12th Jun 2019 12:09
(Alliance News) - Newly-listed Loungers PLC on Wednesday announced the opening of its 150th site, the Fosso Lounge in the Somerset town of Wells.
The company floated on the London Stock Exchange at the end of April, raising GBP83 million. Shares were up 0.2% Wednesday at 222.90 pence, 11% higher than its initial public offering price of 200p.
The 150th site means the bar, cafe, & restaurant owner now has 125 sites under its Lounges brand and 25 under Cosy Club.
Loungers has opened 11 new sites since the start of 2019, and it has 25 new sites lined up for its financial year ending April 2020.
"The group continues to trade well in the current environment and Loungers' home-from-home, relaxed customer proposition - offering great food and drink, all day, to an increasingly broad demographic - continues to resonate with customers," added Loungers.
Chief Executive Nick Collins said the 150th site is an "exciting milestone" for the firm, as it targets an overall portfolio of 500 sites.
Last week, Loungers reported 26% revenue growth for the year ended April 21 to GBP153.0 million, with like-for-like sales up 6.9%.
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