Business Nick Collins of the fast-growing, job-creating chain warns that hospitality industry is being ‘penalised’ by the system The chief executive of the fast-growing neighbourhood bar chain Loungers called for an extension to business rates relief today as the London-listed company reported record sales and profits. Nick Collins told the Standard: “The hospitality sector generally pays an unfair proportion of the business rates bill, 10% of the overall amount when our revenue represents only 3%." He added: "We invest in sites and high streets and are then penalised.
I think that the most important thing is that the relief which is due to expire at the end of tax year is continued.” Loungers is known for revitalising the high streets of smaller towns and suburban areas, moving into old banks and other disused retail space and transforming properties into the kind of fresh, interesting space that can help drive traffic through the area. The company opened 36 new bars in the year to 21 April, creating 1,200 new jobs, mainly in smaller town centres.
It now has 226 venues open under its main brand. It was founded in 2002 by three friends – Alex Reilley, David Reid, and Jake Bishop – who saw a gap in the market for an all-day venue they would want to visit. Their bars are designed to blend elements of the traditional pub, coffee shop culture and a restaurant level eating out experience.
Food is served from 9.00am to 10.00pm.
Each one has an individual name and is des.
