Loungers pleased with financial performance
Bar and restaurant operator Loungers has a delivered like-for-like sales growth of 26.6%.
Over the 20 weeks to 3 October 2021, bar and restaurant operator Loungers has delivered like-for-like sales growth of 26.6%.
The operator of 150 Lounge cafe-bars and 31 Cosy Club restaurant-bars used the period 20 May to 6 October 2019 as the comparator.
In its latest financial statement, the business states that while trading and the reported sales uplift benefit from the VAT reduction, the continued strength of performance is testimony to the relevance and resilience of its brands.
Net debt at 3 October 2021 was £11.9m, excluding a further £5.6m of outstanding rent and deferred liabilities payable to HMRC.
Since the start of the financial year, Loungers has opened 13 new sites, comprising 12 Lounges and one Cosy Club, taking the portfolio to 181. It expects to open a further 10 sites in the current financial year.