Loungers revenue soars following restaurant expansion
Loungers, the owner of the Lounge and Cosy Club restaurant brands, said revenue soared over the summer as the company opened 10 new venues.
Revenue in the 24 weeks to 6 October was £79.8m, an increase of 22 per cent on the previous year, as the group opened eight Lounges and two new Cosy Clubs.
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Like-for-like sales were up 5.4 per cent, the firm said in a trading update this morning.
Loungers has since opened another Cosy Club in Basingstoke and a further three sites are expected to open before the end of the month.
The group is on track to open 25 new restaurants in the financial year.
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Loungers chief executive Nick Collins said: “Both Lounge and Cosy Club have continued to perform well, reflecting the growing appeal of our customer offer in the communities in which we serve.
“Our broad, value for money proposition across multiple occasions underpins the resilience of our trading and leaves us well placed to continue to outperform the market.”
Main image credit: Loungers