Loungers, which was reported to be the UK’s fastest growing pub group in 2017, opened Fosso Lounge in Wells, Somerset, to expand its portfolio to 125 Lounges and 25 Cosy Club sites.
The company’s latest opening follows the opening of new Lounges in Bangor, Manchester, Sheffield, Aylesbury, Street, Southsea and Barnsley in addition to Cosy Club launches in Norwich, Portsmouth and Cardiff bay – the brand’s 25th venue.
As reported by The Morning Advertiser in February, Loungers’ co-founder Alex Reilley believes the company can eventually expand to around 500 sites, which he outlined would comprise 100 Cosy Clubs and 400 Lounges.
750 new jobs
In announcing the opening of this landmark venue, Loungers also confirmed that it was on course to open 25 new sites – comprising 20 Lounges and five Cosy Clubs – during the financial year to 19 April 2020.
According to a company statement, plans are afoot to open Lounge café-bars in locations including Abergavenny, King’s Lynn, Lakeside, Huntingdon and Newbury in addition to Cosy Clubs in Plymouth and Durham.
Loungers, which joined the Alternative Investment Market in April, estimates that its plan to open 25 new sites over the current financial year will create approximately 750 new jobs – with each site estimated to create around 30 new positions.
Fitting new location
Discussing the company’s latest opening, Loungers’ chief executive Nick Collins explained: “Reaching our 150th site is an exciting milestone in the Loungers’ journey as we progress our expansion plans for at least 400 Lounges and 100 Cosy Clubs nationwide.
“While 150 sites represent a sizeable business, the focus on evolution of design, menu development, operational detail, our people and their communities has never been stronger.
“Wells in Somerset is a fitting location for our 150th site in taking us back to our roots in the West Country. Likewise, our 25th Cosy Club in Cardiff Bay further consolidates our strong presence in Wales and is particularly exciting as it is the first time we have opened two Cosy Clubs in one city.
“We continue to be impressed with the broad demographic appeal of both brands, further underpinning our conviction in the potential scale of the business.”
Prior to announcing its expansion to 150 venues, Loungers revealed a £31.9m year-on-year increase in revenue to £153m during the 52 weeks ended 21 April.