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Wed 2nd Aug 2017 - Loungers reports like-for-like sales growth hits 7.6%
Loungers reports like-for-like sales growth hits 7.6%: Loungers, the Nick Collins-led bar and restaurant group, has reported like-for-like sales for the 14 weeks up to the 30 July increased by 7.6% as the group continues to roll-out at pace. The group has recently opened Establo Lounge in Rustington and Corvo Lounge in Bridgend as well as opening its 19th Cosy Club last week in the Cathedral Square development in Worcester, taking its existing estate up to 105 sites. Further Lounge sites are due to open in the coming weeks in Yate, Lewes, and Stafford and a 20th Cosy Club will open before the end of the year in Leeds. It is understood that the group is set to increase the roll-out of new sites to 25 a year as it targets an estate 200 sites in the next four years. Loungers chief executive Nick Collins, said: “Trade at both the Lounges and Cosy Club is holding up well and we’ve posted some respectable like-for-like growth. We’ve also experienced a run of great openings with a number of new sites performing nicely above our expectations. We are also seeing more property opportunities coming through with some excellent sites in the pipeline for 2018 and 2019.” In May, Alex Reilley, co-founder of Lion Capital-backed cafe bar brand Loungers, stated that he would love to “have a crack” at floating the company. A few years ago there were strong industry rumours that Reilley and fellow co-founder Jake Bishop might exit the company in the medium term. However, Reilley confirmed at the Propel Finance and Investment Conference the pair were committed to the long-term development of the Loungers business they founded with David Reid in 2002. The company hit the 100-site milestone with its opening in Mansfield in May and Reilley said he still got a buzz growing the company. He said: “We have talked about potential exits (but) we’d (now) all love to have a crack at floating the business. I think there would be a huge amount of opportunity with us being listed and clearly it’s a business that can demonstrate the amount of potential growth that is left in it. Clearly that’s a long way off and who knows what’s around the corner. I still get the buzz going to the 100th opening that I got when I went to the first. Growing the business is addictive – it’s the drug that courses through our veins”.

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