Hollywood Bowl Group, the UK's leading ten pin bowling company, has just announced the successful renegotiation of lease arrangements at two centres, alongside good progress in its refurbishment and rebrand programme.
Successful lease renegotiations
In 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, the firm has agreed and signed a 25 year extension to the lease, taking the tenancy out to 2046. This provides the company with the ideal location in this town and future certainty on a strong leisure park.
In Tunbridge Wells, the firm has a close relationship with the landlord and is excited by their outlook and plans for the retail park and the key role that the venue will play in this. Accordingly, the firm has signed a 14 year extension to the site, taking the lease out to 2037.
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 the site at Bentley Bridge has undergone a £300k refurbishment. At these venues, although it is early days, the company is seeing good returns on investment in-line with what it's seen in the wider estate (c.46%).
Hollywood Bowl has also now completed the refurbishment of its site in Ashford, and Tolworth will be completed this week, with both being rebranded to Hollywood Bowl.
Looking ahead, the group plans to refurbish and rebrand Tunbridge Wells this September, and is on track for its 58th site to open in Dagenham in late September.
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.'
