Propel Morning Briefing Mast Head CPL Learning Link Paul's Twitter Link Star Pubs & Bars Banner
Morning Briefing Strap Line
Thu 12th Jun 2014 - Breaking News - Loungers reports 52% rise in EBITDA, eyes 350 sites
Loungers reports 52% rise in EBITDA, eyes 350 sites: Loungers, the Bristol-based café bar group, has reported a 52% rise in EBITDA before central overheads to £6.7m in the year to 27 April as it invested £6.9m opening 12 sites in the period. Turnover for the Piper Private Equity-backed group increased 52.3% to £33.7m with company EBITDA (before exceptional and pre-opening costs) increasing from £2.9m to £4.4m. Like-for-like sales for the period grew by 5.1%. Loungers chief operating officer Nick Collins said: “This was another great financial performance for the business, particularly given the acceleration of our roll-out with 12 openings in the year. The like-for-like sales growth of +5.1% demonstrates the core business continues to perform strongly and whilst we are opening more sites, we are not taking our eye off the ball and are achieving healthy conversion and an increased average site EBITDA. Looking ahead to the forthcoming year we are in good shape both financially and operationally.” The news comes as the company begins to further accelerate its roll-out having opened Rivo Lounge in Chippenham and Bacco Lounge in Rugby in May. The group opens their 47th site (and seventh Cosy Club) in Bristol tomorrow (Friday 13th June). Openings in Shirley Parkgate (Birmingham), Torquay, Witney, and Kettering are scheduled before the end of August and the group remains firmly on track to reach 56 sites by the end of 2014. It is also understood that deals are already in place for up to half of the 20 sites Loungers’ anticipates opening in 2015. Loungers managing director Alex Reilley added: “We’re really beginning to ramp up the roll-out now and critically are beginning to grow both brands. We continue to enjoy success at sourcing great sites and unlocking potential in areas that a lot of other operators overlook. The performance of recent openings coupled with continued positive like-for-like sales is extremely encouraging and the potential scale of the business is becoming ever more apparent. This is particularly true of the Lounge model, which we believe has potential to easily grow beyond 350 sites.”
Return to Archive Click Here to Return to the Archive Listing
 
Punch Taverns Link
Return to Archive Click Here to Return to the Archive Listing
Propel Premium
 
Beefeater London Peach Gin Banner
 
Taylors of Harrogate Banner
 
Zonal Banner
 
Toggle Banner
 
McCain Banner
 
Zonal Banner
 
Harrogate Spring Water Banner
 
Restaurant Collective Banner
 
Heineken Banner
 
Nordic Spirit Banner
 
Sky Banner
 
Trail Banner
 
Cawston Press Banner
 
Hellmann's Banner
 
Camile Banner
 
Pepper Banner
 
Heineken Banner
 
Bizimply Banner
 
Arch2Order Banner
 
Stint Banner
 
Fentimans Banner
 
COREcruitment Banner
 
KAM Media Banner
 
Access Banner
 
Startle Banner
 
Cynergy Bank Banner
 
Pago Banner
 
Veneers Banner
 
Wireless Social Banner
 
John Gaunt Banner
 
Punch Taverns Link Punch Taverns Link
Pepper Banner