London Stock Exchange today welcomes Hollywood Bowl Group plc
London Stock Exchange today welcomes Hollywood Bowl Group plc to the Main Market following its successful IPO. The Offer price has been set at 160 pence per share which equates to a market capitalisation of £240.0 million on Admission and is expected to raise gross proceeds of £181.3 million for the selling shareholders.
Hollywood Bowl is the UK's largest ten-pin bowling operator, with a portfolio of 54 bowling Centres operating across the UK. The Group specialises in operating large, high quality bowling centres, predominantly located on out of town multi-use leisure parks (typically co-located with cinema and casual dining sites) and large retail parks, with all of the Centres being occupied by the Group on a leasehold basis. The Group's Centres are designed to offer a complete family entertainment experience with each Centre offering at least 16 bowling lanes, on-site dining, licensed bars, and state-of-the-art family games arcades.
As the largest UK operator of ten-pin bowling centres, the company has worked hard to change perceptions of bowling which is now the fastest growing segment of the UK Leisure sector. The UK market remains underserved by bowling compared to similarly priced family leisure activities, such as the cinema or casual dining, supporting the group’s stated growth strategy of opening around two new centres per year while the existing estate is constantly being refurbished.
Refurbishment activity has included the development of new bowling environments, a smaller boutique, "urban" format, the introduction of new dining concepts like Hollywood Diner and the implementation of a new scoring system and VIP lanes. These combine to create high quality customer experiences across the portfolio.
Steve Burns, Chief Executive Officer of Hollywood Bowl, said:
“The culmination of the listing process is an important step in the history of Hollywood Bowl Group. We have grown our business to become the UK’s largest ten-pin bowling operator, offering high quality, competitively priced entertainment for the whole family. We have a very clear growth strategy, using a proven model in a market with structural growth opportunities and joining the public market offers a fantastic platform to support this. I am delighted to welcome new investors to the business as we continue to implement these exciting plans.”