Hollywood Bowl revenues lifted by UK summer staycations

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The UK’s largest bowling operator, the Hollywood Bowl, has benefited from UK staycation and has reported “exceptional deals” throughout the school’s summer vacation after the Covid-19 restrictions were lifted.

Compared to the same period in 2019 before the pandemic, August revenues increased 50% to £ 20.1 million.

Hollywood Bowl Annual Profit Almost Completely Wipe off When socialization restrictions have forced operators to close venues and dismiss workers.

However, bowlers said demand recovered rapidly when the center reopened in May.

Revenues for the year to September 30 were £ 74.6m, but analysts expected £ 54m, down 7% from the previous fiscal year.

However, compared to the same period two years ago, similar revenues have increased by 29% since the center reopened in the spring.

CEO Stephen Burns said:

The group said it had £ 30m in net cash at the end of fiscal 2021 and is on track to reach its goals for 14-18 new bowling centers by 2024.

Burns said the pandemic triggered the landlord’s search for an experienced operator, accelerating the acquisition of new sites.

“The Hollywood Bowl posted a strike with the latest trading update,” said Lasmold, investment director at AJ Bell. “Revenues have been well above pre-Covid levels since the chain reopened in May, boosted by people taking vacations in the UK during the slightly damp summer.”

Mr. Mold added that the Hollywood Bowl did an “impressive job” of managing the cost base, but there was a risk of higher wages if the lanes were understaffed.

According to Burns, the company wasn’t as affected as other sectors because it doesn’t have as many foreign workers as some other businesses.

The Hollywood Bowl is the UK’s largest bowling operator with a portfolio of 61 bowling centers and 3 mini golf sites.

Burns, Chief Financial Officer Laurence Keen and his spouse Sold over £ 800,000 January stock value for tax and real estate related costs.

Hollywood Bowl revenues lifted by UK summer staycations Source link Hollywood Bowl revenues lifted by UK summer staycations

The post Hollywood Bowl revenues lifted by UK summer staycations appeared first on California News Times.

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