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Hollywood Bowl Group PLC on Thursday said it has brought three Canadian-based bowling businesses for C$12 million, about £7.5 million. The Hertfordshire, England-based ten-pin bowling operator said it will buy HLD Investments Inc, Mountain View Bowl Inc and Wong & Lewis Investments Inc in cash. HLD Investments operates as YYC Bowling & Entertainment, whilst Wong & Lewis operates as Let’s Bowl. The three entertainment centres operate in the Calgary market, each with ten-pin bowling lanes, dining, drinks and amusement offers. Hollywood Bowl said the acquisitions support its growth strategy in the ‘fragmented’ Canadian market. In 2022, the company first announced a foray into the Canadian market with the acquisition of Teaquinn Holdings Inc for £10.6 million. Teaquinn consists of Splitsville, an operator of ten-pin bowling centres, and Striker Bowling Solutions, a business-to-business supplier and installer of bowling equipment. In the twelve months to September 30, the three bowling centres generated C$7.1 million in revenue and C$2.8 million of earnings before interest, tax, depreciation and amortisation. Hollywood Bowl noted that the business has seen ‘strong’ trading since Covid-19 restrictions were relaxed in early March 2022, and it is currently outperforming its financial year 2019, pre-pandemic. The company expects the acquisitions to be earnings enhancing in the financial year ending September 30, 2023. Chief Executive Stephen Burns said: ‘They mark an important step towards our planned expansion of the Splitsville brand in Canada, where there is significant demand for affordable, family-friendly leisure experiences. These are our first centres in the important Alberta market, and together with Pat Haggerty, our Canadian president & managing director, and his team, we are looking forward to applying our knowledge and experience to these centres.’ Shares in Hollywood Bowl were up 2.6% to 243.66 pence each in London on Thursday. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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