UK – Cosy Club, owned by café-bar and restaurant chain Loungers has formalized its planned occupation of the renown Exchange Buildings in Swansea, through occupation contracts.
The new club is set to open in early 2025, marking a notable expansion for the brand, which currently operates 36 locations across the UK, including two in Cardiff.
The restaurant will form part of a broader redevelopment project involving the Post House and Exchange Buildings, adding 80 rooms to the Morgans Collection.
Jacob Hughes, Managing Director of Swansea.com, announced on LinkedIn: “We are thrilled to have finalized contracts to bring Cosy Club (part of Loungers plc) to Swansea. They will occupy the ground floor of the iconic Exchange Buildings, aiming to open in the first half of 2025.”
“This addition is a key component of our strategy to enhance the Maritime Quarter and elevate Swansea as a whole.”
He further acknowledged the efforts of Alex Kalebic and Dominic Garner, noting that the first viewing took place on Beaujolais Day 2023, and the alcohol license application was submitted a year later on Beaujolais Day 2024.
Hughes praised Cosy Club as a standout brand within Loungers and expressed enthusiasm for its arrival in Swansea.
Both the landlord and tenant are making significant investments to prepare the property for the new venue. Additional details about these developments, aimed at bolstering the Morgans Collection, are expected to be shared in winter 2024/25.
The announcement coincided with news of Loungers plc’s acquisition by US-based Fortress Investment Group, in a deal valuing the company at approximately £338 million (US$426.6 million).
The transaction, structured as a court-sanctioned scheme of arrangement, is expected to complete in the first quarter of 2025.
Fortress, which manages assets worth US$48 billion, has offered 310 pence per share—a 30% premium over the previous day’s closing price of 238 pence.
Loungers’ board unanimously approved the terms, with 40% of shareholders pledging their support through binding agreements to CF Exedra Bidco, a newly created entity under Fortress for the acquisition.
Loungers currently operates 262 locations in England and Wales across three brands: Lounge, Cosy Club, and Brightside. Fortress stated that the acquisition will be executed through a newly established investment vehicle.
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