London Stock Exchange today welcomed Loungers plc
London Stock Exchange today welcomed Loungers PLC, the operator of 146 café bar restaurants across England and Wales under the Lounge and Cosy Club brands, to celebrate its admission to trading on AIM.
Loungers, trading under the ticker “LGRS” successfully raised £83.3 million from leading investors, valuing the Company at £185.0 million on Admission.
The funds raised will be used, alongside new bank facilities, to provide the Group with an appropriate capital structure to pursue its growth plans which includes opening 25 sites per annum. Independent analysis by location planning consultants CACI has identified the potential for more than 400 Lounges and more than 100 Cosy Clubs in England and Wales.
Founded in 2002 by three friends who wanted to create a neighbourhood café-bar that they would want to go to, the Group is now the only growing all-day operator of scale in the UK and has consistently outperformed the wider UK hospitality sector (as measured by the Coffer Peach Business Tracker) over the past three years. That focus on hospitality, comfort, value for money and familiarity remains at the core of the Group, driven by an independent culture and focus on the local community.
The Group’s sites offer something for everyone regardless of age, demographic or gender and the Group operates successfully in a diverse range of different sites and locations across England and Wales.
Nick Collins, Chief Executive of Loungers, said:
"This is a hugely exciting time for the Company. Today’s listing marks the culmination of the consistent hard work from the entire Loungers’ family as it has long been our ambition to list the Company on the markets.
"Loungers is a vibrant, fast-growing business with a clear strategy and our successful fundraising is a significant milestone in our growth journey.
"We look forward to commencing life as a listed business and delivering long term value for all stakeholders."
GCA Altium Limited acted as Financial Adviser and Nominated Adviser, Liberum Capital acted as Joint Broker and Joint Bookrunner, Peel Hunt acted as Joint Broker and Joint Bookrunner, Jones Day acted as legal counsel and Instinctif Partners as financial PR.