong as it ever has been. I would like to say a special thank you to our teams across England and Wales for their fantastic performance over what was a demanding summer trading environment."
