Loungers opens 250th site in Rochdale

(Sharecast News) - Hospitality operator Loungers announced the opening of its 250th site on Monday, with the Pionero Lounge in Rochdale being described as a milestone as it continued its expansion across the UK. The AIM-traded firm said that, following its interim results on 28 November, it had launched new 'Lounges' in a number locations, including the Coltello Lounge in Cramlington, the Arturo Lounge in Penrith, the Costero Lounge in Paignton, the Consurio Lounge in Caerphilly, and the Centivo Lounge in Ashby-de-la-Zouch.

Additionally, several upcoming openings were scheduled in the coming months, including in Bromsgrove, Chepstow, Westwood Cross, Macclesfield, Bracknell, Ilkley, Sidcup and Yeovil.

The board said the sites ranged from brand-new developments to repurposed spaces.

Loungers recently said it believed there was potential for at least 600 Lounges across the UK, with plans to open 34 new sites in the current financial year.

In addition to the Lounge brand, the group manages the Cosy Club and Brightside brands, which currently have 36 and three sites, respectively.

"The opening of our 250th site is a hugely satisfying landmark for a business that started in 2002 in Bristol with a single cafe-bar called the Lounge," said chairman and co-founder Alex Reilley.

"A lot has changed since then but our commitment to providing our customers with excellent food and drink all day, while doing everything that we can to make a positive impact on the local community, has never wavered.

"In many ways, it feels like we are only just getting started and there is so much more for us to go after."

Reilley said the company was on track to open 34 sites in the current financial year, which would be a company record and would involve the creation of over 1,000 new jobs.

"In the longer term, we believe there is scope for over 600 Lounges alone across the UK."

At 1132 GMT, shares in Loungers were up 0.18% at 221.4p.

Reporting by Josh White for Sharecast.com.