Strong growth for Loungers is continuing
The growing cafe bar and restaurant business Loungers enjoyed strong sales and improved profits for its latest 24-week period to October 1.
Revenue rose 23.3 per cent from £122.3 million a year earlier to £149.6m.
Pre-tax profits were up from £2.8m to £3.9m.
Loungers has many sites in the West Midlands including Faro, Lichfield; Floro, Shrewsbury; Lupo, Wolverhampton; Novello, Telford; Soffio, Stourbridge; Tuppeto, Kidderminster and Verso, Stafford.
There were 16 new sites opened in the period and it is on track to open 34 new sites this year and to end the year with 256 sites.
It operates the Lounge, Cosy Club and Brightside brands.
The business has continued to trade well over the first eight weeks of its third quarter with like-for-like sales growth across the 32 weeks to November 26 of 7.6% per cent.
A further six sites have opened since the start of October – five Lounges and one Cosy Club.
Chief executive Nick Collins said: "This has been another period of strong financial and operational growth for Loungers."
He added that it was not all doom and gloom in the UK hospitality sector.
"We are living proof that businesses which can provide outstanding hospitality, great food and drink and excellent value are still capable of thriving, and we see more growth potential for Loungers than ever before.
"Our accelerated site roll-out programme continues at pace," he said.
The opening of every new Lounge means an investment of nearly £1m into the local high street.
"By the end of 2023, we will have added another 1,000 people to our team during the year, and we are particularly pleased that one in eight of those new jobs is in areas that the Government wants to 'level up' by creating better opportunities and standards of living," added Mr Collins.