Loungers Celebrates Record Year of Expansion in UK Hospitality Sector

Loungers Celebrates Record Year of Expansion in UK Hospitality Sector

Loungers, a prominent player in the UK hospitality industry, has witnessed remarkable growth, with the 2024 financial year marking a milestone in its expansion journey. Founded in 2002 by three friends with a vision to establish a neighbourhood café-bar they themselves would frequent, Loungers has evolved into a leading operator with a distinct presence across England and Wales.

As of December 2023, the company boasts 247 establishments under its umbrella, spanning three unique brands: Lounge, Cosy Club, and Brightside.Embracing an organic growth strategy, Loungers has consistently outperformed the broader UK hospitality sector over the past three years. The company’s directors remain steadfast in their commitment to this strategy, focusing on the continual rollout of new sites under the Lounge, Cosy Club, and Brightside banners.

With an emphasis on operational enhancements to drive sales and margin improvements, Loungers aims to maintain its upward trajectory in the market.During the 2024 financial year, Loungers achieved a significant milestone by opening 39 new sites, setting a record for the company. These additions included 33 Lounges, one Cosy Club, and two Brightside locations. As of 21st April 2024, the company’s portfolio expanded to encompass 257 sites, with an additional Lounge site opening in Ely, Cambridgeshire, after the reporting period.The company’s financial performance during the 2024 fiscal year also reflected its growth trajectory, with record revenue reaching £353.5 million, marking a robust year-on-year increase of 24.7%. Notably, like-for-like sales surged by 7.5% during this period, underscoring Loungers’ resilience and appeal in the competitive hospitality landscape.

Nick Collins, CEO of Loungers, expressed his satisfaction with the company’s achievements, highlighting its consistent outperformance within the sector and the successful launch of 36 new sites. He attributed this success to Loungers’ unwavering commitment to menu innovation, value for money, and exceptional hospitality, which resonate with both existing patrons and new customers.

Looking ahead, Loungers remains optimistic about its growth prospects, buoyed by a resilient UK economy and its well-positioned stance in the market. As the company embarks on the new financial year, it seeks to build upon its momentum, further solidifying its status as a key player in the UK hospitality sector.

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