Restaurants

Loungers to open four new sites

The group has also announced a further strengthening of its liquidity position via a 12-month extension to its £15m incremental RCF placed in April 2020

Loungers, the owner of Lounge and Cosy Club, has revealed plans to open four new Lounge sites by 26 May 2021.

Situated in Wolverhampton, Stourbridge, Welwyn Garden City, and St Ives, the latest establishments bring the group’s portfolio to a total of 142 Lounges and 30 Cosy Clubs.

The cafe, bar, and restaurant group has also announced a further strengthening of its liquidity position via a 12-month extension to its £15m incremental revolving credit facility (RCF) placed in April 2020.

Running until October 2022, the facility, which was approved by Santander and Bank of Ireland, provides the firm with a total RCF of £25m.

In addition to the new openings, Loungers intends to follow a phased reopening approach upon the easing of restrictions in both England and Wales.

Some 47 sites in England will reopen on 12 April, while Wales will see five sites resume trading on 26 April.

Nick Collins, chief executive at Loungers, said: “The most recent lockdown has given us a real opportunity to build a fantastic pipeline of new sites in what is undoubtedly a tenant-friendly environment.  

“We will approach the coming months cautiously but are very keen to get back to opening 25 sites a year at the earliest opportunity with such excellent properties being presented to us, and we are grateful to Santander and Bank of Ireland for their continued support.”

The group added that its pipeline of new sites is “exceptionally strong”, offering a “large number of attractive opportunities” in the locations it is targeting.

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