Loungers, the Piper Private Equity-backed cafe/bar and restaurant group led by Alex Reilley and Jake Bishop, reported a 9% rise in like-for-like sales in March and that it had concluded deals to open Lounge sites in the Brewery Square scheme in Dorchester and the Peel Group owned Gloucester Quays development.
The group is also thought to be close to closing out a number of deals in the North West as well as negotiating on a couple of sites in Cornwall as it looks to reach its target of opening 12 sites in 2013.
It will open its 33rd site, Bosco Lounge, in Woodley, Reading, on 3 May.
Reilley said: “Whilst the business is growing at a significant pace it’s the performance of our older sites that’s really pleasing. We’re on a very good run of like-for-like sales at the moment and coupled with the speed of the roll out it’s fair to say it’s exciting times at Loungers at the moment.
“Whilst the Lounge model very much remains a secondary high street, suburban model we have enjoyed considerable success in mixed used schemes in Plymouth and more recently in New Brighton and where we feel that the Lounge concept is well suited to a scheme we’re keen to open sites.”
The company opened its long-awaited sixth Cosy Club site, and 32nd site overall, in Exeter following a £600k investment last week.
The Exeter site occupies a 4,500 sq ft site in the Grade II listed former Dean Clarke Hospital on Southerhay in the city. The space the new Cosy Club site occupies is made up of an entrance though what was originally the hospitals chapel entrance and a former patients ward, which is now the main trading area.
Internally the site comprises of a large bar area, a 120-cover dining room and a small private room. To the rear a large 60-cover terrace has been added.
Reilley said: “We actually exchanged contracts on the Exeter site back in late 2010 but have had to bide our time whilst funding was secured for the landlord to start developing the site. It’s a fantastic, quirky space and whilst we didn’t want it to feel like completely like a hospital we couldn’t resist some medical touches.”
Insight Retails acts for Loungers.
