Cafe bar chain Loungers has revealed plans to open 19 more sites over the rest of the financial year as it continues to push forward with its expansion plans despite pressure on consumer spending. Shares in the company moved higher in early trading on Friday.
The hospitality firm, which runs venues under the Lounge and Cosy Club brands, said it has opened 11 new sites over the past five months, bringing its estate to 206 venues. Loungers chief executive officer Nick Collins said the business is “particularly pleased” with the performance of its new venues and will push on with further openings over the rest of the year.
“Loungers continues to thrive and I am delighted with our consistent out-performance of the market, thanks to the fantastic efforts of our teams and the hospitality they provide,” he said. "We are particularly pleased with the strong performance of our new openings and we are on track to open 30 sites this year.
