Hollywood Bowl aims to "reignite" growth strategy with £30m fundraise
A UK tenpin bowling chain has today announced that it has raised £30m as it aims to “reignite” its business.
Hollywood Bowl, which has more than 60 venues across the country, raised the funds through a share placing.
The placing consisted of a total of 13,043,480 placing shares, equivalent to approximately 8.3 per cent of the company’s existing share capital,
The shares were placed by Investec Bank at a price of £2.30 per share - a discount of 8 per cent from previous placings.
The funding will be used to drive the company’s growth strategy as its venues reopen, including investments in new centres.
The company reported that “substantial investor” Aberdeen Standard Investments has subscribed for 2,034,907 placing shares, with a value of approximately £4.7m.
Further purchase of shares was undertaken by smaller parties and directors.
Stephen Burns, chief executive of Hollywood Bowl Group, commented: “Today’s successful placing allows us to reignite our customer-led growth strategy as we look ahead to the reopening of our estate, enabling investment in our exciting new centre pipeline, our ongoing refurbishment programme, as well as the rollout of initiatives to enhance our customer proposition.
“We look forward to welcoming our customers and team members back to our centres in May.”
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