Hollywood Bowl revives £240m float plan

The owners of the Hollywood Bowl tenpin bowling chain have put a £240 million price tag on the business after resurrecting float plans following the EU referendum.

Private-equity group Electra originally aimed for a £280 million valuation but pulled the float earlier this year amid uncertainty surrounding the Brexit vote in June.

The listing will raise £181.3 million for shareholders and the company plans to invest in refurbishments and introduce new VIP bowling lanes.

Majority owner Electra, which snapped up the business for £91 million in 2014, had planned to retain 50% of the equity but sold more amid strong demand from institutional investors, leaving it with an 18% stake. The shares begin trading next week at 160p.

The 54-venue chain, which has sites in North Finchley and Surrey Quays, saw sales rise 9% to £86 million last year.

The launch marks a revival of float activity, with Pure Gym and waste management firm Biffa also among those coming to market.