Competitive Socialising Group, the parent company of crazy gold concept Swingers, has reported financial results for the year ended 25 December 2022, with turnover for global operations at £36.2m.
This represented a substantial increase from £14.4m reported in 2021, as the group opened its fourth global venue in New York City, adding to two venues in London and one in Washington, D.C.
The group posted a loss before tax of £7.9m, widening from £6.7m the year before.
Post period end, the group opened its second venue in Washington, D.C., in March 2023, bringing its global estate to a total of five.
In December 2022, Swingers completed the lease for its flagship Las Vegas venue, which opens at Mandalay Bay Resort and Casino in fall 2024. In May 2023, it agreed to open a new location on Bluewaters Island in Dubai, which will be Swingers; first franchise in partnership with Daud Investments and open in spring 2024.
In May this year, Competitive Socialising completed its Series-C $52m growth capital raise to fund expansion through to 2026. This investment was part funded by Jampurchaseco Limited, who followed on their Series-B investment of 2018 and were joined in the C round by a number of third part institutional investors.
In addition to the recent raise, the group maintains a strong cash position, according to the report.
The board continues to manage the group’s cost base but is well placed for growth over the coming years and remains focused on developing in new geographies, according to the report.
Speaking to MCA following the Series-C raise earlier this year, co-CEO Matt Grech-Smith said that Swingers will continue to prioritise the US for expansion as it aims to reach a 15-strong global estate by 2026.
“We can see a clear roadmap in the US,” he said. “Our three US venues are trading really strongly.
“These cities have a high population density and potential revenue. We’d love to open more in the UK over time – and we’re constantly reviewing that – but the recent funding is mainly for US expansion.”
Last week, the group forecast a record-breaking Christmas, with bookings up 6% vs 2022 and up 12% vs 2019, with the highest pre-booked sales the brand has seen in December.
Swingers expects to turn over $60m in 2023 and bring in nearly $150m in annual revenue by 2026.
