Update and Notice of Results

RNS Number : 5496M
Hollywood Bowl Group plc
12 May 2020
 

Hollywood Bowl Group plc

 

("Hollywood Bowl", the "Group" or the "Company")

 

Further covenant amendments, RCF extension replaced by CLBILS and

Notice of results

 

Hollywood Bowl Group PLC, the UK's market leading ten-pin bowling operator, today provides an update regarding its financial position.

 

As announced on 2 April 2020, the Group's lenders had agreed to a £10m revolving credit facility ("RCF") extension to its £35m banking facility, amended the leverage covenants and waived the cashflow covenants for the rest of FY2020.

 

The £10m extension to the RCF, noted above, will now be provided by Lloyds Bank under the terms of the Government Coronavirus Large Business Interruption Loan Scheme ("CLBILS"), for the same amount.

 

The existing banking facility (£35m) remains in place and following constructive discussions regarding ongoing support, the covenants on the existing facility have been further amended for the first half of FY2021.  The new covenants for the next twelve months are as outlined below:

 

Leverage covenants (Net debt : LTM EBITDA):

· June 2020

1.50x

· September 2020

2.25x

· December 2020

5.00x

· March 2020

1.50x

 

 

Cash cover covenant:

· June 2020

waived

· September 2020

waived

· December 2020

1.00x

· March 2020

1.00x

 

In addition to the £10.5m raised via a successful placing completed on 17 April 2020, management continues to take actions to maintain a strong cash and liquidity position, and to support team members, in order for the Group to emerge from this period of significant disruption in a robust financial and operational position.

 

Updated notice of results

 

Hollywood Bowl currently expects to report its Interim Results for the six months to 31 March 2020 on 1 June 2020.

 

Enquiries:

 

Hollywood Bowl Group

Steve Burns, Chief Executive

Laurence Keen, Chief Financial Officer

Mat Hart, Chief Marketing and Technology Officer

via Tulchan Communications

 

 

 

Tulchan Communications

James Macey White

Elizabeth Snow

Amber Ahluwalia

+44 (0) 207 353 4200

 

Notes to Editors:

 

Hollywood Bowl Group is the UK's largest ten-pin bowling operator, with a high-quality portfolio of 61 centres operating across the UK under the Hollywood Bowl, AMF and Puttstars (mini golf) 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 bowling lanes, on-site dining, licensed bars, and state-of-the-art family games arcades.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCGPUBGAUPUGQG
UK 100

Latest directors dealings