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."
Enquiries:
Loungers plc
Nick Collins, Chief Executive
Officer
|
Via
Powerscourt
|
|
|
Houlihan Lokey Advisory Limited (Financial Adviser and
NOMAD)
Sam Fuller / Tim
Richardson
|
Tel: +44
(0) 20 7839 3355
|
|
|
Liberum Capital Limited (Joint Broker)
Andrew Godber / John
Fishley
|
Tel: +44
(0) 20 3100 2000
|
|
|
Peel Hunt LLP (Joint Broker)
Dan Webster / George
Sellar
|
Tel: +44
(0) 20 7418 8900
|
|
|
Powerscourt (Financial Public Relations)
Rob Greening / Nick Hayns /
Elizabeth Kittle
|
Tel: +44
(0) 20 7250 1446
|
|
Additional information on Stephen Marshall:
Stephen Daniel Marshall, aged 54,
holds or has held in the past five years the following
directorships:
Current
|
Past (5
years)
|
Wrapped up Limited
|
Pure Electric Limited
|
Marshall FD Services Ltd
|
Pure E-mobility GmbH
|
Pure Electric Espana,
S.L.
|
Pure Electric France Sarl
|
Nisbets Iberica (Termination
acknowledged)
|
PST Holdings Limited
|
|
Nisbets Limited
|
|
Nisbets France Sarl
|
|
Nisbets Germany GmbH
|
|
Nisbets Europe B.V.
|
|
Nisbets Australia PTY
Limited
|
|
Nisbets New Zealand
Limited
|
|
Plyanemca Limited
|
|
Home Chef Limited
|
|
Space Catering (UK)
Limited
|
|
Red Ribbon Trading
Limited
|
|
Red Ribbon Trading (Shenzhen) Co.
Ltd
|
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.