ollywood Bowl revealed that it’s to open a brand new London web site because the chain threw open doorways for the primary time since Christmas anticipating “robust demand” from households, and reported a lockdown-era loss.
The UK’s largest ten-pin bowling operator, which floated in in 2016 and has 64 centres throughout the UK, additionally launched family-focused mini-golf providing Puttstars in March 2020 in a bid to disrupt the market.
On Monday the listed chain stated it signed three new websites within the final six weeks, together with a Puttstars for Harrow set to open later this yr. It’s in superior negotiations for an additional 11 websites.
The corporate reported a £14.5 million pre-tax loss within the half yr to April, down from £15.2 million revenue in the identical interval the earlier yr. However finance chief Laurence Eager highlighted that the enterprise, which was shuttered for 75% of the interval, has £8.2 million in internet money and has been boosted by a £29.3 million fairness elevate in March that’s set to gas continued funding within the property and “high quality” new openings.
The chain has additionally been helped by “constructive engagement” with landlords enabling robust money administration within the half, together with “important” lease write-offs for intervals closed, Eager stated.
Round 1,600 workers are beginning again at work, and Eager advised the Customary: “We’re tremendous enthusiastic about opening at the moment and demand is there.”
The CFO stated the chain went for Harrow because of its giant variety of family-oriented residents and small current leisure providing, and defined the group is concentrating on leisure locations for brand new openings moderately than low cost slots at present moving into retail parks, because the agency desires to be “a vacation spot” near eating places.
Chief govt, Stephen Burns, stated the corporate is “rising from this difficult yr of steady lockdowns in a robust place to capitalise on the alternatives to speculate”, and that the “power of our pre- bookings for Might offers us confidence that we are able to recuperate to pre-pandemic efficiency ranges as households flock again” to indoor leisure.
Analysts at Investec stated: “We count on commerce to recuperate strongly, benefiting from continued funding over the past six months.”
Shares had been down 0.6%, or 1.5p, to 235p, in early buying and selling.