Sun, 06 Nov 2016 | BUSINESS SALE
The majority owners of the Loungers pub chain have decided to offer the business for sale.
Fifteen years ago Jake Bishop, Alex Reilley and Dave Reid used their life savings to set up a single pub in Bristol. The pub built a reputation around its quality gastrononomics and quirky decor and it wasn’t long before the trio began opening new locations.
With the help of private equity firm Piper which took a stake in the business, the chain has now grown to 77 pubs, 12 00 employees and a combined turnover of £48 million, producing annual profits of £2.5 million according to accounts filed in 2015.
According the the Sunday Times, the business is forecast to produce underlying earnings of £15 million.
It is reported that Pipers want to sell their entire stake in Loungers Group with the two remaining owners Bishop and Reilley (Reid sold in 2012) still considering how much of their stake to throw in the hat.
Advisory firm GCA Altium has been reportedly hired to find potential buyers which could include pub chains Greene King and Fullers. Apparently buyout firms buyout firms Inflexion Private Equity and Equistone have also shown interest.
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