Hollywood Bowl Group plc Update and Notice of Results (5496M)

TIDMBOWL

RNS Number : 5496M

Hollywood Bowl Group plc

12 May 2020

Hollywood Bowl Group plc

("Hollywood Bowl", the "Group" or the "Company")

Further covenant amendments, RCF extension replaced by CLBILS and

Notice of results

Hollywood Bowl Group PLC, the UK's market leading ten-pin bowling operator, today provides an update regarding its financial position.

As announced on 2 April 2020, the Group's lenders had agreed to a GBP10m revolving credit facility ("RCF") extension to its GBP35m banking facility, amended the leverage covenants and waived the cashflow covenants for the rest of FY2020.

The GBP10m extension to the RCF, noted above, will now be provided by Lloyds Bank under the terms of the Government Coronavirus Large Business Interruption Loan Scheme ("CLBILS"), for the same amount.

The existing banking facility (GBP35m) remains in place and following constructive discussions regarding ongoing support, the covenants on the existing facility have been further amended for the first half of FY2021. The new covenants for the next twelve months are as outlined below:

 
 Leverage covenants (Net debt : LTM EBITDA): 
 
        *    June 2020                 1.50x 
 
        *    September 2020            2.25x 
 
        *    December 2020             5.00x 
 
        *    March 2020                1.50x 
 
 Cash cover covenant: 
                                       waived 
        *    June 2020 
                                       waived 
        *    September 2020 
 
        *    December 2020             1.00x 
 
        *    March 2020                1.00x 
 

In addition to the GBP10.5m raised via a successful placing completed on 17 April 2020, 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.

Updated notice of results

Hollywood Bowl currently expects to report its Interim Results for the six months to 31 March 2020 on 1 June 2020.

Enquiries:

 
 Hollywood Bowl Group                         via Tulchan Communications 
  Steve Burns, Chief Executive 
  Laurence Keen, Chief Financial Officer 
  Mat Hart, Chief Marketing and Technology 
  Officer 
 
 Tulchan Communications 
  James Macey White 
  Elizabeth Snow 
  Amber Ahluwalia                             [phone] 
 

Notes to Editors:

Hollywood Bowl Group is the UK's largest ten-pin bowling operator, with a high-quality portfolio of 61 centres operating across the UK under the Hollywood Bowl, AMF and Puttstars (mini golf) brands. The Group specialises in operating large, high quality bowling centres, predominantly located in out of town multi-use leisure parks (typically co-located with cinema and casual dining sites) and large retail parks. The centres are designed to offer a complete family entertainment experience with each centre offering bowling lanes, on-site dining, licensed bars, and state-of-the-art family games arcades.

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May 12, 2020 02:00 ET (06:00 GMT)