News / Loungers
Bristol-founded restaurant chain to be sold in multi-million pound takeover
A Bristol-born restaurant and café group with 280 venues across the UK, is set to be sold to an American investment firm.
Loungers group, which recently opened its 240th lounge and 280th overall site in Tynemouth, has reached an initial £338m deal with the US-based private equity firm, Fortress Investment Group, pending shareholder approval.
The founders have endorsed the sale, citing “the next phase of Loungers’ growth”.
Often hailed as one of Bristol’s biggest food and drink success stories, Loungers made a triumphant return to its Bristol roots in July with the opening of Ritorno Lounge, overlooking the Floating Harbour, marking its 228th venue.
Recently Lounge group marked its homecoming with the opening of Ritorno Lounge, overlooking Floating Harbour – photo: Martin Booth
But the journey began in 2002 in an empty former opticians shop on North Street with nothing more than a dream and a princely capital of £10,000 where three friends – Dave Reid, Alex Reilley and Jake Bishop – teamed up to create something of their own with years of experience under their belts.
On the secret to Loungers’ enduring appeal, co-founder Alex Reilley explained: “It’s accessible to everyone. Whether it’s families, business meetings, builders having breakfast, or mums’ groups, you’ll find all kinds of people in any given Lounge on any given day.”
On the next chapter of Loungers, co-founder Reilley expressed optimism. He said: “We remain very confident about Loungers’ future prospects and the half year results that we announced separately today clearly demonstrate the strong momentum that we have in the business.”
Reilley reflected: “Loungers has come a long way since our first site in Bristol in 2002. We’re incredibly proud of the jobs we’ve created, the positive impact on high streets across the UK, and the exceptional hospitality delivered by our amazing teams.”
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From Gloucester Road to Fishponds and Filton, the group’s rise has been nothing short of meteoric, with new openings across the country at regular intervals.
“We’re more ambitious than ever,” Reilley said.
“We see Fortress as the perfect partner to help us drive Loungers into the next phase of growth.”
Main photo: Martin Booth
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