Loungers set to raise £83m with floatation on Monday

Further to the news on 1 April that Loungers was planning to float this month, the bar and cafe operator now looks set to raise £83.3m on its admission to the Alternative Investment Market (AIM) on Monday, after it was valued at £185m.

Loungers said the move will 'position the group strongly' for the next stage of its growth, with it targeting 25 new sites a year over the medium-term.

Chief Executive Nick Collins said, 'We have a growing business and clear expansion strategy to continue to roll out 25 new sites per year supported by a strong pipeline of sites and led by an experienced and committed management team.

'We believe our track record speaks for itself and look forward to the opportunity which lies ahead to deliver significant value for all shareholders.'

Loungers was founded in 2002 by a trio of long standing friends, Dave Reid, Alex Reilley and Jake Bishop. In the 52 weeks ended April 22, 2018, the company posted an operating profit of £7m on revenue of £121.1m.