Loungers records 25.1% like-for-like sales growth
Loungers, whose full estate remains operational despite the introduction of the Government’s new tiered system of restrictions and enforced closure of wet-led pubs in Liverpool, also revealed that it opened two new sites over the same 13-week period.
According to the Group’s latest update, Ponto Lounge in Hull and Cosy Club in Birmingham’s Brindley Place in Birmingham, grew its portfolio to 167 sites as of 4 October 2020.
What’s more, in addition to the more recent opening of Sentado Lounge in Sittingbourne, Kent, the Group expects to open a further three sites in the current financial year.
Excellent trading
As previously reported by The Morning Advertiser, like-for-like sales grew by 29.9% between 4 July and 13 September largely as a result of the Government-backed Eat Out to Help Out discount scheme.
“I am delighted with our continued excellent trading which reflects the resilience of our brands and fantastic performance of our team working in very difficult circumstances,” Loungers’ CEO Nick Collins commented.
“Loungers, and the sector more broadly, have gone to considerable efforts to ensure the safety of our teams and customers.
“We anticipate further interruptions to trade in the coming weeks and months but take confidence from our continued market out-performance.
“We remain well-positioned to accelerate our growth and to continue to lead the market once Covid-19 is behind us.”
While the operator recently revealed that for the 52 weeks to 19 April 2020 revenue rose by 8.8% to £166m and adjusted EBITDA increased by 0.8% to £28.7m, its loss before tax grew by 55% to £14m due largely to Covid-19 related costs.
A financial update from Loungers in September also stated that net debt was slashed to £24m on 6 September having stood at £35m on 19 April.
