REG - Loungers PLC - Directorate Change – Appointment of CFO

LoungersAnnouncement

20/03/2024 09:15

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RNS Number : 5916H  Loungers PLC  20 March 2024

 

20 March 2024

 

 

Loungers plc

 

("Loungers" or the "Company")

 

Directorate Change - Appointment of CFO

 

Further to its announcement on 28 November 2023, Loungers, a leading operator
of all day café/bar/restaurants across the UK under the Lounge, Cosy Club and
Brightside brands, is pleased to announce the appointment of Stephen Marshall
as Chief Financial Officer ("CFO") and a director of Loungers. Stephen will
join the Loungers Board with effect from 23 April 2024.

 

Stephen has extensive experience as a CFO and in all aspects of finance, IT,
procurement and project management. Between July 2021 and November 2023, he
was CFO of Pure Electric, a founder-led e-scooter company. Between December
2018 and July 2021, he was CFO of Nisbets, a leading multinational supplier of
catering equipment. From 2013 to 2018, he held a number of senior roles at
Dyson, the global technology brand, including UK Finance Director and interim
CFO.  Stephen qualified as a Chartered Accountant with EY in 1995.

 

Gregor Grant, the current CFO, will step down from the Board on 23 April 2024
but will remain with the Company to provide support and to assist with the
efficient handover of responsibilities to Stephen until 31 July 2024.

 

Alex Reilley, Chairman of Loungers, commented:

 

"We are delighted to appoint Stephen to the Loungers team, and look forward to
benefitting from his consumer sector and financial expertise.  Loungers
continues to go from strength to strength and Stephen's appointment will help
us build on our market-leading position as we carry out our ambitious site
roll-out plan.

 

The Board would again like to thank Gregor for his commitment and enormous
contribution over his time at Loungers. Gregor will leave the Company with our
very best wishes for his future."

 

Stephen Marshall, incoming CFO of Loungers, commented:

 

"I am hugely excited to be joining Loungers at this exciting point in its
extraordinary story. It is a business with a clear strategy, enormous growth
potential and an exceptionally strong team. I am looking forward to playing a
part in its ongoing success."

 

 Enquiries:

Loungers plc                                                   Via Powerscourt

 Nick Collins, Chief Executive Officer

 Houlihan Lokey Advisory Limited (Financial Adviser and NOMAD)  Tel: +44 (0) 20 7839 3355

 Sam Fuller / Tim Richardson

 Liberum Capital Limited (Joint Broker)                         Tel: +44 (0) 20 3100 2000

 Andrew Godber / John Fishley

 Peel Hunt LLP (Joint Broker)                                   Tel: +44 (0) 20 7418 8900

 Dan Webster / George Sellar

 Powerscourt (Financial Public Relations)                       Tel: +44 (0) 20 7250 1446

 Rob Greening / Nick Hayns / Elizabeth Kittle

Additional information on Stephen Marshall:

Stephen Daniel Marshall, aged 54, holds or has held in the past five years the
following directorships:

 Current                                     Past (5 years)
 Wrapped up Limited                          Pure Electric Limited
 Marshall FD Services Ltd                    Pure E-mobility GmbH
 Pure Electric Espana, S.L.                  Pure Electric France Sarl
 Nisbets Iberica (Termination acknowledged)  PST Holdings Limited
                                             Nisbets Limited
                                             Nisbets France Sarl
                                             Nisbets Germany GmbH
                                             Nisbets Europe B.V.
                                             Nisbets Australia PTY Limited
                                             Nisbets New Zealand Limited
                                             Plyanemca Limited
                                             Home Chef Limited
                                             Space Catering (UK) Limited
                                             Red Ribbon Trading Limited
                                             Red Ribbon Trading (Shenzhen) Co. Ltd

 

Save as disclosed above, Stephen Marshall has confirmed that there is no
further information required to be disclosed pursuant to Schedule 2, paragraph
(g) of the AIM Rules for Companies.

 

Notes to Editors:

 

Loungers operates through its three established complementary brands - Lounge,
Cosy Club and Brightside - in the UK hospitality sector.

 

A Lounge is a neighbourhood café/bar combining elements of coffee shop
culture, the British pub and dining. There are 217 Lounges nationwide.
Lounges are principally located in secondary suburban high streets and small
town centres. The sites are characterised by informal, unique interiors with
an emphasis on a warm, comfortable atmosphere, often described as a "home from
home".

 

Cosy Clubs are more formal bars/restaurants offering reservations and table
service but share many similarities with the Lounges in terms of their broad,
all-day offering and their focus on hospitality and culture.  Cosy Clubs are
typically located in city centres and large market towns.  Interiors tend to
be larger and more theatrical than for a Lounge, and heritage buildings or
first-floor spaces are often employed to create a sense of occasion.  There
are 36 Cosy Clubs nationwide.

 

Brightside is a roadside dining concept and was launched in November 2022. The
first Brightside location opened on the A38, south of Exeter, in February
2023, with the second opening in Saltash near Plymouth in June 2023 and the
third in Honiton on the A303 in August 2023.

 

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