All Loungers articles
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NewsOpenings of the week
MCA rounds up this week’s biggest openings stories, including Loungers, Gail’s, Afrikana and more
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News
Openings of the week
MCA rounds up this week’s biggest openings stories, including Loungers, Ottolenghi and Wingers
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NewsFortress acquisition marks ‘new chapter’ for Loungers
Fortress has completed its acquisition of the hospitality group for £354.4m, with Loungers looking forward to accelerating its growth under new ownership
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InterviewsLoungers deal ends years of frustration over share price
Management did “all we could” to boost the Lounge and Cosy Club operator’s standing on the public markets, but in the end its ‘take private’ deal with Fortress offered the best result for shareholders, chairman Alex Reilley tells MCA
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NewsOpenings of the week
MCA rounds up this week’s biggest openings stories, including Loungers, Wingstop and Five Guys
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NewsLoungers takeover deal voted through
The all-day operator has reached agreement with Fortress on an increased and final offer valuing Loungers at £354.4m, with 93.5% of shareholders voting in favour
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NewsRevised Loungers bid ‘substantially undervalues’ the company
Gresham House, which has a 3.9% stake in the cafe-bar group, is “still not inclined” to support the latest offer from Fortress, MD Ken Wotton tells MCA, while Downing’s Judith MacKenzie calls for a fair valuation that reflects the company’s future growth prospects
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NewsLatest Loungers offer ‘not good enough’
Outspoken investor Judith MacKenzie, head of Downing Fund Managers, described the revised Fortress bid valuing Loungers at £354m as “paltry”
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NewsFortress tables increased and final offer for Loungers
Fortress Investment Group (UK) has increased its cash offer for Loungers, from 310p to 325p per share, which has been deemed “fair and reasonable” and in the best interests of the business and its shareholders.
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Weekend PressMore Loungers shareholders oppose £338m deal
Fund manager Downing, which has a 1.5% stake in Loungers, said it was “absolutely furious” about the proposed deal, while Gresham House said it would use its near 4% stake in the company stake to “vote against this transaction”
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NewsOpenings of the week
MCA rounds up this week’s biggest openings stories, featuring Fulham Shore’s Super Club Roma, Loungers’ newest Brightside, and more
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Analysis & InsightLoungers buyout makes ‘perfect sense’ for management and shareholders
The all-day operator is the latest in a growing list of hospitality groups to exit the public markets, with a share price that has failed to reflect the real value and potential of the business, analysts and commentators tell MCA
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NewsLoungers H1 revenue soars to £178m
The Lounge and Cosy Club operator grew revenue by 19.2%, supported by like-for-like growth of 4.7% and 17 new sites. CEO Nick Collins cited the quality and flexibility of the offering, along with the resilience of the UK consumer
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NewsLoungers to be acquired by Fortress Investment Group
The cash offer values Loungers at an enterprise value of approximately £350.5m, with Fortress saying the hospitality group holds a strong and differentiated position in its industry
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NewsOpenings of the week
MCA rounds up the biggest openings stories from the past week, featuring Loungers, Savage Eats by Revolution Bars Group, Bubbleology and more
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Analysis & Insight‘Still lots of whitespace for Loungers’
Despite continuing to expand at pace – with 17 new sites opened in the 24 weeks to 6 October – analyst Berenberg is confident it still has “significant amounts of white space in which to roll out sites”
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NewsLoungers continues to outperform market
The all-day café/bar/restaurant operator delivered like-for-like sales growth of 4.7% in the 24 weeks ended 6 October, along with £178.3m in revenue
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Analysis & InsightLeading pub groups growing ahead of overall market
The top 10 pub groups by turnover are forecast to grow by 6.2% year-on-year – ahead of total pub market growth of 1.7%, Lumina Intelligence has forecast, with Loungers, Mitchells & Butlers and Wetherspoons leading growth
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InterviewsLoungers’ Nick Collins on reaching new heights
The CEO speaks to MCA about targeting 665 sites and beyond, a Scottish debut further down the line, and nurturing the Cosy Club and Brightside brands
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NewsLoungers achieves record year of sales, profits and openings
The Lounge, Cosy Club, and Brightside operator reported industry-leading like-for-like sales growth of 7.5%, with revenue growing 24.7% year-on-year to £353.5m - demonstrating its target of 665 sites remains a ‘conservative’ one