Hollywood Bowl on hold
Ten-pin bowling operator Hollywood Bowl says it is unable to provide financial guidance for its financial year to the end of September as a result of the uncertainty surrounding the impact of Covid-19 and until the expected duration of centre closures becomes clearer.
The group's centres, including Bentley Bridge, Wolverhampton and Shrewsbury, closed temporarily on March 20 in line with Government guidance.
Management had prepared for this scenario well in advance and was therefore able to implement its close down plans with minimal disruption for both customers and staff.
The focus is on taking action to maintain Hollywood Bowl's strong cash and liquidity position, retaining its team members throughout the centre closure period and ensuring the business is ready to welcome customers back to its centres once it is safe for them to re-open.
Hollywood Bowl said the board continues to monitor the situation closely and remains confident in the group's long-term prospects.
It has welcomed the one-year exemption granted from business rates and the VAT payments deferral announced by the Government, which combined is expected to result in cash savings of £6 million for the current financial year.
A key priority for management is the welfare of its team members and with the support from the Coronavirus Job Retention Scheme, the group intends to keep its team members at full salary levels for as long as is practicable.
Refurbishments and new centre fit outs have been put on hold.
The board does not intend to declare an interim ordinary dividend at the time of its interim results in late May.
