Loungers, the highly successful Bristol-based café/bar chain, is under new ownership after being acquired by a US private equity firm for £354m.
Fortress Investment Group, which owns Majestic Wines, Poundstretcher and the Curzon cinema chain, secured nearly 94% of Loungers shareholders’ votes for its improved offer at a general meeting yesterday. 
At the time it made its first bid last November, which had valued Loungers at £338m, Fortress said it was “supportive of Loungers’ existing strategy” and held the management team in “high regard”.
It said it brought to the table a successful track record of investing in consumer-focused businesses across the globe, particularly in the UK.
The group also owns Peach Pubs and Vagabond Wines. The deal will be sanctioned in a court hearing expected to take place on 7 February.
Fortress had faced opposition from some Loungers’ shareholders to its original offer, with one saying it was the “wrong time to be trying to sell a very good business of this kind”.
When the improved bid was made, Loungers chairman Alex Reilley said: “We are very pleased that Fortress has decided to increase its offer, making it even more compelling for Loungers shareholders and reinforcing the Loungers directors’ recommendation that they should vote in favour of the acquisition.”
Fortress managing director Domnall Tait added: “This increased offer for Loungers reflects our continued belief in the business and its management team, and we look forward to supporting them through the next stage of growth.
“Notwithstanding the recent challenges, Fortress remains a strong believer in the UK.”
Loungers, which employs nearly 9,000 people across its 257 sites, opened its first venue on North Street in Bedminster, 22 years ago offering a relaxed atmosphere with a strong food offering and quirky décor.
This template worked well on suburban high streets and smaller town centres where rents were often lower and competition was mainly from coffee shops or traditional pubs.
Having built a chain of 230 Lounges – all more or less based on its first one in Bristol – as well as 35 Cosy Clubs, which tend to be based in larger, city and town-centre buildings, and four Brightside roadside restaurants, Loungers announced a long-term plan to have a total of 600-plus outlets.
