Hollywood Bowl eyes further expansion as customers keep spending despite cost of living crisis
Hollywood Bowl has today reported a 16 per cent jump in revenue as families continued to spend on entertainment despite the cost of living crisis.
On average, the firm also said that the total amount a UK customer spent grew 3.4 per cent to £11.06. Revenue for the period jumped to £215m.
The bowling and mini golf chain, which has sites in Canada and the UK, said adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) also grew 11 per cent to £82m.
The group said it has plans to open a further three sites in the UK next year and had a “strong pipeline for FY2025 and beyond”, taking it close to having 70 stores in the region.
Stephen Burns, chief executive of Hollywood Bowl Group, 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.”
He added: “We have continued to invest in and grow our estate, opening new centres in the UK and Canada where we see significant potential.”
Figures come not long after a US private equity firm took over one of its closest rivals, Ten Entertainment.
Earlier this month, Trive Capital Partners agreed to buy the London-listed operator – which operates out of 52 sites across the UK – for £287m.
At the time the news boosted Hollywood Bowl’s share price as it was considered to be a higher quality company than its peer.