Lease renegotiations and refurbishment programme
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 £300k 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 Laurence Keen, Chief Financial Officer |
via Tulchan Communications |
|
Tulchan Communications James Macey White Will Smith |
44 (0) 207 353 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
Latest directors dealings
- 17 hours ago Savannah Energy
- 18 hours ago Buccaneer Energy PLC
- 18 hours ago Savannah Energy
- 19 hours ago Carclo
- 19 hours ago Schroder Japan Growth Fund