Hollywood Bowl Group PLC asks for £30mln and dusts off growth plans as re-opening date nears

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Hollywood Bowl Group PLC (LON:BOWL) is taking an upbeat view on post-Covid-19 buying and selling because it introduced a £30mln bookbuild putting to reboot its web site growth programme.

The bowling centre group put new openings on maintain when the lockdowns have been imposed however mentioned as we speak it had dusted off plans to open seven new ten-pin bowling centres by September 2024.

An additional 9 potential websites are topic to authorized phrases being agreed however Hollywood Bowl reckons with a good wind it may be on-site at three of those by the tip of 2021.

Every of those websites requires round £2.4mln in capital funding and fit-out spending mentioned the £400mln essential market-listed enterprise.

This 12 months, the group mentioned additionally it is concentrating on an additional six Pins on Strings installations, completion of the rollout of its new scoring programs and an improve to its CRM infrastructure.

Refurbishments in the meantime are scheduled to be accomplished at Stevenage and Basildon by Could and at Glasgow (2), Liverpool and Cheltenham.

At 28 February 2021, the group had £11.3mln of money and gross debt of £29.2mln.

A money burn of roughly £3.6mln is anticipated between March 2021 and 17 Could 2021, when the group’s English centres are as a result of reopen, whereas March 2021 hire and deferred hire funds are roughly £5.8mln.

Any additional delays to the reopening of the English websites would put the steadiness sheet below important strain, it added.

Shares fell 4% to 240p.

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