Hospitality giant Loungers has announced plans to open 17 new locations across the UK, adding to the 238 venues it already operates. The company has revealed the areas where 10 new outlets will open, with seven more sites soon to be identified. Loungers has already created 1,000 jobs with the opening of 34 new locations in the past year. The new openings include bars and cafes in Ashby de la Zouch, Caerphilly, Carlisle, Cramlington, Hexham, Louth, Paignton, Penrith, St Ives, and Oxford.
Strong sales growth and revenue increase
Loungers has reported a 7.7% increase in sales in the 24 weeks leading up to this month, up from 5.7% in the previous 12 weeks. The company generated £149.6 million in revenue in the first half of the financial year, a 22.3% increase compared to the previous period. Chief executive Nick Collins attributes the success to the company's evolving offer and the resilience of the UK consumer and high street. Loungers has a promising pipeline of further openings, creating optimism for the future.
Positive news for jobs in the food and drink industry
While other food and drink outlet firms have experienced setbacks, Loungers' expansion plans offer potential job opportunities. Hostmore, the owner of TGI Fridays, announced that it won't open new restaurants until at least 2025 due to a decline in earnings. Wagamama owner The Restaurant Group is being taken private after a £701 million takeover, and plans to close about 40 sites. Loungers' growth provides a glimmer of hope for the industry, which has struggled due to the impact of the pandemic, lockdown restrictions, and rising costs.
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