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Loungers in ?140m takeover deal
Loungers, the fast growing chain of café/bars born and bred in Bristol, could be purchased in a multi-million pound deal, it is being reported.
Founded in 2002 by friends Dave Reid, Alex Reilley and Jake Bishop, the first Lounge opened on North Street in Bedminster.
Since then has multiplied to some 60 venues across the UK from Torquay to Liverpool; 17 Cosy Clubs from Exeter to York; and two Flatcappers pubs, the Battleaxes in Wraxall and the Castle Inn in Bradford-on-Avon.
The private equity firm Lion Capital is reportedly arranging the takeover deal for £140m, and it could happen this side of Christmas.
If the sale to Lion is confirmed, Loungers will become the most recent takeover by the renowned consumer-focused company. Lion’s prolific portfolio includes Weetabix, Wagamama and Jimmy Choo.
Loungers’ influence spreads across Bristol, with not simply the Lounges and Cosy Club on Corn Street. Many Bristol food and drink businesses can trace their history back to Loungers; for example the trio of friends behind Rosemarino who met while working for the chain.
When a worried customer tweeted their concern about the proposed takeover, the Loungers official account replied: “Don’t worry – it will be very much business as useful.”
(Although we think they mean business as usual)
@Rachel_IRL @Grupo_Lounge quite right. And don’t worry – it will be very much business as useful.
— LOUNGERS (@theLOUNGERS) December 8, 2016
Keep an eye on Bristol24/7 for all the latest news in this developing story.
Read more: Bristol food & drink calendar: December 2016