Electra reveals Hollywood Bowl returns after selling final slug of shares

Oliver Gill
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Ten pin bowling is traditionally played over 10 frames. City A.M. understands some people play it over 15 frames (Source: Getty)

Electra has made a near-four times return on its investment in the UK's largest 10-pin bowling operator after today selling its final tranche of shares in Hollywood Bowl.

The private equity fund sold its remaining £40.7m of its shareholding in the London-listed firm this morning.

The shares were placed at 152.5p each, below the current traded price of 162.78p. Shares fell by over three per cent in morning trading.

Read more: Hollywood Bowl reports striking sales but profit is in the gutter

The sales proceeds were slightly less than Electra had valued its investment at its last fund valuation in September.

However, it said, overall the fund had made a 3.9 times return on the original cost of buying the group.

Hollywood Bowl floated in September at 160p per share, giving the firm a market cap of £240m. It went ahead with a listing while other firms such as Pure Gym ditched similar plans to float.

The firm was formed more than five years ago when Mitchells & Butlers sold its 24 Hollywood Bowl locations to rival operator AMF for £27m. Electra purchased the combined group, which was then known as The Original Bowling Company, in 2014 for £91m.

Read more: Hollywood Bowl Group aims for a strike as it announces IPO price

Electra spruced-up the 54-centre group, modernising it and adding American-themed diners, bars and interactive scoring systems.

Steve Burns, chief executive of Hollywood Bowl, told City A.M. last year the firm had "created a lot more noise about bowling that just wasn't there two years ago".

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