Hollywood Bowl slumped to a loss during the most recent lockdown (Steve Parsons/PA)
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Ten-pin bowling chain Hollywood Bowl sank to a £14.5 million pre-tax loss in the six months to the end of March as its lanes were closed for 75% of the time due to the most recent Covid-19 restrictions, the company has revealed.
Bosses said revenues during the period also fell from £69.2 million to just £12 million but that they remain hopeful of a swift recovery as its centres in England reopen on Monday for the first time this year.
During the period two refurbishments took place in Basildon and Stevenage, and a further three are planned in Glasgow Quay, Cheltenham and Glasgow Coatbridge. The lockdown saw negotiations taking place with landlords, including £2.1 million written off in rent and a further £2.5 million deferred in the period – culminating in total rent of £3.6 million paid in the six months. The company took advantage of the furlough scheme and also ensured staff salaries were topped up to at least 70 per cent of take-home pay, while management took a pay cut too. Chief executive Stephen Burns said: “We are emerging from this challenging year of continuous lockdowns in a strong position to capitalise on the opportunities to invest in and significantly grow our portfolio of ten-pin bowling and mini-golf centres in prime locations and are pleased to be starting construction on three new centres later this year.