Fortress Investment Group Acquires UK Hospitality Chain Loungers for £338 Million

The US-based private equity firm plans to take the London-listed company private, offering a 30% premium on its share price.

Loungers, the operator of Lounge, Cosy Club, and Brightside brands, owns 280 venues across England and Wales and has agreed to a £338 million acquisition by Fortress Investment Group.
Fortress's offer of 310p per share represents a 30% premium over Loungers' last closing price, marking the highest share price for its shareholders since its 2019 listing on AIM.
The acquisition comes as Loungers reports a strong financial performance, with a 19% revenue increase to £178.3 million and a 53.8% rise in pre-tax profits for the first half of the fiscal year.
Loungers' management supports the deal, citing Fortress as a strategic partner to drive the chain's next phase of growth and address liquidity challenges in its shares.
This acquisition adds to Fortress's growing portfolio of UK-based businesses, which includes Majestic Wine, Punch Pubs, and Curzon cinemas.