There’s something odd going on at your bowling alley. Shoes are no longer to be shared with sweaty-footed strangers. The menu has expanded beyond chips and burgers. Bookings can be made online.
This quiet revolution is being driven by a slicker breed of operator. The largest, Hollywood Bowl, runs 58 alleys in the UK, usually next to the best cinema in town. The company floated in 2016 with a valuation of £240m, and although shares got off to a bumpy start after its private equity backer, Electra, sold out, they hit 234p last May.
However, in recent weeks, they have drifted — which should provide a buying opportunity. Shares closed on Friday at 183.5p, giving the company a value of £275.3m.
Hollywood Bowl is due