Hollywood Bowl is to open three new sites this year and has signed on a further six to launch by 2020.
Its pipeline includes a unit in intu Lakeside in Essex, which will open in 2019 and which the group says will be the largest bowling centre to open in the UK in the past decade.
The update on its pipeline is included in the group’s results for the six months to 31 March. It said total revenue grew 7.8% and like-for-like revenue was up 1.2%. It said the timing of Easter this year was likely to have reduced its H1 like-for-like sales by around two percentage points.
The group said it continues its programme of refurbishments of the Bowlplex portfolio, which it acquired in 2015. A further three Bowlplex centres are due to rebrand to ‘Hollywood Bowl’ by the end of FY 2017 with the four remaining centres being completed by the end of FY 2018.
The group announced the following update on its pipeline:
· Derby: will open on 8 April 2017 at the intu retail and leisure development;
· Dagenham: an acquisition of an existing centre in a prime location due to open and be rebranded towards the end of the current financial year, making a full contribution in FY 2018;
· Liverpool: relocation of the current Liverpool centre to a brand new site alongside a new cinema on a redeveloped leisure and retail park. Due to open in late FY 2018;
· Watford: forming part of the extension being added to the intu retail and leisure development. Due to open in FY 2019; and
· Lakeside: due to open in FY 2019. This centre is expected to be the largest bowling centre to open in the UK in the past 10 years, and will form a major part of the leisure extension being added to this successful intu shopping centre.
At IPO, Hollywood Bowl outlined its plans to open two prime location centres per annum against strict selection criteria, focussing on both new centres and existing centre acquisitions. This programme is progressing very well, with landlords making Hollywood Bowl their bowling operator of choice and a great addition to their retail and leisure assets as the Group provides them with an excellent anchor leisure tenant with a strong, profitable trading history and a continual investment approach in its centres. Based on its current pipeline, Hollywood Bowl will open 3 new prime location centres in FY 2017.
Stephen Burns, chief executive of Hollywood Bowl said: “This is another strong trading and operational performance from the Group which goes to underline the strength of our business model, the great teams in our centres and the success of our capital investment programme. The Group had its most successful Christmas period ever, with LFL sales growth for the fifth consecutive year despite extremely tough comparators. Since our last announcement we have successfully opened Southampton, Derby will open this week and we have also signed 4 further sites which will open over the next two financial years. We are on track at the half year and are focussed on delivering our goals and maximising the opportunities being created by our refurbishment programme and our strong new centre and acquisition pipeline.”