News / Business
Bristol-born all-day cafe and restaurant chain to float on stock market
Two of the co-founders of the Lounge chain have cashed in on their shares worth close to £9m as the company prepares to float on the Stock Exchange.
Trading in the shares of Loungers is due to start on Monday morning at £2 per share, valuing the company at £185m.
Loungers, whose headquarters are on Lower Park Row, own both the Lounge and Cosy Club brands of which there are 146 outlets across the UK.
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The first Lounge was opened in a former opticians on North Street in Bedminster in 2002 by friends Alex Reilley, Jake Bishop and Dave Reid. Selling shareholders include Reilley and Bishop, whose shares are now worth £4.43m.
As well as the original Lounge, there are four others across Bristol on Gloucester Road, and in Fishponds, Totterdown and Westbury-on-Trym, as well as a Cosy Club on Corn Street in the city centre.
Deco Lounge on Cotham Hill became only the second ever Lounge to close when it shut its doors at the beginning of 2017.
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Nick Collins, chief executive officer of Loungers, said: “It has long been our ambition to list the company on the public markets. We are delighted that our unique business has resonated strongly with investors.
“None of this would have been possible without the continued commitment of our wonderful team of employees. I would like to take this opportunity to thank them on behalf of the board for their tremendous efforts which have enabled Loungers to go from strength to strength.
“We welcome all of our new shareholders to the Loungers’ family and look forward to the company’s continued growth and future success.”
The Loungers’ rapid growth will see it aim to open 25 more branches in 2019.
Read more: Deco Lounge becomes first ever Bristol Lounge to close
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