Hollywood Bowl scores record-high sales as rainy summer boosts indoor leisure
A rainy summer and families seeking out low-cost entertainment has boosted the performance of Hollywood Bowl, which revealed record high revenues over the past year.
The 10-pin bowling operator said it wants to expand to more than 130 venues across the UK and Canada by 2035.
The group revealed revenues for the year to September of £215.1 million, up by 4.5% on a like-for-like basis compared with the previous year.
It said August was its busiest ever month in the UK, with rainy weather during the peak summer period encouraging people to seek indoor activities.
People visiting its bowling alleys and entertainment venues spent more money per visit, including a 10% jump in spending on food and a 7% rise in spending on amusement machines.
But food prices on popular menu items remain at 2019 levels, it said.
The group, which runs 66 bowling centres in the UK, nine in Canada, as well as five mini-golf venues under the brand Puttstars, said consumer demand for low-cost entertainment has stayed strong as people continue to be squeezed by the higher cost of living.
A family of four can bowl at its venues for £25, the company said.
Meanwhile, pre-tax profits dipped by about 3% to £45 million.
But on an adjusted basis, which strips out certain one-off costs, earnings grew by about 11% year-on-year.
Stephen Burns, the group’s chief executive, said: “This is another excellent performance for the group, achieved against an exceptionally strong prior year.
“It reflects significant customer demand, as well as the success of our customer focused strategy.
“Innovation of our offer has led to growth across all our revenue lines while keeping our prices low, with a family of four able to bowl for £25.
“We have continued to invest in and grow our estate, opening new centres in the UK and Canada where we see significant potential.”
Hollywood Bowl also revealed it could add up to 10 new venues in Canada over the next five years, and that it has a “strong pipeline” for growth for expansion including at least three new centres to open in the UK over 2024.
Published: by Radio NewsHub