Hollywood Bowl Group plc Lease renegotiations and refurbishment programme (0762M)
July 26 2017 - 2:00AM
UK Regulatory
TIDMBOWL
RNS Number : 0762M
Hollywood Bowl Group plc
26 July 2017
26 July 2017
Hollywood Bowl Group plc
Update on successful lease renegotiations and refurbishment
programme
Hollywood Bowl Group, the UK's leading ten pin bowling company,
is pleased to announce the successful renegotiation of lease
arrangements at two centres, alongside good progress in its
refurbishment & rebrand programme.
Successful lease renegotiations
At Stevenage, the landlord regards Hollywood Bowl as a partner
of choice for the site, with the centre continuing to perform very
well for the Group. As such, we have agreed and signed a 25 year
extension to our lease, taking our tenancy out to 2046. This
provides us with the ideal location in this town and future
certainty on a strong leisure park. We have also received a
rent-free equivalent of c.8 months.
In Tunbridge Wells, we have a close relationship with the
landlord and we are excited by their outlook and plans for the
retail park and the key role that our centre will play in this.
Accordingly, we have signed a 14 year extension to the site, taking
our lease out to 2037, and in return we have received a rent-free
equivalent c.8 months.
Rebrand and refurbishment update
Hollywood Bowl Group continues to make good progress against the
refurbishment and rebrand programme outlined in our half-year
results.
Cwmbran has now been rebranded to a Hollywood Bowl, whilst our
centre at Bentley Bridge has undergone a GBP300k refurbishment. At
these centres, although it is early days, we are seeing good
returns on investment in-line with what we have seen in the wider
estate (c.46%).
We have also now completed the refurbishment of our centre in
Ashford, and Tolworth will be completed this week, with both being
rebranded to Hollywood Bowl. Looking ahead, we plan to refurbish
and rebrand Tunbridge Wells in September 2017 and we are on track
for our 58th centre to open in Dagenham in late September 2017.
Laurence Keen, Chief Financial Officer, said:
"We are pleased to have further strengthened our property
portfolio. We have now successfully completed the refurbishment or
rebrand of 55% of our estate and we continue to build strong
relationships with landlords right across the UK.
"Stevenage and Tunbridge Wells are two of our most popular
centres, and the successful renegotiation of their rent agreements
reinforces the attractiveness of Hollywood Bowl Group as a key
leisure tenant."
Contacts:
Hollywood Bowl Group via Tulchan
Laurence Keen, Chief Financial Officer Communications
Tulchan Communications
James Macey White 44 (0) 207 353
Will Smith 4200
Notes to Editors:
Hollywood Bowl Group is the UK's largest ten-pin bowling
operator, with a portfolio of 57 centres operating across the UK
under the Hollywood Bowl, AMF and Bowlplex brands. The Group
specialises in operating large, high quality bowling centres,
predominantly located in out of town multi-use leisure parks
(typically co-located with cinema and casual dining sites) and
large retail parks. The centres are designed to offer a complete
family entertainment experience with each centre offering at least
12 bowling lanes, on-site dining, licensed bars, and
state-of-the-art family games arcades.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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