Loungers, the operator of cafes, bars, and restaurants under the Lounge and Cosy Club brands, has announced impressive revenue growth for the first half of the year. This growth is attributed to a rise in like-for-like sales and the company’s progressive expansion strategy.
During the first half year ended October 1, Loungers reported a 7.7% increase in group sales growth compared to the same period last year. The revenue reached £149.6 million ($182.1 million), surpassing the previous year’s figure of £122.3 million. This growth is largely due to a strong performance in like-for-like sales, which has remained consistent since the pandemic.
The company’s portfolio has expanded with the addition of 16 new sites, bringing the total number of locations to 238.
CEO Nick Collins expressed his optimism about the company’s future prospects, stating that Loungers’ sales growth reflects the evolution of their offerings and the resilience of UK consumers and high street. Over the past year, Loungers has opened 34 new sites, creating approximately 1,000 jobs and 72 sites since the last coronavirus lockdown. With a promising pipeline of further openings, Loungers is poised for continued success.
