By Leah Montebello
Bar operator Loungers said it continues to “significantly outperform the market” as sales surge for the owner of Lounge and Cosy Club.
The firm posted like for like sales growth of 17 per cent growth compared to 2019 levels for the 24 weeks ended 2 October.
Since the start of the financial year, Loungers has opened 11 new sites, comprising eight Lounges and three Cosy Clubs, taking the portfolio to 206 sites as of today. It expects to open a further 19 sites in the current financial year.
“As our strong sales performance demonstrates, neither uncertainty in respect of the wider UK economy nor consumer attitudes towards discretionary spending have to date impacted our sales,” said CEO Nick Collins.
“We are continuing to benefit from more people staying local, working from home, and supporting their community and high street, which are trends that we believe are here to stay.”
It has non-property net debt of £9.5m (3 October 2021: £11.9m), reflecting the timing of September month end working capital cash outflows.
Loungers will announce half year results on 30 November.
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