Loungers Plc Regulatory News (LGRS)

20 March 2024

Loungers plc

("Loungers" or the "Company")

Directorate Change - Appointment of CFO

Further to its announcement on 28 November 2023, Loungers, a leading operator of all day café/bar/restaurants across the UK under the Lounge, Cosy Club and Brightside brands, is pleased to announce the appointment of Stephen Marshall as Chief Financial Officer ("CFO") and a director of Loungers. Stephen will join the Loungers Board with effect from 23 April 2024.

Stephen has extensive experience as a CFO and in all aspects of finance, IT, procurement and project management. Between July 2021 and November 2023, he was CFO of Pure Electric, a founder-led e-scooter company. Between December 2018 and July 2021, he was CFO of Nisbets, a leading multinational supplier of catering equipment. From 2013 to 2018, he held a number of senior roles at Dyson, the global technology brand, including UK Finance Director and interim CFO. Stephen qualified as a Chartered Accountant with EY in 1995.

Gregor Grant, the current CFO, will step down from the Board on 23 April 2024 but will remain with the Company to provide support and to assist with the efficient handover of responsibilities to Stephen until 31 July 2024.

Alex Reilley, Chairman of Loungers, commented:

"We are delighted to appoint Stephen to the Loungers team, and look forward to benefitting from his consumer sector and financial expertise. Loungers continues to go from strength to strength and Stephen's appointment will help us build on our market-leading position as we carry out our ambitious site roll-out plan.

The Board would again like to thank Gregor for his commitment and enormous contribution over his time at Loungers. Gregor will leave the Company with our very best wishes for his future."

Stephen Marshall, incoming CFO of Loungers, commented:

"I am hugely excited to be joining Loungers at this exciting point in its extraordinary story. It is a business with a clear strategy, enormous growth potential and an exceptionally strong team. I am looking forward to playing a part in its ongoing success."

Additional information on Stephen Marshall:

Stephen Daniel Marshall, aged 54, holds or has held in the past five years the following directorships:

Save as disclosed above, Stephen Marshall has confirmed that there is no further information required to be disclosed pursuant to Schedule 2, paragraph (g) of the AIM Rules for Companies.

Notes to Editors:

Loungers operates through its three established complementary brands - Lounge, Cosy Club and Brightside - in the UK hospitality sector. 

A Lounge is a neighbourhood café/bar combining elements of coffee shop culture, the British pub and dining. There are 217 Lounges nationwide. Lounges are principally located in secondary suburban high streets and small town centres. The sites are characterised by informal, unique interiors with an emphasis on a warm, comfortable atmosphere, often described as a "home from home".

Cosy Clubs are more formal bars/restaurants offering reservations and table service but share many similarities with the Lounges in terms of their broad, all-day offering and their focus on hospitality and culture. Cosy Clubs are typically located in city centres and large market towns. Interiors tend to be larger and more theatrical than for a Lounge, and heritage buildings or first-floor spaces are often employed to create a sense of occasion. There are 36 Cosy Clubs nationwide.

Brightside is a roadside dining concept and was launched in November 2022. The first Brightside location opened on the A38, south of Exeter, in February 2023, with the second opening in Saltash near Plymouth in June 2023 and the third in Honiton on the A303 in August 2023.