REG - Loungers PLC - Directorate Change

LoungersAnnouncement

28/11/2023 07:00

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RNS Number : 8304U  Loungers PLC  28 November 2023

28 November 2023

Loungers plc

("Loungers" or the "Group")

Directorate Change

Loungers, a leading operator of all day café/bar/restaurants across the UK
under the Lounge, Cosy Club and Brightside brands, announces that Gregor
Grant, Chief Financial Officer, has informed the Board of his decision to step
down as Chief Financial Officer and from the Board following the publication
of the Group's results for the year ending 21 April 2024, with effect from 31
July 2024.

The Board has commenced a search to identify his successor and expects to make
an appointment well in advance of Gregor leaving the Group in order to allow
for a seamless handover of responsibilities.

Alex Reilley, Executive Chairman and co-founder of Loungers, commented:

"Gregor has been an integral member of the Loungers leadership team since
joining the business in 2018. During his time here Gregor has provided
consistently strong financial leadership as the business has more than doubled
in size, alongside delivering the IPO in 2019 and of course helping to guide
the business through the challenges of the Covid period and the inflation that
has followed. I would like to take this opportunity to thank him, on behalf of
the Board and colleagues across Loungers, for his commitment and enormous
contribution over the last five years. He will leave with our best wishes for
his future".

Gregor Grant, Chief Financial Officer said:

"I have thoroughly enjoyed my time at Loungers and am pleased to be leaving
the business in such strong shape, as it continues to deliver a market-leading
like for like sales performance whilst pursuing its ambitious site roll-out
plans. Loungers is a truly unique business with a fantastic culture, a hugely
professional team, and a clear strategy for future growth. It has been a
privilege to play a small part in the extraordinary success that the business
has enjoyed."

 

For further information please contact:

 Loungers plc                                             Via Powerscourt

 Nick Collins, Chief Executive Officer

 Gregor Grant, Chief Financial Officer

 Houlihan Lokey UK Limited (Financial Adviser and NOMAD)  Tel: +44 (0) 20 7484 4040

 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 / Andrew Clark

 Powerscourt (Financial Public Relations)                 Tel: +44 (0) 207 250 1446

 Rob Greening / Nick Hayns / Elizabeth Kittle

 

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 205 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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