Hospitality chain Loungers looks to open another 19 branches
Hospitality chain Loungers, which runs venues under the names Lounge and Cosy Club, has revealed plans to open 19 more sites over the rest of the financial year.
The Bristol-based firm said it had already opened 11 new sites – eight Lounges and three Cosy Clubs – over the past five months, and would continue to push forward with its expansion plans despite pressures on consumer spending.
Over the past six months the firm has delivered like-for-like sales growth of 17 per cent, it told investors.
Founded in 2002 the company now has more than 200 outlets.
Nick Collins, CEO, commented: "Loungers continues to thrive and I am delighted with our consistent out-performance of the market, thanks to the fantastic efforts of our teams and the hospitality they provide.
"We are particularly pleased with the strong performance of our new openings and we are on track to open 30 sites this year. As our strong sales performance demonstrates, neither uncertainty in respect of the wider UK economy nor consumer attitudes towards discretionary spending have to date impacted our sales.
"We are continuing to benefit from more people staying local, working from home, and supporting their community and high street, which are trends that we believe are here to stay.
"We are operating in a particularly inflationary environment and we are working hard to mitigate inbound cost pressures and to maintain the value for money principles that are so important to our customers.
"We continue to focus on getting the right balance and take confidence from the positioning of both Lounge and Cosy Club and their market-leading track records."