Bars operator Loungers (LON: LGRS) did not get the valuation of up to £250m it initially wanted when it floated on AIM. The share price went to a decent premium, though, up 8% to 216p,
Loungers operates 146 sites and the strategy is to open 25 sites each year. Management believes that there could be more than 400 Lounges and more than 100 Cosy Club sites in England and Wales. It costs £600,000 to set up a Lounge and £1m for a Cosy Club. The cash raised in the AIM placing will help to reduce borrowings and fund the planned 25 openings a year.
On top of the money raised by the company, exi...
