In the news: The Loungers café bar and restaurant group continues to go from strength to strength
By Berenice, Thursday 12 June 2014
The business – whose managing director and co-founder, Alex Reilley, takes to the stage as keynote speaker at the Arena Summer Event 2014 on Friday 27 June – has reported a 52% rise in EBITDA and is in a strong position to realise its ambitious expansion plans. In fact, its 47th site opens in Bristol tomorrow, with four more scheduled before the end of August.
According to Propel Info today: Bristol-based Loungers has reported a 52% rise in EBITDA before central overheads to £6.7m in the year to 27 April as it invested £6.9m opening 12 sites in the period. Turnover for the Piper Private Equity-backed group increased 52.3% to £33.7m with company EBITDA (before exceptional and pre-opening costs) increasing from £2.9m to £4.4m. Like-for-like sales for the period grew by 5.1%.
Propel Info quoted Alex Reilley who said: “We’re really beginning to ramp up the roll-out now and critically are beginning to grow both brands. We continue to enjoy success at sourcing great sites and unlocking potential in areas that a lot of other operators overlook. The performance of recent openings coupled with continued positive like-for-like sales is extremely encouraging and the potential scale of the business is becoming ever more apparent. This is particularly true of the Lounge model, which we believe has potential to easily grow beyond 350 sites.”
For further news stories go to Propel Info News.
The entrepreneurial Alex Reilley will talk in more depth about the phenomenal rise and success of Loungers and the impressive expansion strategy at The Arena Summer Event on Friday 27 June 2014.
Click here to book your place to hear more from Alex about this incredible industry success story – or contact Lorraine Wood directly by email or on 07803 853 618.
The event also offers productive networking with industry professionals and valuable industry insight and analysis from industry commentator Peter Martin. Drawing on the latest CGA Peach data and insight, Peter’s ‘Top 10 Winning Trends for 2014’ presentation will map out the defining trends shaping the diverse and ever-evolving UK eating and drinking out market as operators strive to enhance the ‘customer experience’.
This is one Arena event definitely not to be missed!