Tenpin bowling chain floats
Bowling centre firm Ten Entertainment Group, which trades as Tenpin, has floated on the stock exchange at 165p per share.
The owners scooped £26.8m from selling a quarter of the business as part of the listing, giving it a market capitalisation of £107m
Harwood, the fund manager run by the activist investor Christopher Mills, bought Tenpin’s then owner, Essenden Leisure, in August 2015 in a transaction which took the company off the London Stock Exchange’s Aim market.
It recently bought six Bowlplex sites to add to Tenpin’s existing estate which now totals 40 centres.
Sales rose more than a quarter in Ten Entertainment’s most recent financial year ending in December, at £67.3m with operating profits up to £17.6m from £10.2m the prior year.
The group said total sales in the first 12 weeks of its 2017 financial year were 9.1pc higher than the same period in 2016, with like-for-like sales up 5.7pc.