Chief executive of Loungers, Nick Collins has revealed plans to expand its 161-strong chain to about 500 sites over the next decade.
The group currently operates 133 Loungers and 28 Cosy Club venues, but Collins said he believes it can continue its rapid expansion to give it “more than 400 Lounges and 100 Cosy Clubs” overall.
The company reported a 22% jump in revenues to £79.8m for the 24 weeks to 6 October 2019, and hailed strong organic sales across its sites as like-for-like revenues increased by 5.4% for the period.
Collins said, “I am delighted to announce another strong set of results which continue to highlight our consistent outperformance against the market.
“This will be the fifth consecutive year we have opened at least 20 new sites and we remain excited by the prospects and potential for both our Lounge and Cosy Club formats and the significant opportunity we have ahead of us.”