Bristol-based café/bar business Loungers is embarking on an ambitious expansion programme after securing a new financing deal with Santander Corporate Banking.
The firm, which opened its first outlet in Bristol in 2002, aims to have 32 by mid-2013. It has recently opened its 19th outlet – Santo Lounge in Southampton - and started work on its 20th, in Stamford, Lincolnshire, which is due to open in late October under the Cosy Club brand. Loungers manages both the original Lounge casual food-led café bar concept as well as the more recent-launched Cosy Club restaurant bar initiative.
The company was started by three friends who felt their community was missing a friendly and relaxed food and drinks venue. That led to them opening Lounge in North Street, Bedminster.
The business has grown year on year and now has sites in Bath, Birmingham, Bournemouth, Cardiff, Plymouth and Reading among others. In Bristol it owns Tinto Lounge on Gloucester Road, Horfield, Porto Lounge in Fishponds, Deco Lounge in Cotham and Banco Lounge in Totterdown.
As part of its expansion, Loungers has secured several new sites, including in Exeter, Hove and Salisbury.
Managing director and co-founder Alex Reilley said: “We were looking for a banking partner with an appetite to support us through the next phase of our growth and Santander has displayed a genuine desire to do that. With our new facility from Santander, we can push ahead with these plans.”
Santander Corporate Banking relationship director Jo Honess said: “Loungers is a fantastic business that has shown really strong and consistent growth over the past nine years. At Santander we’re keen to build relationships with strong and ambitious businesses and our new agreement with Loungers is an excellent example of this.”
