15th Jun 2016 07:12
LONDON (Alliance News) - Ten-pin bowling alley operator Hollywood Bowl Group PLC tabled its intention to float in London on Wednesday, as shares in venture capital investor Draper Esprit PLC started trading on AIM.
Hollywood Bowl is the largest ten-pin bowling operator in the UK, operating 54 centres across the country under the Hollywood Bowl, AMR and Bowlplex brands.
In the six months to the end of March, the group delivered like-for-like sales growth of 11%, while revenue grew 25% to GBP55.0 million, helped by the addition of 11 Bowlplex centres in December.
The group did not provide details on the size or pricing of the offer but said it expects to be admitted to the London Stock Exchange's Main Market in July.
Investec Bank PLC will be the sole sponsor, financial adviser, bookrunner and broker to the company in relation to the offer.
"We are very excited about the next stage in the development of Hollywood Bowl Group, and believe we have all the attributes to succeed as a listed business. We have achieved a huge amount in the past few years, revolutionising the customer experience and transforming the business through investment and acquisition," said Stephen Burns, Hollywood Bowl's chief executive.
The announcement from Hollywood Bowl came as shares in Draper Esprit, a venture capital investor with a focus on the technology and digital sectors, started trading on AIM.
The firm raised GBP79.0 million with the issue of a total of 26.2 million shares at 300.00 pence per share. Of the funds raised, GBP74.0 million has been raised for the company and GBP5.0 million for selling shareholders.
Shares in the company were up 4.0% early Wednesday to 312.00p.
Draper Esprit will use the funds raised to provide development and expansion capital for companies in its portfolio.
Numis Securities Ltd acted as lead bookrunner and nominated adviser to Draper Esprit, while Goodbody Stockbrokers and Zeus Capital Ltd were joint bookrunners.
By Sam Unsted; [email protected]; @SamUAtAlliance
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