Hollywood Bowl pledges to keep bowling affordable for cost-hit families
The 10-pin bowling chain said it had increased the price of a game of bowling by 3.9%, or 20p since 2019 against a backdrop of double-digit inflation.
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Your support makes all the difference.Hollywood Bowl has pledged to keep a lid on price rises for cash-strapped customers as its sales have remained resilient amid a shift to affordable family entertainment in the cost-of-living crisis.
The boss of the ten-pin bowling chain said the group had increased the price of a game of bowling by 3.9% or 20p since 2019 against a backdrop of double-digit inflation in the UK.
Stephen Burns, chief executive of Hollywood Bowl, told the PA news agency it would keep any further price increases over the next year to a minimum, at between 2.5% to 3% where necessary.
He said: “We only need to increase prices by 2.5% to 3% to mitigate all of the cost pressures that are coming our way.”
Mr Burns said this would not be a “huge hit” for its customers, which he expect will continue visiting its venues as it proves popular among families looking for affordable activities in the cost-of-living crisis.
His comments came as the group reported lower profits, but record revenues for the six months to March 31 and said it was “confident in resilient demand as customers look for value-for-money leisure experience” over the rest of the year.
Hollywood Bowl posted pre-tax profits of £26.7 million for the six months to March 31, down from £33.4 million a year ago.
But it said with the trading boost a year earlier from the temporary VAT reduction stripped out, profits lifted 7.7% to £24.8 million.
It saw like-for-like sales rise 3.5% and notched up record revenues of £110.2 million over the half year, up 9.7%.
As we navigate the current economic landscape, we understand that many of our customers are facing challenges such as rising living costs and higher interest rates. This is why we continue to focus on providing a high-quality leisure experience that offers great value for money
Mr Burns said the group was “cognisant” of the pressures on households, “and we know our customers will be feeling it as well”.
He said alongside minimal bowling price increases, it has not put up price on its food and drink after a menu overhaul “to keep the offer as good value as possible”.
Mr Burns added: “As we navigate the current economic landscape, we understand that many of our customers are facing challenges such as rising living costs and higher interest rates.
“This is why we continue to focus on providing a high-quality leisure experience that offers great value for money.”
The group said it remains aligned with full-year profit guidance and on track for new openings, with plans for at least three a year.
It has also seen visitors spend more money on snacks and sharer foods after introducing a simpler food menu, with comparable sales up 9% for food and 1.7% for drinks over the first half.
Hollywood Bowl opened two new centres in the UK over the first half, taking its total bowling and mini golf venues to 69, while also rebranding three sites and refurbishing five centres.
Over the final six months, it aims to open another centre – in Merry Hill shipping centre in the West Midlands – as well as completing “at least” four more refurbishments.
The company has also been working on refurbishing its venues, including by introducing “pins on strings” technology in its bowling alleys, which is in place in 48 sites or 75% of its UK centres, with another five before the year end.
It is investing a record amount over the full year – after spending £11.3 million on its estate over the first six months as part of wider aims to open 15 to 20 new centres by the end of the 2024-2025 financial year across its operations in the UK and Canada.
The group has also been investing on solar panels on many of its venues to help keep its power bills down and to be more environmentally friendly.
It has spent around £3.5 million so far adding these to 26 sites and is looking to extend it to 35 locations in total.