Update and Notice of Results

RNS Number : 6248M

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

The following amendment has been made to the announcement released on 12 May 2020 under RNS no 5496M.

The dates under the Leverage covenants and the Cash cover covenant now refer to March 2021 rather than March 2020. All other details remain unchanged. The full amended text is shown below.

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 £10m revolving credit facility ("RCF") extension to its £35m banking facility, amended the leverage covenants and waived the cashflow covenants for the rest of FY2020.

The £10m 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 (£35m) 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 2021	1.50x
Cash cover covenant:
· June 2020	waived
· September 2020	waived
· December 2020	1.00x
· March 2021	1.00x

In addition to the £10.5m 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 Steve Burns, Chief Executive Laurence Keen, Chief Financial Officer Mat Hart, Chief Marketing and Technology Officer	via Tulchan Communications
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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