Funds managed by affiliates of $49bn investments manager Fortress Investment Group (Fortress) have completed the acquisition of Loungers, a British cafe-bar and restaurant chain operating over 200 locations in the United Kingdom for £354.4m.

In a press statement, Domnall Tait, Managing Director at Fortress Investment Group, said: “We are delighted to have completed the acquisition of Loungers, an excellent company we know has a unique place within UK hospitality. Fortress strongly believes in the UK and experience-led retail, and our successful track record of investing in and growing consumer-focused businesses ensures we are well placed to help accelerate Loungers’ exciting next phase of growth.”

In total, shareholders representing more than 35.9% of the prior share capital of Loungers opted to maintain their equity holding in Loungers in the new structure.