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Strong trading over the festive period

Loungers, the operator of over 100 café-bar-restaurants trading under the Lounge and Cosy Club brands, today reports on successful trading over the Christmas period. For the four weeks to 31 December 2017 Loungers recorded like for like sales of 4.8% building on the strong like for like performance over Christmas 2016. Total December sales, including new openings, were 28% higher than the previous year.

Since the beginning of our financial year at the end of April we have opened 13 Lounges and two Cosy Clubs to bring the total to 114 today. A further 7 to 8 openings are scheduled in the final quarter including a Cosy Club in Lincoln and Lounge sites in Solihull, Ormskirk, and recently acquired sites from Wildwood and Prezzo in Abingdon and Moseley respectively. The pipeline for new sites remains strong as we look to open 25 new sites in 2018.

We are also sad to announce that Chris Guy, Finance Director, has decided to leave the business for personal reasons. Having joined the business in October 2016, he is returning to London and we are sorry to see him go. A search is underway for his successor ahead of his departure from the business in March.

Nick Collins, Chief Executive of Loungers, said:

“Our teams have worked tirelessly to deliver another excellent Christmas. The weather didn’t help a great deal in early December or between Christmas and the New Year, but we are pleased with the overall result. The Cosy Clubs in particular traded fantastically in what is a very important period of trade for them. The Lounges again delivered strong growth and this continues to be volume led with prices held.

“We are continuing to see some great property opportunities within the strict parameters of our rent model and our roll-out intentions remain unchanged. We are excited about what we can achieve in 2018 in terms of expanding into new locations, improving the experiences for our customers and building on the fantastic employee culture within the business.”

10 January 2018