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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Loungers Plc | LSE:LGRS | London | Ordinary Share | GB00BH4JR002 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 224.00 | 222.00 | 226.00 | 226.00 | 224.00 | 226.00 | 1,149 | 08:00:05 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Eating Places | 283.51M | 6.93M | 0.0668 | 33.53 | 232.36M |
TIDMLGRS
Loungers PLC
12 June 2019
Loungers plc
("Loungers" or "the Group")
Landmark 150th new site opening
Loungers, the leading operator of neighbourhood, café-bar-restaurants trading under the Lounge and Cosy Club brands, updates on its new opening programme. The Group is today opening its 150(th) site - Fosso Lounge in Wells, Somerset - which brings it to 125 Lounges and 25 Cosy Clubs.
Since the beginning of the 2019 calendar year, the Group has opened 11 new sites. New Lounges have been opened across a wide range of locations in Bangor, Manchester, Sheffield, Aylesbury, Street, Southsea and Barnsley, together with new Cosy Clubs in Norwich and Portsmouth. In addition, the Group's 25(th) Cosy Club opened on 11 June 2019 in Cardiff Bay, the second Cosy Club in Wales' capital city.
The pipeline for new sites is strong and well advanced, with the Group remaining on track to open 25 new sites (comprising approximately 20 Lounges and five Cosy Clubs) in its financial year to 19 April 2020. As one of the UK's few expanding hospitality businesses, Loungers is seeing some exciting opportunities in the current property market.
The Group continues to trade well in the current environment and Loungers' home-from-home, relaxed customer proposition - offering great food and drink, all day, to an increasingly broad demographic - continues to resonate with customers.
Over the course of the summer, the Group will open Lounge café-bars in locations such as Abergavenny, Kings Lynn, Lakeside, Huntingdon and Newbury. The Group is also due to open Cosy Clubs in Durham and Plymouth as it expands its geographic footprint nationwide. Each new site creates around 30 new jobs, representing around 750 new jobs at the Group this year alone.
With a strong pipeline of additional sites in place, Loungers plans to continue its managed expansion, bringing its suburban "third space" lifestyle culture and hospitality to many new locations and communities, with a target of 25 new openings per financial year.
Nick Collins, Chief Executive of Loungers, said: "Reaching our 150(th) site is an exciting milestone in the Loungers' journey as we progress our expansion plans for at least 400 Lounges and 100 Cosy Clubs nationwide. Whilst 150 sites represent a sizeable business, the focus on evolution of design, menu development, operational detail, our people and their communities has never been stronger.
"Wells in Somerset is a fitting location for our 150(th) site in taking us back to our roots in the West Country. Likewise, our 25(th) Cosy Club in Cardiff Bay further consolidates our strong presence in Wales and is particularly exciting as it is the first time we have opened two Cosy Clubs in one city. We continue to be impressed with the broad demographic appeal of both brands, further underpinning our conviction in the potential scale of the business."
12 June 2019
For further information please contact:
Loungers plc Today: via Instinctif Nick Collins, Chief Executive Officer Gregor Grant, Chief Financial Officer GCA Altium (Financial Adviser Tel: 020 7484 4040 and NOMAD) Sam Fuller /Katherine Hobbs/ Tim Richardson Instinctif Partners Tel: 020 7457 2020 Justine Warren/Matthew Smallwood
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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(END) Dow Jones Newswires
June 12, 2019 02:00 ET (06:00 GMT)
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