Loungers is a British café-bar and restaurant chain, and owner of the Cosy Club, Lounge and Brightside brands.  Credit: BONDART PHOTOGRAPHY/Shutterstock.

Loungers shareholders have endorsed a revised bid of £354.4m ($438.7m) by CF Exedra Bidco, a company indirectly owned by funds managed by affiliates of Fortress Investment Group.  

94% of shareholders supported the improved proposal from Fortress, which also backs Peach Pubs, Majestic Wines and Vagabond.  

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In late 2024, Loungers faced opposition from significant shareholders regarding its proposed £338m takeover by Fortress.  

The offer, announced on 28 November 2024, stood at 310p per share, surpassing Loungers’ highest-ever closing share price.  

Loungers is a British café-bar and restaurant chain, and owner of the Cosy Club, Lounge and Brightside brands.  

The new offer of 325p per share takes the company’s value to £354.4m ($438.776m), with an enterprise value of £366.6m.

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The agreement is expected to be approved during a court hearing scheduled for 7 February 2025. 

Subject to court sanction and other conditions as detailed in the scheme document, the transaction will be finalised on 11 February 2025, as reported by Investing.com. 

Loungers’ executive chairman Alex Reilley stated: “We are very pleased that Fortress has decided to increase its offer, making it even more compelling for Loungers shareholders and re-inforcing the Loungers directors’ recommendation that they should vote in favour of the acquisition.” 

Loungers shares will be removed from AIM trading, with the final day of dealings on 10 February 2025. Post-acquisition, Loungers will transition to private limited company status. 

Fortress managing director Domnall Tait stated: “This increased offer for Loungers reflects our continued belief in the business and its management team, and we look forward to supporting them through the next stage of growth. Notwithstanding the recent challenges, Fortress remains a strong believer in the UK.”