REG - Hollywood Bowl Group - Update and Notice of Results

Hollywood BowlAnnouncement

12/05/2020 07:02

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 £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 2020


1.50x




 


 




Cash cover covenant:




·    June 2020


waived




·    September 2020


waived




·    December 2020 


1.00x




·    March 2020


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


+44 (0) 207 353 4200



 
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.
 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
  END
 
 
MSCGPUBGAUPUGQG