Proactive Investors - AIM-quoted hospitality group Loungers PLC (LON:LGRS) hit another milestone today with the opening of its 200th Lounge site, the Verdetto Lounge in Buckingham.
This latest opening brings Loungers’ total estate size across all three divisions – Lounge, Cozy Club and newer roadside dining concept Brightside – up to 238.
Loungers has gone from strength to strength since going public in May 2019.
Investment bank Liberum previously labelled management “one of the best in the industry”, with the business “best placed to navigate the macro headwinds”.
The group’s rock-solid balance sheet has allowed the group to steadily expand its nationwide footprint at an average of 34 self-financed site openings per year.
Primarily situated in secondary suburban high streets and small town centres, Lounge sites aim for a neighbourhood café/bar vibe, described by the group as a “home from home”.
Its emphasis on casual dining has been serendipitous for the company, given restaurants have outperformed the wider hospitality sector.
Like-for-like restaurant sales finished 8.6% higher this August compared to last August, with pubs recording 4.9% growth and bars down 7.5%, according to CGA.
“To be opening our 200th Lounge is a fantastic landmark, but there is lots more for us to go for. We firmly believe that there is scope to have at least three times that number of Lounges in the longer term, and we are more ambitious than ever before about our plans for the future," said Alex Reilley, chairman and co-founder of Loungers.
“We are determined to continue playing a major role in breathing new life into high streets, as well as creating and sustaining much-needed local employment.”