All Star Lanes scores £3.5m strike after successful turnaround
All Star Lanes has secured a £3.5m refinancing after a successful 2016 saw its underlying profits jump 39.5 per cent to £1.4m.
The American-inspired ten-pin bowling chain has one branch in Manchester and four in London, including its recently reopened Brick Lane flagship location.
Although the company was founded in 2006, it was only after reinvesting in locations including the Brick Lane site that profits spiked, marking a turnaround from its low point in 2014 when profits were just £209,000.
With the upgrading of its food menu and a focus on high-end cocktails, the business has now gained popularity with a young party crowd. Refocusing on corporate events and private bookings also paid off, as Christmas revenues were up by 13.5 per cent last year.
Company boss Christian Rose, who oversaw the successful turnaround, said last year that new openings are on the table for Liverpool, Leeds, Bristol, Edinburgh and Glasgow.
The refinancing deal comes in the form of a credit line from HSBC.