Loungers to float this month

Loungers, which owns and operates 146 bars, cafes, and restaurants under its Lounge and Cosy Club brands, is looking to float during April.

Loungers said the move will 'position the group strongly' for the next stage of its growth, with it targeting 25 new sites a year over the medium-term.

Chief Executive Nick Collins commented, 'I am delighted to announce our intention to list on AIM. It has long been the ambition of the founders and myself that Loungers becomes a listed entity. The listing will allow us to broaden the employee shareholder base and provide us with an appropriate capital structure to pursue our future growth ambitions.

'Loungers is the only growing all-day operator of scale within the UK hospitality sector. Our relaxed, casual, home from home proposition which combines coffee shop, pub and restaurant across our two complementary brands - Lounge and Cosy Club - resonates with today's consumer, attracting broad demographic appeal in a diverse range of trading locations.

Collins concluded, 'We have a growing business and clear expansion strategy to continue to rollout 25 new sites per year supported by a strong pipeline of sites and led by an experienced and committed management team. We believe our track record speaks for itself and look forward to the opportunity which lies ahead to deliver significant value for all shareholders.'

Loungers was founded in 2002 by a trio of long standing friends, Dave Reid, Alex Reilley and Jake Bishop.

In the 52 weeks ended April 22, 2018, the company posted an operating profit of £7m on revenue of £121.1m.