13 October 2023 , 10:11
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Loungers, the company that operates hundreds of café bars and restaurants across the UK, has reported a significant increase in revenue as inflation pressures begin to ease. The firm revealed that sales rose by 7.7% in the 24 weeks leading up to October, an increase from the 5.7% growth seen in the previous 12 weeks.
The company didn't provide any specific reasons for this surge in sales. However, it did disclose that its revenue for the first half of this financial year was £149.6 million, a whopping 22.3% higher than the same period last year.
In addition to this, Loungers announced that it had opened 16 new sites during these six months, bringing the total number of locations across the country to 238. The company plans to continue this expansion, with a record 34 new sites set to open during this financial year.
Nick Collins, the Chief Executive of Loungers, expressed his delight at the strong trading performance. He said: "Our consistent sales growth reflects the continued evolution of our offer and the resilience of the UK consumer and high street."
He added: "We have now opened 34 sites in the past 12 months, creating around 1,000 jobs in the process, and 72 sites since the last Covid lockdown."
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"With a great pipeline of further openings in front of us I have never felt more optimistic about our prospects."
"None of this would be possible without our amazing team, and as ever I would like to say a massive thank you to them for their hard work."
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