Bristol chain to open 25 restaurants and float on London Stock Exchange

A Bristol restaurant chain with ambitious growth plans is set to float on the London Stock Exchange.

Loungers, which owns 122 Lounges bars and 24 Cosy Clubs, is also planning to open 25 new branches this year.

The Bristol company is estimated to be worth between £250milllion and £300million and is planning to float on the alternative investments market (Aim) this month.

Loungers will use its Aim listing to raise money to pay off its debt, provide capital for growth and allow existing shareholders to sell part of their stake.