Loungers In Search of New CFO Following Grant’s Decision to Step Down

Gregor Grant has confirmed his plan to step down from his position as the Chief Financial Officer of Loungers by July 2024. He assumed this role in 2018 with the objective of aiding the café, bar, and restaurant operator, which oversees brands like Lounge, Cosy Club, and Brightside, in expanding from 128 to 200 sites.

Grant’s departure from the company will follow the release of Loungers’ results for the fiscal year ending on April 21, 2024. The board has initiated the search for his successor and intends to appoint a replacement “well ahead” of Grant’s departure from the group.

This announcement followed the publication of Loungers’ results for the 24-week period ending October 1, 2023. The company reported an accelerated new site rollout, launching 16 sites during this period, including 14 Lounges and two Brightsides. The newly launched Brightside sites achieved a gross average weekly sales level of £22,500, prompting considerations for a potential national expansion based on Brightside’s returns on capital.

Loungers highlighted the strong performance of its new openings, indicating a gradual shift toward Scotland and the northeast while still exploring opportunities in England and Wales. Nick Collins, Loungers’ chief executive, confirmed plans to open 34 new sites within the current financial year, targeting over 250 sites by April 2024.

The group expressed optimism about the Christmas trading period, citing robust customer demand and signs of moderating inflationary pressures. Like-for-like sales grew by 7.6% in the first eight weeks of Q3. In its results for the 24 weeks ending October 1, 2023, Loungers reported a 39% increase in profit before tax.

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