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Presentation Loungers plc MAY 2019 “Serving everyone, for every occasion, everywhere” plc board members Extensive consumer experience amongst executive and non-executive board members Executives Alex Reilley Nick Collins Gregor Grant Co-founder & Chairman CEO CFO Joined in 2018 Co-founded Loungers in 2002 Joined in 2012 as Finance Director CEO until 2015 when he became Chairman Appointed CEO in 2015 Previously worked at Novus Leisure, Fuddruckers, Eldridge Pope and Morrells of Oxford Previously worked at AIM listed Capital Pub Company plc and Fuzzy’s Grub Qualified ACA with Deloitte in 1992 Non-Executives Nick Backhouse Jill Little Adam Bellamy James Cocker Senior independent NED Independent NED Independent NED Non-Executive Nomination Committee Chair Remuneration Committee Chair Audit Committee Chair Director Independent Director at Independent Director of Independent Director of Ten Partner at Lion Capital and Hollywood Bowl Group, Joules, Shaftesbury, Nobia Entertainment Group and led Lion’s investment in Eaton Gate Gaming and Green Jade PureGym Loungers in 2016 Previously at Marston’s, Consultant at El Corte Ingles Previously worked at Previously at McKinsey & Guardian Media Group and Previously worked at John PureGym as CFO, and as Company All3Media Lewis FD at Atmosphere Bars & Previously Deputy CEO at Clubs and D&D London David Lloyd Group 1 Loungers is a winner in an evolving hospitality sector Only growing all-day operator of scale in the UK Consistently outperforming the wider UK hospitality sector delivering strong returns across the estate Broad, nationwide demographic appeal: “Serving Everyone for Every Occasion, Everywhere” Two distinct but complementary brands to maximise geographic and demographic reach Focus on hospitality, community, atmosphere and value-for-money Potential for at least 400 Lounges and 100 Cosy Clubs in the UK Track record of opening c.20 sites per year Consistently strong returns and site economics across vintages and locations Experienced and highly regarded management team 146 £135m £18.1m Sites1 L13P2 Sales L13P2 Adjusted EBITDA3 Notes: 1As at April 2019. 2L13P = 13 four week periods to 7 October 2018 3Adjusted EBITDA excludes exceptional items, site pre-opening costs and non-cash share-based payment charges 2 What is a Lounge? Neighbourhood café / bar combining eating out, the British pub and coffee shop culture 72% of Lounge customers see it as a unique proposition, rather than categorise it as a restaurant, pub or coffee shop1 Principally located in secondary suburban high streets and small town centres All-day offer at every site: same menu served from 9am to 10pm Informal, quirky interiors: a “home from home” Hospitality and familiarity at the core, driven by an “independent” culture and focus on the local community 2 122 Lounges nationwide Notes: 1November 2018 survey of 1,529 customers undertaken by consultancy firm Market Measures 2As at 21 April 2019 3 Lounges are at the heart of the community Similar look and feel but tailored to the specific site and local area - Individually named and not heavily branded - No two sites are the same; design continually evolving Engaged with the local community through staff out-reach, events, charity and community groups, re-invigorating local high streets 8 in 10 customers live locally1 underlining local neighbourhood credentials 25% of customers visit at least weekly and 67% every month1 Notes: 1November 2018 survey of 1,529 customers undertaken by consultancy firm Market Measures 4 Lounge serves everyone for every occasion Demographic profile of Lounge customers1 FY18 sales breakdown2 61% Food vs. drink Day part 17% 21% Female 39% Male 10% 12% 15% 8% 24% 20% Morning 18% 29% 41% 46% Afternoon 2 Brunch O 12 A 38% Coffee Evening For which occasions do you visit a Lounge?1 0 1 47% 43% 41% 59% 33% Mon - Thurs Fri - Sun 2 2 2 2 friends/family with VS. /Brunch Week Weekend Breakfast Ev Lunch with with with children Socialising Fami Fami Drinks 90% of Lounge customers visit for multiple occasions Notes: 1November 2018 survey of 1,529 customers undertaken by consultancy firm Market Measures 2Management Information 5 What is a Cosy Club? More formal bar / restaurants offering reservations and table service - Similar all-day offer and focus on hospitality and culture Typically located in city centres and large market towns - Maximises geographic and demographic reach Tend to be larger and more theatrical, frequently in heritage buildings, to create a sense of occasion and discovery Sales and EBITDA typically higher than for a Lounge Offers an opportunity for greater coverage within individual cities (e.g. Birmingham with nine Lounges and one Cosy Club) 1 24 Cosy Clubs nationwide Notes: 1As at 21 April 2019 6 Broad demographic appeal but more occasion-led than Lounge Demographic profile of Cosy Club customers1 FY18 sales breakdown2 57% Food vs. drink Day part 20% 20% Female 43% Male 5% 6% 7% 8% 19% Morning 26% 41% 15% 41% 43% Afternoon 2 Brunch O 12 A 49% Coffee Evening For which occasions do you visit Cosy Club?1 0 65% 63% 2 58% 54% 37% 63% 0 Mon - Thurs Fri - Sun VS. Week Weekend Ev Lunch Ev Coffee Breakfast/brunch Speci Notes: 1December 2017 survey of 860 customers undertaken by consultancy firm Market Measures 2Management Information 7 Cocktails Focus on value c.£7.00 for money Lounge Sundae Strong reputation for value for money, a core £5.95 value for both brands Range of price points to fill the middle ground on local high streets Halloumi & Veggie Sweetcorn Pancake - Substantial, good quality meal for less than £10 Breakfast Jumbo Oats £7.95 Porridge - Coffee at least in line with price point of national £7.65 coffee chains £3.95 Same menu and price point nationwide Very limited and focused price increases historically No need to discount Offers resilience in a tighter consumer spending environment - Opportunity to capture consumers trading down Avocado Brunch Lounge Triple-stacked £7.75 Breakfast Buttermilk Pancakes £7.65 £6.75 Latte £2.30 Halloumi Burger Supergreen Salad £8.50 £7.95 Tapas £3.95 Source: Company websites 8 Proven rollout track record with well-managed capex Highly refined rollout model includes a dedicated property function In-house build teams manage entire fit-out process providing significant savings Opened 20+ sites in each of the last three years - Opened 25 sites during FY19 - Plan to continue to open 25 sites per year: c.20 Lounges and where contracts c.5 Cosy Clubs 13 have been sites 1 Growth capex well-managed and tightly controlled exchanged - Typical capex of £625k for a Lounge and £1m for a Cosy Club Consistent performance across vintages and locations - Average CROCI c.34%2 - No loss-making mature sites 35 in legal - Closed only four sites – one at end of lease and three sites documentation or under-performers Heads of Terms1 No need to undertake wholesale rebranding or refurbishment across the estate: - Estate is well-maintained - The “lived in” feel of interiors means sites age well with minimal maintenance capex (<£10k per site in FY18) 54 - Occasional “splash and dash” refurbishments to introduce new sites currently under design features to older sites (8 in FY18 at c.£94k per site) consideration1 Source: Management accounts L13P = 13 four week periods to 7 October 2018. Mature sites defined as sites open 18 four week periods or more Notes: 1As at 29th March 2019 2CROCI is calculated by taking Site EBITDA over the last 13 four week periods and dividing it by the cumulative capex spent on each site, net of landlord contributions and including pre-opening costs Site EBITDA is Gross Profit less site labour costs, site variable costs and site property costs 9 Successful across a nationwide footprint in varied sites and locations Consistently strong returns wherever Loungers opens; Brands have the ability to cluster around cities operating successfully in city centres, market towns, high with new units opening in close proximity to an streets, secondary suburban high streets and retail centres existing site without cannibalising sales Renato Lounge (Jan-17) Quinto Lounge Verdo Lounge – (Jan-15) Secondary High St. (May-12) Novello Lounge – Telford, Shopping Centre (Sep-16) Sutton Coldfield Perry Barr Erdington Hodge Ladywood Hill Cappello Lounge – Birmingham Cosy Club Newcastle-under-Lyme, (May-15) Yardley Market Town (Jan-16) Edgbaston Hall Green Selly Oak Arco Lounge Northfield (Jan-10) Paramo Lounge Cosy Club Loco Lounge Lounge (Mar-18) (Mar-11) Sorrento Lounge Allegro Lounge Desco Lounge (Mar-18) (Nov-18) (Jul-14) 10 Potential for in excess of 400 Lounges and 100 Cosy Clubs in the UK 1 Analysis by CACI has identified the potential for > 400 Current estate sizes of major UK hospitality operators Lounges and > 100 Cosy Clubs in England and Wales1 Currently has three sites within the M25 and, whilst no plans to open in Central London, the Group sees further 2 opportunity within Greater London in locations which have a similar demographic profile to the existing estate 74 Management believe that the Lounge number is conservative, given recent performance across a range Bill's 0 of catchments 1 86 Lounge 122 At 400 sites, the Lounge estate will still be less than half the size of the current estates of certain other comparable Wagamama 10 operators in the UK hospitality sector Zizzi 1 Plan to continue to open 25 sites per year: c.20 Lounges Prezzo 20 and c.5 Cosy Clubs - Will continue to adhere to rigorous site selection Nando's 90 criteria and disciplined rollout model - FY18 rent as % of sales: 5.4% 453 12 Management typically seek 15 year leases - Secures attractive rental terms and landlord incentive Wetherspoon 19 packages - Coupled with ability to trade all day, allows successful Starbucks 909 operation in low population locations Costa 20 Notes: 1January 2019 analysis of market capacity based on historic performance and market characteristics undertaken by CACI.
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