Loungers reports strong sales; agrees new sites

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Reilly: On a good run of like-for-like sales
Reilly: On a good run of like-for-like sales
Loungers, the Piper Private Equity-backed cafe/bar and restaurant group led by Alex Reilley and Jake Bishop, reported a 9% rise in like-for-like sales in March and that it had concluded deals to open Lounge sites in the Brewery Square scheme in Dorchester and the Peel Group owned Gloucester Quays development.

The group is also thought to be close to closing out a number of deals in the North West as well as negotiating on a couple of sites in Cornwall as it looks to reach its target of opening 12 sites in 2013.

It will open its 33rd site, Bosco Lounge, in Woodley, Reading, on 3 May.

Reilley said: “Whilst the business is growing at a significant pace it’s the performance of our older sites that’s really pleasing. We’re on a very good run of like-for-like sales at the moment and coupled with the speed of the roll out it’s fair to say it’s exciting times at Loungers at the moment.

“Whilst the Lounge model very much remains a secondary high street, suburban model we have enjoyed considerable success in mixed used schemes in Plymouth and more recently in New Brighton and where we feel that the Lounge concept is well suited to a scheme we’re keen to open sites.”

The company opened its long-awaited sixth Cosy Club site, and 32nd site overall, in Exeter following a £600k investment last week.

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