Hollywood Bowl secures government coronavirus interruption loan
Hollywood Bowl has secured a £10m loan through the government’s Coronavirus Large Business Interruption Loan Scheme.
The bowling alley operator said the loan will be provided by Lloyds Bank. It replaces a £10m revolving credit facility extension to its £35m banking facility, which was announced at the beginning of April.
Hollywood Bowl, which has closed all of its venues during the coronavirus lockdown, also raised £10.9m through a share placing last month.
In a statement this morning the company said: “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.”
In April, the firm said it expected to save £6m in this financial year due to the government’s business rates exemption and the VAT payments deferral.
In a bid to save cash the company has paused refurbishments and new centre fit outs, and has renegotiated supplier contracts and payment terms.
Hollywood Bowl said it planned to keep its employees that have been temporarily laid off under the government’s coronavirus jobs retention scheme on full pay for as long as possible.
“Management remain confident in the long-term prospects of Hollywood Bowl and will ensure that the Group is well positioned for when it is appropriate to re-open centres,” it said last month.