Listed entertainment group snaps up Leeds bowling unit
Ten Entertainment Group, one of the UK’s leading tenpin bowling companies, has acquired a bowling unit in The Merrion Centre in Leeds.
The listed firm announced it will acquire the Leeds and Luton branches of MFA Bowl for a cash consideration of £1.3m. The gross assets acquired are estimated at £1.3m. The acquisitions will grow the group’s total estate to 44 sites.
The group will have added four new units to its estate in FY18. Ten Entertainment said: “Both of these units will benefit from significant investment as a result of the ‘Tenpinisation’ process, bringing the operations, systems and technology and customer experience up to the market-leading standards of the Group’s wider estate.”
The firm said that its Q1 like-for-like sales were up 5.1%, which was better than it had anticipated, adding: “Trading was helped in part by the timing of Easter this year, but hindered by the unusual disruption caused by the widespread snow in week 9.”
Nick Basing, chairman, said: “These latest acquisitions are a further sign of the Group’s ability and opportunity to strengthen its strong national estate, in new markets with anticipated good rates of return on invested capital. We are happy with our performance so far this year.”
