Loungers targets 30 new sites amid ‘record’ year
It said the performance comes as it consistently out-performed the wider sector by more than 15% over the year
Restaurant and Bar group Loungers has revealed it is targeting 30 new sites this year after experiencing a “record” period of trading.
For the 52-week period ended 17 April 2022, Loungers reported revenues of £237.2m, up from £78.3m the previous year.
The group also revealed Adjusted EBITDA of £53.6m, up 286% from FY21 alongside pre-tax profits of £21.6m.
It said the performance comes as it consistently out-performed the wider sector by more than 15% over the year, according to the Peach Tracker – the established industry sales monitor for the UK pub, bar and restaurant sectors.
During the period, the group opened a record 27 new sites taking its total estate to 200.
Nick Collins, Loungers CEO, said: “These results demonstrate the extent to which Loungers has thrived over the past year, achieving a record number of openings, record underlying like for like sales growth and a record level of profits.
“We are benefitting from changes in consumer behaviour, with more people staying local, working from home, and supporting their local community and high street. We are delighted to have just opened our 200th site, and to be announcing today that we are increasing our roll-out target for site openings to 30 for this year.”
He added: “Whilst the short-term economic outlook is challenging, we are in an excellent position to weather the storm and to take advantage of growth opportunities coming out of it. We have a strong balance sheet, a very capable and highly motivated team and an affordable, value for money all-day offer with enormous scope for further expansion across the UK.”