Loungers sold to Fortress for £354m

Loungers has been sold to Fortress in a deal worth £354.4m, with shareholders approving the increased and final offer recently put forward by the US firm. 

Fortress, which has previously invested in businesses including Majestic Wines and Peach Pubs & Co, initially offered 310p per share towards the end of 2024, a deal that would have been worth around £340m. The company then presented an increased and final offer of 325p per share on 15 January, suggesting an enterprise value of around £366.6m. 

The announcement follows a court meeting and general meeting held on 30 January, where 93.5% of shareholders voted in favour of the deal. 

Loungers plc currently owns and operates 280 sites across the UK under its Lounge, Cosy Club and Brightside brand umbrellas. The group was founded in Bristol by Dave Reid, Alex Reilley and Jake Bishop in 2002.

Earlier in the month, at the time of the increased offer, Reilley said of the proposed agreement: "We are very pleased that Fortress has decided to increase its offer, making it even more compelling for Loungers shareholders and reinforcing the Loungers directors' recommendation that they should vote in favour of the acquisition."

You may also be interested in…