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Thu 12th Jul 2018 - Update: Ten Entertainment Group results, Easyhotel deals
Ten Entertainment Group reports like-for-likes up 3.1%: Ten Entertainment Group, the UK operator of 44 bowling and family entertainment centres, has reported like-for-like sales increased 3.1% for the 26 weeks ending 1 July 2018. Total sales were up 7.7% to £37,804,000 with sales growth from net new centres of 4.6%. The company stated: “The group traded well during the first half of the financial year, with total sales growth of 7.7% and like-for-like sales growth of 3.1%. A good performance achieved despite the unprecedented hot and dry weather conditions throughout the whole of May and June. The group continued to expand the size of the estate with the acquisition of four sites during the first half. This has achieved the upper-end of our acquisitions forecast for FY18, well ahead of schedule. ‘Tenpinisation’ is well under way, and extensive refurbishment works at the acquired sites will be completed ahead of the fourth quarter. Group adjusted Ebitda performance for the first half is expected to be in line with our expectations, and we expect to remain on track to meet market expectations for the full year. Ten Entertainment Group expects to announce its half-year results on 12 September.” Chief executive Alan Hand said: “The business has shown resilience to achieve good like-for-like sales growth and a very solid performance during the half. We are positioned well for the second half of the year and into 2019.”
Easyhotel completes Chester and Milton Keynes acquisitions: Easyhotel, the owner, developer and operator of super budget branded hotels, has completion the acquisition of sites in Chester and Milton Keynes. The company stated: “The group announced on 26 January the acquisition of a 125-year leasehold site in Milton Keynes. Planning permission for a 124-bedroom hotel has now been granted and the conversion works for the central site, which forms part of Norfolk House in Silbury Boulevard, has begun. The hotel is anticipated to open in 2019. The group announced on 11 April the acquisition of a 109-bedroom hotel in Chester. The hotel is being delivered to Easyhotel as a turnkey development, and the acquisition of the site represents the first stage of the hotel development, which should also open in 2019. Easyhotel Maastricht opened at the beginning of July taking the total number of hotels in the group to 28.”

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