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Morning Briefing for pub, restaurant and food wervice operators

Thu 4th Jun 2015 - Loungers reports 50.2% rise in Ebitda
Loungers reports 50.2% rise in Ebitda: Loungers, the Bristol-based cafe/bar group, has reported a 50.2% rise in Ebitda before central overheads to £10.8m in the year to 26th April 2015 as it invested £12.7m opening 18 sites in the period. Turnover for the Piper Private Equity-backed group increased 42.3% to £48.0m with company Ebitda (before exceptional and pre-opening costs) increasing from £4.4m to £6.6m. Like-for-like sales for the period grew by 3.9% with like-for-like site Ebitda increasing by 11.7%. Speaking of the groups’ latest set of results Loungers’ managing director, Nick Collins said: “It’s been another 12 months of strong growth and we’re extremely pleased with the groups’ performance. We’ve opened some cracking sites in the last 12 months and have been fortunate enough to hire some really great people. To have posted another 40%+ rise in revenue is fantastic however, it is the level of growth at Ebitda level that is most pleasing.” Collins also confirmed that for the financial year ahead run-rate turnover was forecast to rise to £78.8m producing a run-rate site Ebitda of £17.4m as the group reached 83 sites by the end of April 2016. It is understood that well over half of the 25 sites Loungers plan to open in 2016 have already been secured. He added: “We’ve invested heavily in the central structure we believe the business will require to grow well beyond 100 sites and as such we feel ready and excited about the next 12 months”, Collins said. “With two extremely scalable brands and a great management team we feel there is huge potential for the business to continue to grow rapidly for many years to come.” Loungers opened their latest site, Palacio Lounge, in Falmouth last week and will open their 64th site, Toro Lounge, in Cirencester next Wednesday.

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