Loungers expansion fuels sales uplift
Multi-site operator Loungers has reported a 70% uplift in net turnover to £12m for 2010 after opening five new venues.
The Bristol-based business is set to open six new venues in 2011, which it predicts will increase net turnover to £17m in the year.
Loungers will open its 17th site, Loco Lounge in the Kings Heath suburb of Birmingham at the end of March with a deal already in place for a 2nd Lounge in Southampton due to open in the summer.
The group will also open a second Cosy Club in the new South Gate shopping development in Bath in late Spring. The 4,400-square foot Bath site is set almost exclusively at 1st floor level and has a 800-square foot balcony overlooking the main square.
Loungers also has planning applications placed for a 2nd Lounge in Bournemouth and a third Cosy Club in Exter. The new sites will not requyire any additional bank funding.
A further seven openings are planned for 2012 with plans to reach 40 sites without going north of the Midlands or into London or the Suth East.
"2010 represented a major step-change for us in terms of our roll-out particularly as we'd not previously opened more that two units in one year," said Loungers MD Alex Reilley.
"It was also an extremely significant year for us as we opened a couple of larger units, most notably in Plymouth & Bournemouth and launched The Cosy Club, which to date has proved to be extremely successful and like the Lounge concept, we believe has fantastic roll-out potential."
