Loungers reports record revenues of £283m in FY23
The operator also opened a record 29 sites, leading to a like-for-like sales growth of 7.4% over the course of the year
Loungers, the operator of Cosy Clubs and Brightside venues across the UK, has achieved “record” revenues of £283.5m for the year ended 16 April, as revenues increased 19% compared with last year.
During the period, the operator opened a record 29 sites, leading to a like-for-like sales growth of 7.4% over the course of the year.
Operational activity also generated cash of £51.1m, representing growth of 81% since IPO in April 2019.
In addition, its operating profit of £14.8m declined compared with last year’s performance, which the group says “reflects the positive impact in FY22 of Covid related government support measures”.
This year also saw the launch of its new roadsire brand Brightside, which has two sites now open and a third to follow in August.
As it stands, the group has a “strong” pipeline of new sites and it expects to open roughly 34 restaurants next year. The group has also identified potential for at least another 600 Loungers restaurants across the UK.
Nick Collins, CEO of Loungers, said: “I am delighted to be announcing another excellent set of results for Loungers. This is the seventh year in succession we have delivered industry leading LFL sales growth and over that period.
“We are proud to be making a positive contribution to high streets and communities across the UK and there are hundreds more locations around the country for us to target.”
He added: “More broadly, we are excited about our ongoing roll-out programme and the opportunity to bring our culture and hospitality to around 34 new locations in the coming year, with many more to come beyond that.”
