Loungers, a UK café and bar chain, is set to be sold for £366 million to Fortress Investment Group, marking a significant milestone for the brand.
The deal was announced on January 30, after shareholders approved the offer. They had previously turned down a lower bid of £338 million. Loungers’ chairman, Alex Reilley, called the new offer “compelling.”
Loungers operates over 280 venues across the UK. It began in 2002 when friends opened the first Lounge in a former optician’s shop in Bristol. The first Cosy Club followed in Taunton ten years later.
Fortress Investment Group already owns several UK brands, including Majestic Wines and Punch Pubs. They believe Loungers has a strong position in the market, even amid challenges in the hospitality sector.
Under the new offer, shareholders will receive 325p for each share. Fortress is optimistic about Loungers’ future and plans to support its growth.
In 2024, Loungers opened 35 new locations. This year, they’ve already launched several new venues, with more planned for the coming months.
