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Hollywood Bowl Group plc
Annual Report and Accounts 2025
A unique mix of
experience and innovation
Hollywood Bowl Group plc
Annual Report and Accounts 2025
A unique mix of
experience and innovation
We bring people together
through fun, connection
and competition
Inclusive entertainment experiences
that evolve with our customers
and drive long-term growth.
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
Report
Governance
Report
Financial
Statements
What’s inside
Strategic Report
02 Highlights
03 Company overview
04 Our competitive edge – investment case
05 Playing to win – strategic overview
06 Q&A with our new Chair
07 Chief Executive Officer’s review
10 Our markets – United Kingdom
12 Our markets – Canada
14 Our business model
16 Our strategy
17 Our strategy in action –
Building our Canadian brand
18 Our strategy in action –
Developing our people
Playing and
winning
Discover more about our competitive
edge — page 4
Growth and
resilience
Discover more about the strength of our
business model — page 14
Experience and
ambition
Discover more about our growth
opportunity in Canada — page 17
Innovation and
enhancement
Discover more about our investment
in technology — page 19
19 Our strategy in action –
Investing in technology
20 Key performance indicators (KPIs)
22 Chief Financial Officer’s review
27 Sustainability review
28 Performance against our targets
29 Safe and inclusive centres
31 Outstanding workplaces
33 A sustainable estate
35 Transitioning to Net Zero
38 Greenhouse gas emissions data
42 Risk management
50 Section 172
51 Stakeholder engagement
54 Going concern and viability statement
56 TCFD statement
Financial Statements
111 Independent auditor’s report
118 Consolidated income statement and
statement of comprehensive income
119 Consolidated statement of
financial position
120 Consolidated statement of changes
in equity
121 Consolidated statement of cash flows
122 Notes to the financial statements
151 Company statement of financial position
152 Company statement of changes
in equity
153 Company statement of cash flows
154 Notes to the Company
financial statements
159 Company information
Our reporting suite
Investor relations:
www.hollywoodbowlgroup.com/investor-relations
Online Annual Report:
www.ar.hollywoodbowlgroup.com
Governance Report
65 Chair’s introduction to governance
67 Board of Directors
69 Governance at a glance
70 Corporate governance report
78 Report of the Nomination Committee
84 Report of the Audit Committee
89 Report of the Corporate
Responsibility Committee
90 Report of the Remuneration Committee
94 Annual report on remuneration
104 Summary of remuneration policy
and implementation in FY2026
107 Director’s report
110 Statement of Director’s responsibilities
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
Report
Governance
Report
Financial
Statements
2025 250.7
230.4
215.1
2024
2023
2025 0.6
0.22024
2025 1.3
0.72024
2025 12.04
11.05
10.82
2024
2023
2025 12
12
14
2024
2023
2025 34.6
29.9
34.2
2024
2023
2025 36.7
37.6
36.6
2024
2023
2025 71
70
65
2024
2023
2025 21.51
21.92
21.37
2024
2023
2025 13.28
12.06
11.81
2024
2023
2025 15.2
28.7
52.5
2024
2023
2025 53.0
56.8
61.0
2024
2023
2025 8.8
7.1
11.0
2024
2023
2025 92
85
79
2024
2023
Highlights
Financial highlights
Revenue
£250.7m
LFL revenue
+0.6%
LFL Revenue
(Constant currency)
+1.3%
Total average spend per game
£12.04
Group centres refurbished
12
Profit after tax
£34.6m
Adjusted profit after tax
1
£36.7m
UK customer net promoter score
71
Adjusted earnings per share
21.51p
UK team engagement awards
Total ordinary dividend per share
13.28p
Net cash
£15.2m
UK carbon intensity ratio
53.0
Total revenue growth
+8.8%
Number of Group centres
92
Operational highlights
Definitionsforthesemeasuresareinthekeyperformanceindicatorssection(pages20and21).Areconciliationbetweenkeyadjustedandstatutorymeasures,aswellasnotesonalternativeperformancemeasures,isprovidedinthe
ChiefFinancialOfficer’sreview(pages22to26).ManagementbelievesprovidingthesespecificfinancialhighlightsgivesvaluablesupplementaldetailregardingtheGroup’sresults,consistentwithhowmanagementandinvestors
evaluate the Group’s performance.
1
ThewayadjustedprofitaftertaxiscalculatedhaschangedsinceFY2024andthecomparativeshavealsobeenre-presented.SeetheReportoftheAuditCommitteeonpage84forfurtherdetails.
2025 20.28
17.42
19.92
2024
2023
Earnings per share
20.28p
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
Report
Governance
Report
Financial
Statements
Company overview
One of the world’s largest operators
often-pinbowlingcentres,we
offer inclusive and memorable
entertainment experiences for all.
Bowling
We are proud to be the UKandCanada’sten-pinbowlingmarketleaders.Ourcentres
aretypicallylocatedinprime,highfootfall,out-of-townleisureandretailparkssituated
alongside cinema and casual dining operators.
UK
Canada
77
centres
Hollywood Bowl centres (including Putt & Play)
Splitsville centres (including Stoked)
Centralsupportoffice
Centralsupportoffice
15
centres
Amusements
Family arcades
withvideo,prize
redemption games
andpooltables,
increasingly with
digital payments.
Beverages
Bars offering a
comprehensive and
great value range of
drinks,supportedby
ourat-laneordering
technology.
Food
Diners offering a
simplifiedfoodmenu
offering quality and
greatvalue,alongside
our popular snack
and sharer options.
Other activities
Selected centres
offer extra activities
includingmini-golf,
e-dartsandgo-
karting,dependenton
space availability.
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03
Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
Report
Governance
Report
Financial
Statements
Our competitive edge
A resilient model that’s hard to replicate
We have a track record of sustainable growth enabled by
innovation and investment. We deliver outstanding customer
experiences and create long-term value for our stakeholders.
Universal appeal
Inclusive,safeandaffordableentertainment
See pages 10 and 12
Prime locations
Accessible,highlyvisiblevenueswithparking
See pages 10 and 12
Customer obsession
Listening to feedback and enhancing our offer
See pages 10 and 12
Market leader
Our scale and business model create opportunities
See pages 10 and 12
Highly cash generative
Enabling us to invest for future growth
See page 22
Resilient against cost inflation
Well insulated against external pressures
See page 22
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
Report
Governance
Report
Financial
Statements
Playing to win
Set up for sustainable growth
We capitalise on multiple growth opportunities by
investing in our people, the quality and scale of our
estate and enhancing the customer experience.
A growth business
70% estate growth since 2016 IPO
See page 20
Exciting new centre trajectory
Targeting 130 centres by 2035
See page 7
Proven upgrade programme
Refurbishments delivering 33% ROI target
See page 22
Outstanding workplaces
One of the Sunday Times Best places to work 2025
See page 31
Tenants of choice
Strong covenant and sector leading offer
See pages 10 and 12
Canadian opportunity
Group playbook transferring well in a new market
See page 12
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
Report
Governance
Report
Financial
Statements
Q&A with our new Chair
We ask Darren Shapland about his highlights
of FY2025 and future ambitions for the Group.
Q
What attracted you to
Hollywood Bowl Group?
DS
Hollywood Bowl Group is all about
creatingfun,affordableand
memorable experiences for people
ofallages,andthatreallyresonated
with me.
The strength of the Hollywood Bowl
brand,thepassionoftheteam
members,andtheopportunity
to continue to grow in a sector
thatbringsjoytomillionsmadeit
an easy decision. It’s a business
withastrongcompetitiveedge,
aclearstrategy,averyambitious
leadership team and a fantastic
organisational culture.
Q
What excites you most
about the Group strategy?
DS
Our strategy is exciting because
it’s focused on organic and
expansionary growth while staying
true to what makes us special –
delivering brilliant experiences
for our customers.
I love that we’re investing in
building new centres in both
markets,embracingtechnology,
and always looking at ways to
innovate right across the business.
It’s a strategy that balances
ambitionwithdiscipline,and
that’s what makes it powerful.
Q
How have you engaged with
stakeholders since you joined?
DS
Building strong relationships across
our stakeholder groups has been a
priority for me. I’ve spent time with
our teams in the UK and Canada
to understand what matters most
to them and listened to customers.
I’ve also connected with investors
and partners to share our vision and
listen to their perspectives. Open
conversations and collaboration are
keytokeepingeveryonealigned,
supportiveandconfidentinwhere
we’re heading.
Q
What have your highlights been
in your first year as Chair?
DS
Visiting our centres and seeing
the energy and enthusiasm of
ourteamsandthejoywebringto
customers has been a real highlight.
I’m proud of the progress we’ve
made on our sustainability
commitments and how we’ve
continued to grow through excellent
operational standards and
managementflexibilitytomitigate
somewidermacrochallenges.Most
ofall,it’sbeeninspiringtoseethe
passion and creativity of our team
members across the business –
they are a key part of what makes
us unique.
Q
What is your ambition for
the future?
DS
I want Hollywood Bowl Group to be
thego-tooperatorforaffordable,
inclusivefun,whereverweoperate.
That means continuing to reinvest
ambitiously to enhance and grow
our estate and explore new market
opportunities. We’ll keep investing
inourpeople,continuetomake
ourbusinessagreatplacetowork,
and focus on our sustainability
ambitions so that our success is
for the long term.
Ultimately,ourpurposeistocreate
experiences that our customers
love,whichinturnwillcontinue
todeliverlong-termvaluefor
our stakeholders.
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Strategic
Report
Governance
Report
Financial
Statements
Hollywood Bowl Group plc — Annual Report and Accounts 2025
Chief Executive Officer’s review
Our teams have delivered
excellent results in both territories
I’m very pleased with our strong financial and operational
performances, the advancement of our growth strategy
and the strengthening of our market-leading positions.”
Stephen Burns
Chief Executive Officer
We have delivered a year of excellent
progressatHollywoodBowlGroup,driving
strongfinancialperformancethroughour
operational excellence and clear strategy
forgrowth.TheGroupmadesignificant
investment in the opening of seven new
centres and 12refurbishments,further
solidifyingourmarket-leadingpositionin
ten-pinbowlingandcompetitivesocialising,
executing on our expansion plans in both the
UK and Canada.
Ourstrategy,focusedondelivering
affordable,family-friendlyexperiences,
continues to underpin our success.
Weachievedrecordlevelsofrevenue,
supported by disciplined cost management
and continued investment in our customer
proposition in line with our capital
allocation policy.
Group revenue increased 8.8% to £250.7m
(FY2024: £230.4m),withlike-for-like(LFL)
growth of 0.6%. On a constant currency
basis,LFL revenue was up 1.3%. Group
Our business model is differentiated and
resilient.Itcombinesacustomer-focused
approach,multi-generationalproduct
appealandwell-investedcentresin
prime locations.
In FY2025 we invested £36.5m across the
estate including maintenance capital
expenditure,refurbishmentsandnew
openings,andnowhave92 centres across
the UKandCanada,withastrongpipelineof
further opportunities.
Despite the UK experiencing the hottest
anddriestspringandsummeronrecord,
which presented trading challenges for
theindoorleisuresector,theresilience
ofourmodel,theinvestmentswehave
madeintechnology,andouragileand
proactivemanagementapproach,meant
that we were able to stimulate demand
throughadditionalmarketingspend,CRM
anddynamicpricing,andmanagecosts
effectivelytodriveefficiencies,which
supported our performance.
Over 70% of our UKrevenueisnotsubjectto
cost-of-goodsinflation,andlabourcosts
represent less than 20% of UK revenue.
Thesefactors,combinedwithenergy
hedging through FY2027,provideastrong
buffer against external pressures.
adjustedEBITDApre-IFRS 16 was £68.4m
(FY2024: £67.7m).Statutoryprofitafter
tax was £34.6m (FY2024: £29.9m),whilst
adjustedprofitaftertaxwas£36.7m
(FY2024: £37.6m).
Whilstthecostoflivingremainshigh,
consumers continue to prioritise their
spending on experiences as opposed to
purchases. Hollywood Bowl is uniquely
placed to capitalise on this trend with
itssignificantscaleanduniqueappeal
as an activity that is inclusive and
enjoyableforallagegroups,withawider
target market when compared to new
competitive socialising entrants which are
predominantlyadult-focusedandcity-
centre based.
Our bowling centres are out of town
destinationsforconsumers,combining
bowling with amusements and food and
drink,enhancingtheoverallcustomer
experience and driving higher spend
per visit.
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
Report
Governance
Report
Financial
Statements
Chief Executive Officer’s review continued
The Canadian business delivered a good
performance in FY2025. Total revenue
increased to CAD 70.0m (£38.3m),upfrom
CAD 53.0m (£30.7m) in FY2024,withLFL
revenue growth of 3.2%.AdjustedEBITDA on
apre-IFRS 16 basis in Canada increased to
a record CAD 10.5m (£5.9m),upfromCAD
9.4m (£5.4m) in FY2024.
Asaresultofourevolvingcustomer-
focusedoperatingmodel,wegrewaverage
spend per game by 14.8% to CAD 17.36.
Our Striker bowling equipment business
also continues to perform well. Revenues in
FY2025 totalled CAD 8.6m (£4.7m),upCAD
1.3m compared to the prior year. Investing
in bowling equipment and technology at
cost has lowered capital expenditure and
shortenedleadtimesforcentreupgrades,
supporting estate improvements in Canada.
Theseresultsreflectstrongdemand
foraffordable,family-friendlyleisure
experiences and the validity of our strategy
to replicate our proven UK operating model
in Canada.
Since entering the market in FY2022,we
have grown our estate to 15centres,making
us the largest branded operator in the
country. Canada now accounts for 15% of
Group revenues.
The Canadian market remains highly
fragmentedandunderinvested,displaying
many characteristics of the UK market ten
yearsago,whichiscreatingasignificant
opportunity to extend our geographic
presencethroughnewgreenfieldcentre
developmentsinwell-populatedurban
areaswithfavourabledemographics,
thatarecurrentlyunder-servedbyfamily
entertainmentoffers,orforustoacquire
existingbusinessesthatfitourstrictcriteria.
Duringtheyear,wecompletedfive
refurbishments in the UKinTolworth,
Portsmouth,BentleyBridge,Birmingham
Resorts World and Basingstoke.
These investments are delivering strong
returnsinlinewithexpectations,and
enhancing the customer experience
through the introduction of upgraded
interiors,digitalsignageandPinson
Strings. In November 2025 we refurbished
our Norwich centre and have no more
planned in the UK for FY2026,following
significantrefurbishmentinvestmentsin
FY2024 and FY2025,aswellastheimpact
of the Covid closures increasing the life
of the refurbishments completed pre
FY2020. We expect to return to the historical
refurbishment cycle in the UK in FY2027.
We also expanded our UKestate,opening
fivenewcentres–inPreston,Inverness,
Swindon,Uxbridge,andReading–bringing
our total to 77. Each new site has traded well
in line with our expectations. The Reading
Oraclecentre,aconverteddepartment
store,co-locatedwithretailandcasual
dining,setopeningweekendtradingrecords
after a £4.5m investment.
These new centres highlight the strength of
our UK pipeline and our capability to secure
prime locations that meet strict investment
criteria,withourdevelopmentexpertise
deliveringprojectsonscheduleandwithin
budget.
We expect to open two new UK centres
in FY2026 and remain on track for 95 UK
centres by 2035.
Canada performance and expansion
WecontinuetodeliverprogressinCanada,
where we have now established a strong
platform.
UK performance and expansion
The UK business delivered an excellent
performance in FY2025. Total revenue
increased to £212.4m,withLFL revenue
growth of 1.1%.
AdjustedEBITDAonapre-IFRS 16 basis in the
UK increased to a record £62.4m.
Average spend per game grew by 9.8%,
driven by uplifts in spend on food of
6.0%,drinkof4.1%,amusementsof15.1%;
supported by new machine investment by
ouramusementsupplier,BandaiNamco,of
£5m,andinvestmentsinrevenueoptimising
technology including dynamic pricing.
LFL game volumes were down 7.5%
comparedtotheprioryear,reflectingthe
impact of unseasonal weather in the spring
andthehotsummer,aswellasthemuted
consumerconfidencethisyear.Despite
thesefactors,throughtheoperational
levers that we have in place we were able
todeliverrecordresults,whichwerealso
in the context of three previous years of
exceptional performance.
Ourpricingremainedhighlycompetitive,
with a family of four able to bowl for under
£26 at peak times. We have maintained
headlinepriceincreaseswellbelowinflation,
and utilised dynamic pricing to ensure
that our offer remains accessible to a
broad customer base. This commitment to
affordability is particularly important given
theongoingcost-of-livingchallengesfaced
by households.
Innovation continues to play a key role in
our UK performance. We trial new initiatives
regularly,introducingconceptslikeE-darts
and extended amusement areas as part of
our refurbishment programme.
Our initial expansion focused on extending
our footprint in Toronto and Calgary
throughacquisitions,butthishasevolved
to predominantly focus on new build
greenfieldopportunitieswhicharestarting
to emerge due to an evolving retail
landscape and the increased recognition
of the Splitsville brand and proposition
amongst landlords.
Weaddedtwonewgreenfieldcentres
during the year in prime high footfall
locations in Kanata and Creekside. Both are
trading above our initial expectations.
Wecompletedsevenrefurbishments,
leveraging our UK expertise to enhance the
customer offer and bring new innovations
into the market including wear your own
shoes and bowling by the game. The
investmentprofilediffersfromtheUK as
there is more upfront capital investment
required to bring the acquired centres up to
a base level from which we then implement
ourbrandstandards.Weareconfident
these investments will hit our EBITDA
targeted return in Canada of 25% in their
firstyearpostrefurbishment.
WewillopenourfirstcentreinEdmonton
in FY2026 and have an exciting pipeline of
new opportunities. We remain on track to
operate 35 centres by 2035,establishing
Splitsville as a national chain.
Technology driving revenue growth
Technology investment plays an important
roleinourstrategy.Duringtheyear,we
completedtherolloutournewin-house
Group booking platform to the UK and
Canada,deliveringafaster,morereliable
experience for customers and team
members.
We have seen improvements in booking
speed and reliability and increased online
conversion rates and order values.
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
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Governance
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Financial
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Chief Executive Officer’s review continued
Our teams are at the heart of delivering
an excellent customer experience and
consistently delivered high quality customer
experiences which resulted in increased
dwell time and record levels of positive
customer satisfaction and net promoter
scores in the UK and Canada.
Creating outstanding workplaces for our
team members is a key element of our
strategy and we are delighted to have
been ranked in the Sunday Times Best
places to work 2025 (very big organisation)
list,achievedathree-starexcellent
employee experience and recognised as
one of the World’s Happiest Places To Work
by WorkL in the UK,andhavealsobeen
accredited as a Great Place to Work in
Canada.
Thisyear,weachievedrecordattendance
onoursector-leadingmanagement
developmentprogrammes,including
ournewgraduatescheme,andwe
were delighted that 61% of internal UK
management positions were achieved
through internal appointments. These
results explain why we have relatively low
team member turnover rates compared to
the wider leisure market and illustrate our
recordinhome-growingtalent.
We have accelerated sharing UK best
practiceandknowledgeinCanada,not
least through several of our UK team taking
up a variety of senior operational roles
in our Canadian business including the
appointmentofLaurenceKeen,ourcurrent
CFO,asCEO of Canada from February 2026.
TofurthersupportCanada,wealsocreated
Group departments for all central support
functionswhichhasimprovedefficiencies
and is further enhancing our performance
in Canada.
Shareholder returns
TheBoardispleasedtodeclareafinal
ordinary dividend of 9.18pencepershare,in
line with our capital allocation policy of 55%
ofadjustedprofitaftertaxonapre-IFRS 16
basis. Together with the interim dividend of
4.10pencepershare,thisrepresentsgrowth
of 10.1% compared to the prior year. Total
shareholder returns for FY2025 will amount
to £37.4m,includingthesharebuybackof
£15m.
Outlook
Our continued strong performance
demonstrates the robust demand for
fun,affordable,family-friendlyleisure
experiences in both of our key territories.
TheGrouphasasuccessful,provenstrategy
focused on growing and improving the
quality of the estate in the UK and Canada
and enhancing the customer experience.
Thehighlycash-generativenatureofthe
business and strength of our balance sheet
mean that we are well placed to pursue
opportunities to invest in our future growth
and meet our target of 130 centres by
2035,whilstcontinuingtomakereturnsto
shareholders in line with our progressive
dividend policy.
Wearewellpositionedforfuturegrowth,
supported by a robust UK and international
pipeline,ongoingcapitalinvestments,a
high performing team and a differentiated
and resilient business model. We continue
to lead the competitive socialising market
in both the UKandCanada,andweare
confidentaboutourprospectsforanother
exciting year ahead.
Stephen Burns
Chief Executive Officer
15 December 2025
The system has been further evolved
to include online party and VIPsales,AI
drivenupsellsduringthebookingjourney,
and increasingly sophisticated yield
management though dynamic pricing. To
supportournextstageofgrowth,wehave
developed an exciting technology roadmap.
The integration of technology and
marketing enables us to personalise the
customerjourney,drivingengagementand
repeatvisits.Wehaveinvestedsignificantly
this year in growing the capability and
scale of our marketing team. Our marketing
approachcontinuestoevolve,leveraging
data insights to deliver targeted digital
campaigns and optimise increased levels of
marketing spend.
Enhancing our customer proposition
Constant innovation of our customer offer is
a key driver of higher spend in our centres.
In addition to introducing the latest digital
signageandnewbrandenvironments,we
arefindingnewopportunitiestooptimise
our space that complement our core
bowling offer and increase the yield per
sq. ft potential.
This includes increasing the density and
rangeofouramusements,aswellas
introducing new digital payment options.
In the UK this has helped drive amusement
spend per game (SPG) by 15.1%.
In some UKcentres,wherespaceallows,we
haveintroducedextrafull-sizeorcompact-
formatbowlinglanes,suchasduckpinand
e-darts.
We have also continued the installations of
cost-savingandexperience-enhancingPins
on Strings with all but one of the UK bowling
estate and 60% of the Canadian estate now
usingthistechnology,withtheremainderof
the Canadian estate due to be completed
in FY2026.
A responsible business
Running and growing our business in a
sustainable manner remains a key focus for
theGroup,andwemadegoodprogressthis
year against our sustainability strategy and
targets.
Our centres continue to play an important
socialroleinourlocalcommunities,andwe
were pleased to have beaten our UK targets
for concessionary discount and school
games played and for charity fundraising
forourcharitypartner,Macmillan.
We have recycled more UK waste than
ever,thankstobehaviouralprogrammes
and standardised procedures.
Solar arrays are now installed at 34centres,
and increasing renewable energy use at
more locations remains a priority as we
reduce both our carbon footprint and our
reliance on purchased electricity. We are
alsousingmorelow-carbonmaterials
andenergy-efficienttechnologiesin
refurbishments and new builds.
Our Canadian operations have started
to become more closely aligned to our
UK sustainability strategy including team
development and behavioural change
programmes,sothatwecanfurther
improve our environmental and social
performance and we have extended our
associated targets for FY2026.
UK Government Budget
Increases to living and minimum wages
announced to the Government’s budget
November 2026 will have an impact on the
Group’scostbase.Also,whilstontheface
of it the business rates multiplier appears to
reducebusinessrates,therevaluationwill
wipethisreductionout,andthereforewewill
see an increase in business rates in FY2026.
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
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Financial
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Our markets – United Kingdom
This approach contributed to a 6.0%
increase in diner spend per game
compared to the prior year.
Drinksperformancealsoimproved,with
a 4.1%increaseinbarspendpergame,
supportedbyourat-laneordering
technology that allows customers to order
directly from their mobile devices.
Amusements remain a core part of the
HollywoodBowlexperience,contributing
29% of the UK’s revenue mix and we
continue to invest heavily in this area. Our
rolling machine upgrade programme
ensurescustomersenjoythelatestgames
andformats,with555 new machines
introduced across the estate in FY2025 at
a cost of £5m
Amusements remain accessible for as
little as £1perplay,andtheintroduction
of ‘tap to play’ technology has enhanced
convenience by offering digital credit
and cash payment options. These
initiatives helped deliver a 15.1% increase in
amusementspendpergameyear-on-year.
Customer service focus
Customer service is a key differentiator in
a competitive leisure market. We focus on
four critical drivers of satisfaction: value for
money,cleanliness,teamfriendliness,and
service speed.
Our digital feedback programmes capture
customersentimentaftereveryvisit,
providing actionable insights that allow us
to respond quickly to operational issues and
continuously improve performance.
The clear market leader
Ten-pinbowlingcontinuestobethe
cornerstone of the UK’s growing and diverse
competitive socialising sector. It offers an
inclusive,fun,andaffordableexperience
forfriends,families,andworkcolleagues,
making it one of the most resilient and
appealing leisure activities in the market.
Hollywood Bowl remains the undisputed
marketleaderinthisspace,operating
underabrandsynonymouswithquality,
innovationandvalue,withaprimaryfocus
on the core family market.
Our centres are designed to deliver
exceptional customer experiences and are
predominantlylocatedinprimeout-of-
town retail and leisure destinations with
ample parking.
Thesemulti-uselocationstypically
combinecinemas,casualdining,andother
entertainmentoptions,creatingavibrant
environment that attract high footfall and
encourages extended visits.
Complete entertainment
Hollywood Bowl offers far more than
bowling. Each centre is a destination in its
ownrightforentertainment,combining
bowlingwithfood,drink,andamusements
to create a comprehensive experience
that encourages longer dwell times and
increased secondary spending.
Our food proposition is built around
simplicity,quality,andvalue.Themenu
includesarangeofmeals,snacks,and
sharer options designed for quick service
without compromising on taste.
Leader in
an evolving
market
1,719
Bowling lanes
£212.4m
FY2025 UK Revenue
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Hollywood Bowl Group plc — Annual Report and Accounts 2025
In FY2025,ourNetPromoterScorerosetoa
record 71acrosstheestate,reflectingthe
impact of these initiatives.
Team member bonuses are linked to
customersatisfactionmetrics,creatinga
culture of accountability and excellence
that support both customer loyalty and
financialperformance.
Affordable fun
Affordability remains at the heart of our
proposition.Despiteinflationarypressures
we have only applied minimal price
adjustmentstobowlingandfoodanddrink
in recent years. Asaresult,therelativecost
of a game at Hollywood Bowl has fallen
since 2021,reinforcingourcommitmentto
accessible leisure.
Hollywood Bowl continues to be the UK’s
lowest-pricedbrandedbowlingoperator,
with a family of four able to bowl for under
£26—a compelling proposition in today’s
cost conscious market.
Investing in our core offer
Bowling remains the foundation of our
business,andwecontinuetoinvestin
improving the experience at the lanes.
Pins on Strings technology is now
installed in 97% of our UKestate,reducing
energy consumption and operational
costs,whileimprovingreliabilityand
customer satisfaction.
New build centres feature upgraded music
systems,digitalscreens,andimpactlighting
to create dynamic atmospheres at the
lanesandacrossthewidercentre,that
adapt to different times of day.
Optimising space and expanding choice
Our refurbishment programme focuses on
optimising layouts to improve the customer
experienceandoperationalefficiencies.
Thisincludesreconfiguringbar,diner,and
receptionareas,expandingamusement
zones,andwherepossible,adding
additional bowling lanes or complementary
leisure activities.
In FY2025,weintroducede-dartsinour
Bentley Bridge centre and have other
product trials planned. These initiatives
aredesignedtoextendvenueappeal,
encouragelongerstays,andincrease
revenue per visit.
Marketing and digital innovation
Our investment in technology and marketing
continuestoelevatethecustomerjourney.
Frompre-booking,tothein-centre
experience,topost-visitengagement,we
leverage digital tools to drive performance.
Online bookings now account for 67%
ofbowlingrevenue,supportedby
dynamic pricing strategies and targeted
CRM campaigns.
We have further evolved our digital brand
presence during the year through enhanced
content,increasedsocialmediaactivity,
and sales activation initiatives.
In-centrecustomerengagementisboosted
by features such as live digital leaderboards
and tailored screen content that varies
bytimeofday;family-focusedduring
daytime hours and more adult focused in
the evenings.
Estate expansion
Traditional retail spaces; both on the high
streetandinout-of-townlocations,are
under increasing pressure from online
shopping and the rise of the experience
economy.Inresponse,landlordsand
developers are expanding leisure offerings
to create destinations that attract footfall
and encourage longer dwell times across
the parks.
Hollywood Bowl’s strong track record of
successful partnerships with landlords and
ourstrongfinancialcovenantspositionus
as a preferred tenant in these schemes.
Our unique customer proposition
complements other leisure and dining
operators,andinmanycases,weserve
asastand-aloneanchorattraction
withinhigh-footfallretailenvironments.
This alignment with evolving property
strategies ensures we remain a key player
in shaping the future of UK retail and
leisure destinations.
Our new centre pipeline remains strong as
the Group remains on course to achieve its
target of operating 95 UK centres by FY2035.
71
FY2025 Net promoter score
£19m
FY2025 new centre capital investment
Market trends
Competitive socialising
Consumers increasingly prioritise
experiences over material purchases,
shaping how they spend their
discretionary income and leisure time.
This shift has driven growth in the
UKcompetitivesocialisingmarket,
whichblendsactivitiessuchasbowling,
mini-golf,tabletennis,andbingowith
social interaction.
Hollywood Bowl is at the forefront of this
trend. Through our active refurbishment
programme,constantevolutionofour
newcentreenvironments,consistently
highservicestandards,andnew
productinnovations,wecontinueto
set the benchmark for competitive
socialising in the UK.
These differentiators combined with
our family focus and prime location
strategy,ensureweremainahead
of a number of new adult focused
entrants,andcontinuetoreinforce
our market leadership position in this
evolving sector.
Link to strategic objectives
1
2
3
4
Our growth strategy:
Driving revenue growth
Active asset refurbishment
Focus on our people
New centres and acquisitions
International expansion
4
5
3
2
1
Key
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
Report
Governance
Report
Financial
Statements
Our markets – Canada
371
Bowling lanes
CAD 70m
FY2025 Canadian revenue
Disruptor in
an established
market
Itwaslowrisk,withasignificantportionof
the initial CAD 13.6m investment backed by
freehold asset value and it also provided
the Group with an established brand and
management team.
SincejoiningtheGroup,Splitsvillehas
grownrapidly–fromfivecentresatthe
timeofacquisition,to15large-scalefamily
entertainmentvenuesacrossOntario,British
Columbia,Alberta,andSaskatchewan.
Today,Splitsvilleistheclearleaderinthe
Canadianten-pinbowlingmarket.Each
centreoffersavibrantmixofbowlinglanes,
stylishbarsanddiners,andamusement
areas,withsomelocationsfeaturing
additionalproductsuchaslasertag,
go-kartingandmini-golf.
Investment and growing returns
FY2025markedayearofsignificant
progress with our growth strategy. Since the
initial acquisition in FY2022,CAD 63m has
beeninvestedinCanada,withnewcentres
and refurbishments setting a platform for
future ROI increases.
Our refurbishment and rebrand programme
continuedatpace,withsevencompleted
this year and the two new centres opened
in FY2025 have shown strong returns. The
refurbishment upgrades are bringing
UK-inspiredfeaturessuchasVIPlanes,
dynamiclighting,andenhancedbarand
reception areas.
The Splitsville brand framework has also
furtherevolved,andallacquiredcentres–
excluding our Stoked mega centre – have
now been rebranded.
Rationale for Canada
CanadawaschosenastheGroup’sfirst
international territory due to a variety of
favourable market characteristics.
It has a population of 42million,
concentrated in a small number of
key regional areas. This combines with
attractivedemographics,economicand
legalstability,similarconsumerhabitstothe
UK,andweatherextremesmakingindoor
leisure popular.
The bowling sector is fragmented and under
invested,withnobrandedchainsofscale
which created a favourable competitive
landscape for a new entrant looking to
disrupt an established market.
Market opportunity
There are over 180bowlingcentres,
mostlyindependentlyowned,presenting
opportunitiesforacquisitionorout-pitching
in better locations.
The rise of competitive socialising and the
evolution of shopping malls to include a
more blended offer with retail and leisure
combining,providesaccesstohigh-footfall
locations.
Disciplined growth strategy
Extensivecustomerresearchconfirmedthat
Canadawasreadyforamodern,branded,
family-friendlyleisureexperience,inspired
by our successful UK model.
The Group entered the market with the
acquisitionofSplitsvilleinMay2022.
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Theseincludedwear-your-own-shoes
(aNorthAmericanmarketfirst)bowlingby
the game (was historically based on a per
hourbooking),dynamicpricing,newparty
packages,andsimplifiedfoodmenus.
Investment in the centres and the
introduction of new innovations have
driven increased customer satisfaction.
Leveraging Group expertise
Our Group UK-basedteamsprovide
finance,recruitment,digitalmarketing,IT,
andcustomercontactsupportforCanada,
driving synergies and best practice across
the Group. A new Group reservation
system and several sustainability initiatives
were also introduced this year creating
a solid platform to drive performance
moving forward.
Creating outstanding workplaces
TheCompanyhasinvestedinattracting,
developing,andretainingtalent,backedby
a Group talent and recruitment structure
and is making excellent progress in
this area.
Managementdevelopmentprogrammes
includingCentreManagerinTraining(CMIT)
andAssistantManagerinTraining(AMIT)
programme have operated successfully
and are now backed by a strong
employer brand.
Internalpromotionsandtotaljob
applicationshaveincreased,andthe
Company is accredited as a Great Place
To Work in Canada.
We have continued to strengthen our
Canadian leadership team and introduced
UKtalenttokeyroles,includingthe
ManagingDirectorofSplitsvilleandtwo
regional managers.
Estate growth
Our staged expansion plan has been
balanced by acquiring existing bowling
centresandnewbuildgreenfieldcentres.
FY2022:Low-riskmarketentryacquisition
inToronto(fivecentres).
FY2023: Scaling and concentration
inToronto,extendingtoCalgary,with
acquisitions,refurbishments,andrebrands
(six –11 centres).
FY2024–5: Focus on AAAgreenfieldlocations,
and a mega centre trial (12–15 centres).
FY2026 onwards:Greenfieldexpansionand
new builds or acquisitions in AAA prime
locations (16–34 centres).
FY2035: Establishment of Splitsville as a
national chain with 35+ centres.
Location selection
We use proprietary models for
location selection based on sales
data,demographics,competition,
and footfall drivers.
40newgreenfieldlocationshave
beenidentified,andweareseeing
increasing brand awareness and
interest amongst landlords.
Enhanced customer experience
As we have deepened our understanding
oftheCanadianmarketandthecustomer,
we have introduced proven UK operational
practices to enhance consistency and
servicedelivery.Alongsidethese,following
extensivetrials,FY2025 saw the launch of
some new customer initiatives.
Market trends
Under invested sector
Bowling centres in Canada have
historically suffered from low levels of
investment leading to a decline in the
standard of the customer experience.
Throughouracquisitions,subsequent
refurbishments and Splitsville rebrand
programmes,wehaveelevatedthe
physical environment inside and
outside of the centres.
These upgrades cover every aspect
within the centre including improving
the bowling experience with Pins
onStringsandnewseating,stylish
dinerandbarareas,newsignage
and reception desks and extended
amusementsareaswithnewmachines,
digital payment and improved
redemption offers.
Alongsideenvironmentupgrades,
our team member development
programmes and customer feedback
surveyshaveelevatedthein-centre
service experience for our customers.
Link to strategic objectives
1
2
3
4
5
Cultural development initiatives aligned to
the UKhaveincludedabehaviouralwheel,
onlinelearning,regularfeedback,benefits,
andanannualconference,allcontributing
to creating a positive workplace culture.
Supporting the industry
Our Striker Bowling Solutions business
continuestoplayanimportantrole,
supplying and installing equipment
nationwide and supporting Splitsville’s own
refurbishment and expansion programme.
Its extensive network provides valuable
insightintoindustrytrends,helpingto
reinforce our leadership position in Canada.
An exciting growth opportunity
We have made excellent progress
inCanadainthelastthreeyears,
successfully translating our UK operating
model,establishingmarketleadership,
andmakingsignificantinvestmentsfor
future growth.
Our staged expansion approach has moved
fromlow-riskentrytoscaling,focusingon
primelocations,andtoultimatelybuildinga
national chain.
We are on track to achieve our target of 35
Canadian centres by FY2035,withlearnings
being gained to support potential future
international opportunities.
Our growth strategy:
Driving revenue growth
Active asset refurbishment
Focus on our people
New centres and acquisitions
International expansion
4
5
3
2
1
Key
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Our business model
Powering
growth
Ourdifferentiated,customer
focused business model
givesusatruelong-term
competitive advantage
and is hard for new market
entrants to replicate.
Ourmarket-leadingstrategy,
operational experience
and high levels of cash
generation,helppowerour
growth business model
enabling us to create value
for all of our stakeholders.
Discover more see pages 10 – 19
Powering
growth
1.Anindustry-
leading,valuefor
money leisure
experience
2.Multi-
generational
appeal through
our inclusive range
of experiences
4. Innovating
and investing
to enhance
the customer
experience
5. High customer
satisfaction
leading to
increased spend
6. Revenue growth
and high levels of
cash generation
for future
investment
C
O
M
P
L
E
T
E
E
N
T
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R
T
A
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N
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S
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R
A
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+
+
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3. Superior service
through
operational
experience and
dedicated teams
T
H
E
B
E
S
T
L
O
C
A
T
I
O
N
S
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For our Partners
We support a diverse ecosystem
of partners and suppliers to foster mutually
beneficiallong-termrelationships.
Link to strategy
1
Driving revenue growth
2
Active asset refurbishment
3
New centres and acquisitions
5
International expansion
For our Team
Ourteamdevelopmentprogrammesattract,
retainandnurturetoptalent,whoarededicated
to delighting our customers.
Link to strategy
1
Driving revenue growth
4
Focus on our people
For our Investors
Wedeliverlong-termreturnsthrough
investment in our growth strategy and
strongfinancialmanagement.
Link to strategy
1
Driving revenue growth
2
Active asset refurbishment
3
New centres and acquisitions
4
Focus on our people
5
International expansion
For our Communities
Weofferwelcominginclusivesocialactivities,
createlocalemploymentopportunities,andwork
to limit our impact on the environment.
Link to strategy
1
Driving revenue growth
3
New centres and acquisitions
4
Focus on our people
For our Customers
We deliver memorable experiences
in well invested centres
at affordable price points.
Link to strategy
1
Driving revenue growth
2
Active asset refurbishment
3
New centres and acquisitions
5
International expansion
Delivering
stakeholder value
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2025 70
53
37.3
2024
2023
2025 7
4
3
2024
2023
Our strategy
Investment led growth
Driving revenue growth
We grow revenues by attracting new
customers, increasing the frequency
of visits, and encouraging higher
ancillary spending.
• Record customer satisfaction scores
• Record spend per game levels
driven through £5m UK amusements
investment,technologyenhancements
and yield management gains
• Maintainrelentlessfocusonanalysing
and reacting to customer feedback
• Increased investment in technology and
marketing spend to acquire and retain
customers and drive yields
Active asset refurbishment
We invest in our centres to enhance the
customer experience and drive revenue,
satisfaction levels and profitability.
• 12 Group refurbishments completed
• Pins on Stings in 97% of UK estate
• Spaceoptimisationprojectsinselected
centres introduced additional offers like
e-dartsandduckpinbowling
• One UK refurbishment in FY2026
• UK external signage upgrades
• Complete Pins on Strings roll out
in Canada
• Trials of additional activities
New centres & acquisitions
We actively pursue growth opportunities
in new local markets by building new
centres and acquiring existing centres
in prime locations.
• Five new centres opened in UK
• Two new centres opened in Canada
• Achieved new centre target returns
levels of 33% ROI
• Increased landlord demand in Canada
• Three new UK centres planned to be on
site in FY2026
• FirstcentreinEdmonton,Canadadueto
open in H1 FY2026
• Exciting pipeline in both territories – on
target for 130 Group centres by FY2025
Focus on our people
We invest in creating outstanding
workplaces for our dedicated, dynamic,
and diverse teams who are key to
fulfilling the Group’s purpose.
• Ranked in the Sunday Times Best places
to work 2025 (very big organisation)
• Accredited as a Great Place to Work in Canada
• 61% of UKmanagementpositionsfilledinternally
• Launched graduate and apprenticeship
programmes in the UK
• Maintainrelentlessfocusondelivering
sector-leadingteamdevelopment
programmes
• Continue to develop our employer
brands in UK and Canada
See pages 31 – 32
International expansion
In addition to growing our Canadian
business, we actively evaluate other
international opportunities in
the indoor leisure sector.
• Now Canadian market leader in bowling
• Increased presence in key regions
• 3.9x revenue growth since market
entrance in FY2022
• Revenues account for 15% of Group total
• Optimise future returns from FY2025
refurbishment and new centre
investments
• 40potentialgreenfieldcentresidentified
for new build centres in Canada
See pages 12 – 13
Strategic pillars Key achievements KPIs Future plans
1
2
3
4
5
2025 67
65
63
2024
2023
UK customer satisfaction score
New Group centres opened
Canadian revenue CADm
Scores based on an overall blended index of
customer satisfaction measures
Excludes acquisitions
£11m
Group refurbishment spend
129,000
Job applications received
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Building our
Canadian brand
Our strategy in action
Leveraging the Group playbook
We have successfully replicated elements of our UK
operatingmodel,todriveconsistencyandelevate
service delivery. We are creating synergies across
both territories and are embedding best practices
that strengthen our overall performance.
Building a scalable platform for growth
Our support infrastructure has been enhanced to meet
theneedsofalarger,morecomplexbusiness.Wehave
rolledoutanewreservationsystem,standardised
ITplatforms,andreinforcedsafetyandcompliance
measures.Inaddition,ourGroupMarketing,Technology,
Finance,Property,andPeopleteamscontinuetoprovide
the expertise and resources required to support superior
customer experiences and sustainable growth.
International expansion5
Combining our Group expertise with
local Canadian insights, we’re building
a market-leading brand that’s
redefining family entertainment”
Stephen Burns
Chief Executive Officer
Market innovation
We have introduced a number of new
customer innovations designed to
elevate the overall Splitsville experience.
Customerscannowenjoythe
freedomtoweartheirownshoes,
something that has never been seen
before in the North American market.
We have also introduced a new game
versustimeformat,alongsideour
dynamic pricing technology to deliver
greatervalueatoff-peaktimes.
The extension of our UK amusement
partner agreement to now include our
Canadian operations is bringing an
upgraded range of machines.
Asimplifiedfoodmenuhasbeen
introducedtoimprovespeed,
consistency and quality.
Guest satisfaction surveys are helping
usrefineourserviceexperienceand
our customer contact centres (UK and
Calgary based) provide support with
bookings and service enquiries.
Case study
Discover more online:
www.hollywoodbowlgroup.com
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Our strategy in action continued
Discover more online:
www.hollywoodbowlgroup.com
Developing
our people
Canadian programmes
Thisyearwelaunchedourfirst
CentreManagerinTraining(CMIT)
programme. Designed for Assistant
andDeputyManagersreadytolead
theirowncentre,thisprogrammeis
supporting nine team members in
taking the next step in their careers.
We also have 39 team members on
ourAssistantManagerinTraining
programme (AMIT). This is tailored
forhigh-performinginternalteam
members,buildingthemindsetand
practical skills needed for leadership.
Asourbusinessexpands,we’vealso
created pathways for UK based team
members to develop their careers
inCanada,leveragingtheskillsand
leadership development they’ve
gained in the UK.
Our mission is to offer every team member a rewarding
career.Wearecommittedtoensuringthateveryone,
regardlessofbackground,education,orexperiencehas
access to meaningful opportunities for growth. Over the
pastfouryears,we’vesignificantlyincreasedinternal
promotionsacrossthebusinessaclearreflectionof
our investment in nurturing future talent.
Tosupportearlycareers,welaunchedourthirdand
largestcohortofgraduatemanagersintraining,a
programme designed for university graduates looking to
accelerate their careers. In addition we have welcomed
20 new apprentices in October 2025 onto our new
Degree Apprenticeship Programme. This fully funded
BA(Hons)inAppliedManagementincludespaid,
hands-onexperience.
Focus on our people4
We have a relentless commitment
to attracting, developing, and
retaining talent.”
Melanie Dickinson
Chief People Officer
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Digital customer journey
In FY2024 we launched our new
in-housedevelopedbooking
reservation platform in the UK.
This was subsequently rolled out to
our Canadian operations.
Ourin-housetechnologyteamhave
continued to develop the platform
withupgradesnowbenefiting
both territories.
Examples include the introduction
of VIPlanesales,groupparty
packagesandmulti-activitiesnow
being bookable online. These product
lineshaveallseensignificantuplifts
in revenue.
We have improved the structure of our
customer data which is now helping
us improve our use of AI to improve
thedigitalcustomerjourneyinareas
like optimising targeted upsells.
Our strategy in action continued
Discover more online:
www.hollywoodbowlgroup.com
Investing in
technology
Strategically we are moving to implement standard
Group wide technology platforms and have made
good progress this year.
Thesetechnologyplatformsandourdigital-first
approachareenhancingthecustomerjourney,and
creating improved ways of working for our team
members in the UK and Canada.
They are key to helping us drive operational
efficiencies,customerengagementlevels,booking
conversion rates and spend levels – all supporting
future revenue growth.
We have also taken steps to further enhance our
cybersecurityprotectionandmonitoring,usinga
blendofin-houseexpertiseandexternalguidance
and monitoring.
Driving revenue growth1
Our in-house reservation platform has
already enhanced performance and
we have an exciting road map of new
developments ahead.”
Rob Demirtges
Chief Marketing and Technology Officer
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2025 64.1
58.2
52.0
2024
2023
2025 83.3
83.0
82.6
2024
2023
2025 91.2
87.6
82.7
2024
2023
2025 30.0
31.0
13.8
2024
2023
2025 250.7
230.4
215.1
2024
2023
2025 23.2
23.2
25.1
2024
2023
Key performance indicators
We systematically monitor our
performance through regular
reviews of key performance
indicators (KPIs).
This approach enables us
to gain a comprehensive
understanding of the factors
influencing our performance,
operational efficiency, and
financial health.
Group adjusted EBITDA (£m)
+4.1%
Revenue generating capex (£m)
-3.2%
Group adjusted operating
cash flow (£m)
+10.1%
Revenue (£m)
+8.8%
Gross profit margin on cost of
goods sold (%)
+0.3%pts
Definition
Revenue is generated from customers
visitingourcentrestobowlorplaymini-
golf,andspendingmoneyononeofthe
ancillaryoffers,amusements,dinerorbar.
It also includes revenue generated by our
Striker installations business in Canada.
Comment
Revenue increased by 8.8%,to£250.7m,
driven through LFL growth and new centres.
Definition
Grossprofitmarginoncostofgoodssold
is calculated as revenue minus the cost
of good sold (COGS),dividedbyrevenue.
COGS excludes any labour costs. This is how
grossprofitmarginisreportedmonthlyby
the Group and how Centres are managed.
Comment
Adjustedgrossprofitmarginincreasedyear
on year due to a combination of higher
margin in UKamusements,aswellasa
stronger margin in the Canadian business
as Splitsville revenue represented a larger
proportion of the business in FY2025.
Definition
GroupadjustedEBITDA is calculated as
operatingprofitbeforedepreciation,
impairment,amortisation,lossondisposal
ofproperty,plant,equipmentandsoftware
andadjustingitems.A reconciliation
betweenGroupadjustedEBITDA and
statutoryoperatingprofitisonpage133.
Comment
GroupadjustedEBITDA increased by £3.6m
to £91.2m,largelyduetorevenuegrowth.
1 Someofthemeasuresdescribedarenotfinancial
measures under Generally Accepted Accounting
Principles(GAAP),includingInternationalFinancial
ReportingStandards(IFRS),andshouldnotbe
considered in isolation or as an alternative to the
IFRS Financial Statements. These KPIs have been
chosen as ones which represent the underlying
trade of the business and which are of interest to
our shareholders.
Definition
Capitalexpenditureonrefurbishments,
rebrands and new centres (excluding
maintenance capex).
Comment
Revenue generating capex decreased to
£30.0m,duetoamarginallylowerspendon
refurbishments and new centres in the year
than FY2024.
Definition
Groupadjustedoperatingcashflowis
calculatedasGroupadjustedEBITDA less
workingcapital,maintenancecapital
expenditure and corporation tax paid. A
reconciliationofGroupadjustedoperating
cashflowtonetcashflowisprovidedon
page 25.
Comment
Groupadjustedoperatingcashflow
increasedduetoahigherGroupadjusted
EBITDA combined with lower maintenance
capital expenditure.
Group operating
profit margin (%)
+0.0%pts
Definition
Operatingprofitmarginiscalculated
asoperatingprofitpertheFinancial
Statements divided by revenue.
Comment
Operatingprofitmarginremainedflatat
23.2%.
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
Report
Governance
Report
Financial
Statements
2025 0.6
0.2
4.5
2024
2023
2025 12.04
11.05
10.82
2024
2023
2025 44.3
42.8
45.1
2024
2023
2025 36.4
38.0
38.5
2024
2023
2025 15.2
28.7
52.5
2024
2023
2025 21.52
21.92
21.37
2024
2023
Adjusted earnings
per share (p)
-1.8%
Adjusted Profit After Tax (£m)
-2.4%
Definition
Adjustedearningspershareiscalculated
asadjustedprofitaftertaxdividedbythe
weighted average number of shares in
issue during the year.
Comment
Adjustedearningspersharehas
decreased 1.8% compared to FY2024.
Definition
Adjustedprofitaftertaxisstatutoryprofit
aftertax,adjustedforadjustingitems
(see note 5oftheconsolidatedfinancial
statements).
Comment
Adjustedprofitaftertaxhasdecreasedby
2.4% compared to FY2024.
2025 36.7
37.6
36.6
2024
2023
Key performance indicators continued
Profit before tax (£m)
+3.5%
Group adjusted
EBITDA margin (%)
-1.6%pts
Net cash (£m)
-47.0%
Like-for-like revenue growth (%)
+0.6%pts
Total average spend
per game (£)
+8.9%
Definition
Profitbeforetaxasshowninthefinancial
statements.
Comment
Profitbeforetaxincreasedto£44.3 driven
by higher revenue in centres and the lower
impairments in the year compared to the
prior year.
Definition
GroupadjustedEBITDA margin is calculated
asGroupadjustedEBITDA divided by total
revenue.
Comment
GroupadjustedEBITDA margin was 36.4%
(FY2024: 38.0%),inlinewithmanagement
expectations.GroupadjustedEBITDA
marginonapre-IFRS 16 basis was 27.3%
(FY2024: 29.4%) declining year on year given
the greater impact of the Canadian centres
aswellastheinflationarycostincreasesin
the year.
Definition
Netcashisdefinedascashandcash
equivalents (£15.2m) less borrowings from
bank facilities (£nil) excluding issue costs.
Comment
Net cash reduced in FY2025 compared to
theprioryearduetothesignificantcapital
investment in the year as well as the
dividends paid and completion of a £15m
sharebuy-backprogramme.Furtherdetails
on cash utilisation are shown on page 25.
Definition
LFL revenue growth is total revenue excluding
any new centres and closed centres. New
centres are included in the LFL revenue growth
calculation for the period after they complete
the calendar anniversary of their opening
date. Closed centres are excluded for the full
financialyearinwhichtheyclosed.
Comment
LFL revenue has increased 0.6 percentage
points when compared to FY2024.
Definition
Totalaveragespendpergameisdefined
astotalrevenueintheyear,excludingany
adjustingitems,dividedbythenumberof
bowling games and golf rounds played in
the year.
Comment
Average spend per game increased by
8.9%,to£12.04,duetocustomerscontinuing
to spend more during their visits.
1 Someofthemeasuresdescribedarenotfinancial
measures under Generally Accepted Accounting
Principles(GAAP),includingInternationalFinancial
ReportingStandards(IFRS),andshouldnotbe
considered in isolation or as an alternative to the
IFRS Financial Statements. These KPIs have been
chosen as ones which represent the underlying
trade of the business and which are of interest to
our shareholders.
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
Report
Governance
Report
Financial
Statements
Chief Financial Officer’s review
Investment driving growth
Group financial results
Adjusted results
1
Statutory results
FY2025 FY2024
Movement
FY2025 vs
FY2024 FY2025 FY2024
Movement
FY2025 vs
FY2024
Revenue £250.7m £230.4m +8.8% £250.7m £230.4m +8.8%
Grossprofit £208.8m £191.2m +9.2% £157.0m £145.5m +7.9%
Grossprofitmargin 83.3% 83.0% +30bps 62.6% 63.2% -60bps
Administrative expenses £149.5m £130.6m +14.5% £100.4m £92.6m +8.4%
Operatingprofit N/A N/A N/A £58.2m £53.5m +8.8%
Group EBITDApre-IFRS 16 £68.4m £67.7m +0.9% N/A N/A N/A
Group EBITDA £91.2m £87.6m +4.2% N/A N/A N/A
Groupprofitbeforetax
(pre-IFRS 16) £49.4m £53.4m -7.5% N/A N/A N/A
Groupprofitbeforetax £46.0m £50.3m -8.6% £44.3m £42.8m +3.6%
Groupprofitaftertax £36.7m £37.6m -2.4% £34.6m £29.9m +15.7%
Earnings per share 21.51p 21.92p -1.9% 20.28p 17.42p +16.4%
Earningspersharepre-IFRS 16 23.61p 23.95p -1.4% N/A N/A N/A
Total ordinary dividend per share 13.28p 12.06p +10.1% 13.28p 12.06p +10.1%
1 Areconciliationbetweenadjustedandstatutorymeasuresisshownattheendofthisreport.
amusementsupplier,BandaiNamco.
Splitsville bowling centre revenue was up
CAD 15.9m (35.1%) to CAD 61.1m,despite
the refurbishments and amusement
implementationresultinginsomeshort-
term disruption to trading in the year. Striker
generated revenue of CAD 8.6m (FY2024:
CAD 7.7m) in the year.
New centres in the UK and Canada are
included in LFL revenue after they complete
the calendar anniversary of their opening
date. Closed centres are excluded for the full
financialyearinwhichtheywereclosed.
Gross profit on cost of goods sold
Grossprofitoncostofgoodssoldis
calculated as revenue less directly
attributable cost of goods sold and does
notincludeanypayrollcosts.Grossprofit
on cost of goods sold was £208.8m,a9.2%
increase on FY2024withgrossprofitmargin
on cost of goods sold at 83.3% in FY2025,up
30bps on FY2024.
Grossprofitoncostofgoodssoldforthe
UK business was £179.3m with a margin
of 84.4% up 50 bps on FY2024,withhigher
margin seen in all areas of the UK business.
Following the introduction of the lease
accounting standard IFRS 16,theGroup
continuestopresentadjustedEBITDA on
bothapre-andpost-IFRS 16basis,with
thepre-IFRS 16 measure remaining the key
metricforinternaldecision-making,investor
assessment and loan facility compliance.
We have also amended our dividend policy
toreflectthisimpact.
Revenue
Total Group revenue for FY2025 was
£250.7m,8.8% growth on FY2024.
UK centre LFL revenue growth was up 1.1%,
with spend per game growth of 9.2%,anda
7.5% decline in LFL game volumes. Alongside
the impact of our new UKcentres,totalUK
revenue for FY2025 was £212.4m up 6.4%
compared to the same period in FY2024.
Canadian LFLrevenuegrowth,when
reviewing in Canadian Dollars (CAD) to
allow for the disaggregation of the foreign
currencyeffect(constantcurrency),
was 3.2%,withtotalrevenuesup32.8%
to CAD 70.0m (£38.3m). FY2025 was a
year of investment in our Splitsville estate
inCanada,withsevenrefurbishments
completed as well as the commencement
ofamajorpartnershipwithourUK
Our investment strategy delivered strong growth and
shareholder returns in FY2025.”
Laurence Keen
Chief Financial Officer
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
Report
Governance
Report
Financial
Statements
Chief Financial Officer’s review continued
Grossprofitoncostofgoodssoldfor
the Canadian business was in line with
expectations at CAD 53.9m (£29.5m),with
a margin of 77.2% (FY2024: 76.8%). This
margin increase is primarily due to the
significantrevenuegrowthseeninthe
Splitsville bowling centres which make up a
larger proportion of total revenue in Canada
versus our Striker equipment business.
Splitsvillehadagrossprofitmarginon
cost of goods sold of 82.8%,inlinewith
expectations.
Administrative expenses pre-
adjusting items
Following the adoption of IFRS 16 in FY2020,
administrative expenses exclude property
rents (turnover rents are not excluded)
and include the depreciation of property
right-of-useassets.
Totaladministrativeexpenses,including
allpayrollcosts,were£149.5m (FY2024:
£130.6m).Onapre-IFRS 16basis,
administrative expenses were £161.3m
(FY2024: £146.9m).
Employee costs in centres were £51.8m
(FY2024: £45.7m),anincreaseof£6.1m when
compared to FY2024,duetoacombination
oftheimpactofthehigherthaninflationary
national minimum and living wage
increasesseencomparedtotheprioryear,
the impact of higher LFLrevenues,new
centres,aswellasthepartyearimpactin
the UK,oftheincreaseinemployersnational
insurance. UK centre employee costs
were £42.0m,anincreaseof£4.1m when
compared to FY2024. Total centre employee
costs in Canada were CAD 18.0m (£9.8m),
an increase of CAD 4.5m (£2.0m).
Totalproperty-relatedcosts,accountedfor
pre-IFRS 16,were£49.9m (FY2024: £42.0m).
The UK business accounted for £43.1m
(FY2024: £37.8m). Rent costs in the UK
increased to £20.2m (FY2024: £18.3m).
Canadian property centre costs were in line
with expectations at CAD 12.4m (£6.8m),an
increase of CAD 4.4m due to the increased
sizeoftheestatewhencomparedtoFY2024.
Utility costs increased by £1.9m compared to
the same period in FY2024,withUK centres
accounting for £1.6m of this increase due in
themaintothenewfixedrateannounced
during FY2024,withthebalanceinrelationto
the increased number of centres in Canada.
Totalpropertycosts,underIFRS 16,were
£53.3m (FY2024: £47.6m),including£13.0m
accounted for as property lease assets
depreciation and £13.1m in implied interest
relating to the lease liability.
Total corporate costs increased year on
year,by£2.0m,to£26.9m. UK corporate
costs increased by £1.0m to £21.9m due to a
combination of payroll costs and increased
spend on marketing as we pushed ahead
with our investment in this area. As we
continue to build out our support team
inCanadaforgrowth,corporatecosts
increased to CAD 9.1m (£5.0m) from CAD
6.5m (£3.8m). This structure in Canada
should allow us to expand our estate by 25%
beforeaddingsignificantlymorecost.
The statutory depreciation and amortisation
and impairment charge for FY2025 was
£33.9m compared to £32.2m in FY2024.
Depreciationandamortisationonproperty,
plant,equipmentandintangibles,increased
from £15.5m in FY2024 to £19.1m in FY2025,
as we continued our capital investment
programme into new centres and
refurbishments in the UK and Canada.
Following the investment activity undertaken
in FY2025,theGroupexpectstobenefit
fromimprovedprofitabilityandoperational
performance in FY2026.
Adjusting items
Totaladjustingitemsbeforetaxwerea
charge of £1.7mintheperiod,compared
to a charge of £7.6m in FY2024.Adjusting
items include impairments and therefore
FY2024comparativeshavebeenre-
presented as such.
Duringtheperiod,impairmentsof£2.3m
(FY2024: £5.3m)wererecognised,primarilyin
relationtoourPutt&Playmini-golfcentres.
Theimpairmentreflectsadiscountedcash
flowanalysisoffuturecashflows,resulting
in a reassessment of the carrying amount
ofproperty,plantandequipment(PPE) and
right-of-use(ROU) assets associated with
themini-golfcentresonthebalancesheet.
The discount rate used for the weighted
average cost of capital (WACC) was 13.5 per
centpre-tax(FY2024: 12.4 per cent) in the UK.
Otheradjustingitemsrelatetothreeareas;
the earn out consideration for Teaquinn
President Pat Haggerty £0.7m,ofwhich
£0.2m is in administrative expenses and
£0.6m is in interest expenses; aborted
acquisition and legal costs in Canada
£0.2m; £1.6m is in relation to a business
interruption insurance claim received in the
period.Moredetailonthesecostsisshown
in note 5 to the Financial Statements.
Group adjusted EBITDA
and operating profit
GroupadjustedEBITDApre-IFRS 16 increased
0.9percent,to£68.4m. The reconciliation
betweenstatutoryoperatingprofitand
GroupadjustedEBITDAonbothapre-IFRS
16andunder-IFRS 16 basis is shown in the
table opposite.
UKadjustedEBITDApre-IFRS 16 was £62.4m
(FY2024: £62.3m). Include in this FY2024
metric,theUKbusinessbenefittedfrom
business rates rebates of £2.8m and Surrey
Quays which closed in September 2024,
worth £1.1m.
CanadianadjustedEBITDApre-IFRS 16 was
CAD 10.5m (£5.9m),up11.6% on a constant
currencybasis,whilstbowlingcentrelevel
EBITDApre-IFRS 16 was up CAD 2.9m to CAD
17.7m. Following the investment activity in
theyearinCanada,theGroupexpectsto
seeincrementalprofitmetricsinFY2026.
FY2025
£’000
FY2024
£’000
Operatingprofit 58,224 53,506
Depreciation 30,505 25,919
Impairment 2,288 5,316
Amortisation 1,155 935
Lossonproperty,right-
of-useassets,plantand
equipment and software
disposal 223 88
Adjustingitems
excluding interest and
impairment (1,160) 1,823
GroupadjustedEBITDA
under IFRS 16 91,235 87,587
IFRS 16adjustment(Rent) (22,880) (19,838)
GroupadjustedEBITDA
pre-IFRS 16 68,355 67,749
Share-based payments
Duringtheyear,theGroupgrantedfurther
Long-TermIncentivePlan(LTIP) shares
to the senior leadership team as well as
starting a new save as you earn (SAYE)
scheme for all team members. The Group
recognised a total charge of £1.8m (FY2024:
£1.8m)inrelationtotheGroup’sshare-
based arrangements.
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
Report
Governance
Report
Financial
Statements
Chief Financial Officer’s review continued
Financing
Financecosts(netoffinanceincome)increasedto£13.9m in FY2025 (FY2024: £10.7m)
comprisingmainlyofimpliedinterestrelatingtothenon-cashleaseliabilityunderIFRS 16 of
£13.7m (FY2024: £11.6m).
Duringtheyear,theGroupagreedanewthree-year,£25mRCFand£5maccordion,with
itscurrentprovider,BarclaysPLC,effective8May2025,withalowermarginof1.30 per cent
(from 1.65 per cent) above SONIA. The RCF remains fully undrawn at the balance sheet date.
Taxation
The Group’s tax charge for the year is £9.7m,aneffectiverateoftaxof21.8%,arisingonthe
profitbeforetaxgeneratedintheperiod.TheeffectivetaxrateislowerinFY2025 due to the
impactofpriorperiodadjustmentsandisexpectedtoreturntobetween25% and 26%
in FY2026.
Segmentation
Year ended 30 September 2025
UK
£’000
Canada
£’000
Total
£’000
Revenue 212,410 38,252 250,662
Grossprofitoncostofgoodssold 179,296 29,515 208,811
GroupadjustedEBITDApre-IFRS 16
1
62,418 5,937 68,355
GroupadjustedEBITDA 81,336 9,899 91,235
Depreciation and amortisation 26,055 5,605 31,660
Impairment of PPE and ROU assets 2,288 — 2,288
Loss/(profit)onproperty,right-of-useassets,plant
and equipment and software disposal 245 (22) 223
Adjustingitemsexcludinginterestandimpairment (1,548) 388 (1,160)
Operating profit 54,296 3,928 58,224
Finance (income) (766) (61) (827)
Finance expense 11,759 3,008 14,767
Profit before tax 43,303 981 44,284
Earnings
Groupprofitaftertaxfortheyearwas£34.6m (FY2024: £29.9m) and basic earnings per share
of 20.28 pence per share (FY2024: 17.42 pence per share).
Groupadjustedprofitaftertaxis£36.7m (FY2024: £37.6m),andbasicadjustedearnings
per share of 21.51 pence per share (FY2024: 21.92pencepershare).Adjustmentshereare
reconciled in the table at the end of this report.
1 IFRS16adoptionhasanimpactonEBITDA,withtheremovalofrentfromthecalculation.ForGroupadjustedEBITDApre-IFRS16,itisdeductedforcomparativepurposesandisused
byinvestorsasakeymeasureofthebusiness.TheIFRS16adjustmentisinrelationtoallrentsthatareconsideredtobenon-variableandofanaturetobecapturedbythestandard.
IFRS 16impactsstatutoryprofitonlythrough
non-cashdepreciationandinterest,
reducing FY2025profitbeforetaxby£3.4m
(FY2024: £3.1m). These effects unwind as
leasesmature,thoughcontinuedregears
and extensions – where strategically
beneficial–maymoderatethisdecline.
Ourfocus,andwhereinvestorandanalysts
shouldthereforefocus,isontheunderlying
cashcostofoccupancy,whichremains
alignedwithpre-IFRS 16metricsandreflects
the Group’s proactive and disciplined lease
strategy. Our market position and covenant
strength continue to support favourable
outcomesinleasenegotiations,reinforcing
long-termvaluecreation.
Therefore,giventheaccountingtreatment
under IFRS 16canintroducenon-cash
volatilityinreportedprofit,webelieve
showingonapre-IFRS 16 basis gives a
better view of underlying trade. Group
adjustedprofitaftertaxonapre-IFRS 16
basis is £40.3m (FY2024: £41.1m).
Cash flow and liquidity
The liquidity position of the Group remains
strong,withanetcashpositionof£15.2m
as at 30 September 2025. The table opposite
shows a breakdown of cash utilisation in the
year.
Adjustedoperatingcashflowwas£64.1m
(FY2024: £58.2m) at a conversion of 70.2%
(FY2024: 66.4%).
During FY2025 the Group completed £15m
of share buybacks. The Group holds no
ordinary shares in treasury and therefore
thetotalvotingrightsinHollywoodBowl,
postthecompletionofthesharebuyback,
is 166,851,906. The weighted average
number of shares in FY2025 was 170,629,123.
Capital expenditure
Duringthefinancialyear,Groupcapital
expenditure was 30.6% lower than the
prioryear,at£36.5m (FY2024: £52.7m).
Intheperiod,UK expansionary capital
spend was £20.7m,with£15.9monthefive
newcentresopenedintheperiod,£4.8m
on refurbishments. Expansionary capital
expenditure in Canada amounted to CAD
20.2m (£10.8m).
The level of investment was consistent with
management expectations and primarily
reflectedthecompletionofanumberof
majorrefurbishmentprojectsandthe
opening of two new centres.
The FY2026 capital expenditure
programme is expected to comprise a
broadly consistent level of maintenance
expenditure,uptothreeplanned
refurbishments,andthedevelopmentoftwo
new centres in the UK and two in Canada.
Accordingly,totalcapitalexpenditurefor
FY2026 is anticipated to be in the range
of£25mto£30m,althoughmayincrease
should additional new centre developments
in Canada commence during the year.
Depreciationonproperty,plantand
equipment is expected to increase by
approximately £2.0m to £2.5m in FY2026,
reflectingtheGroup’scontinuedinvestment
in new centres and enhancement of the
existing estate. These investments underpin
long-termgrowth,withreturnsexpected
toexceedtheGroup’scostofcapital,
supportingsustainedprofitabilityand
shareholder value creation.
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
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Financial
Statements
Chief Financial Officer’s review continued
Dividend and capital allocation policy
In line with the comments regarding non cash volatility from IFRS 16,theGroupisproposing
todeclaredividendsbasedongroupadjustedprofitaftertaxonapre-IFRS 16 basis for its
finalFY2025ordinarydividendaswellasfuturedividends.TheBoardhasdeclaredafinal
ordinary dividend of 9.18pencepershare.SubjecttoapprovalattheAGM,theex-dividend
date will be 29 January 2026,witharecorddateof30 January 2026 and a payment date of
20 February 2026.
Cash flow and net debt
FY2025
£’000
FY2024
£’000
GroupadjustedEBITDA under IFRS 16 91,235 87,587
Movementinworkingcapital 1,809 1,018
Impactofadjustingitemsonworkingcapital (178) (1,387)
Maintenancecapitalexpenditure (6,582) (7,973)
Share-basedpayments 1,798 1,782
Taxation (9,445) (10,536)
Payment of capital elements of leases (14,560) (12,305)
Adjusted operating cash flow (OCF)
1
64,077 58,186
Adjusted OCF conversion 70.2% 66.4%
Expansionary capital expenditure
2
(29,947) (30,952)
Disposal proceeds 80 —
Net bank interest received 720 1,616
Lease interest paid (13,731) (11,615)
Free cash flow (FCF)
3
21,199 17,235
Adjustingitems 1,338 (436)
Acquisition of centres in Canada — (9,283)
Cash acquired in acquisitions — 78
Acquisition of centres in UK — (4,474)
Share (buyback)/issue (15,151) (379)
Dividends paid (20,827) (26,180)
Effect of foreign exchange rates on cash and cash equivalents (72) (314)
Net cash flow (13,513) (23,753)
1 AdjustedoperatingcashflowiscalculatedasGroupadjustedEBITDAlessworkingcapital,maintenancecapital
expenditure,taxationandpaymentofthecapitalelementofleases.Thisrepresentsagoodmeasureforthe
cash generated by the business after considering all necessary maintenance capital expenditure to ensure the
routinerunningofthebusiness.Thisexcludesadjustingitems,netinterestpaid,debtdrawdownsandanydebt
repayments.
2 Expansionary capital expenditure includes refurbishment and new centre capital expenditure.
3 Freecashflowisdefinedasnetcashflowpre-adjustingitems,costofacquisitions,debtfacilityrepayment,debt
drawdowns,dividendsandequityplacing.
Going concern
As detailed in note 2 to the Financial
Statements,theDirectorsaresatisfied
that the Group has adequate resources to
continue in operation for the foreseeable
future,aperiodofatleast12 months from
the date of this report.
UK Government Budget
Therecentlyconfirmedincreasestothe
living and minimum wage were fully
anticipated in our internal planning;
however,theimpactonourcostbasewill
stillbesignificant.Inaddition,thefull-year
effect of the employer National Insurance
changes introduced in April 2025 will be in
H1 of FY2026,creatingafurtherstep-upin
employment costs before any offsetting
operationalefficienciestakehold.On
propertycosts,theGovernment’sbusiness-
rates measures announced in the Autumn
Budget offer limited respite. Although the
lowermultiplieriswelcome,theshifttoa
three-yearlyrevaluationcycle,introduced
lastyear,meansthattheApril2026
revaluation is likely to recalibrate rateable
values upward for much of our estate. As
such,weexpecttheoverallbusiness-rates
coststoincrease,withthebenefitoflower
multipliers offset by higher valuations.
Laurence Keen
Chief Financial Officer
15 December 2025
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Financial
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Chief Financial Officer’s review continued
Note on alternative performance measures (APMs)
APM
FY2025
£m
FY2024
£m
LFL revenue
Revenue
250.7
230.4
Less:newcentresnon-annualised
22.9
–
Less: closed centre (full year)
–
3.7
LFL revenue 227.8 226.6
Gross profit on costs of
goods sold (Adjusted
gross profit)
Grossprofit
157.0
145.5
Add: centre staff costs
51.8
45.7
Adjusted gross profit 208.8 191.2
Administrative
expenses
Administrative expenses
100.4
92.6
Less:adjustingitems
2.7
7.7
Add: centre staff costs
51.8
45.7
Adjusted administrative expenses 149.5
130.6
Add: rent
22.9
19.8
Less: IFRS 16 depreciation
12.6
11.3
Adjusted administrative expenses
pre-IFRS 16
159.8 139.1
Group adjusted EBITDA
Operatingprofit
58.2
53.5
Add: depreciation
30.5
25.9
Add: amortisation
1.2
0.9
Add: loss on PPE
0.2
0.1
Add:adjustingitemsbeforetax
(note 5)
1.7
7.6
Less:adjustingitemsininterest
expense (note 5)
0.6
0.4
Group adjusted EBITDA 91.2 87.6
Group adjusted EBITDA
pre-IFRS 16
GroupadjustedEBITDA
91.2
87.6
Less: rent
22.9
19.8
Group adjusted EBITDA pre-IFRS 16 68.4 67.7
Note on alternative performance measures (APMs)
APM
FY2025
£m
FY2024
£m
Adjusted group profit
before tax
Groupprofitbeforetax
44.3
42.8
Add:adjustingitemsbeforetax
1.7
7.6
Adjusted group profit before tax 46.0
50.3
Adjusted basic
earnings per share
(EPS)
Adjustedgroupprofitbeforetax
46.0
50.3
Less: tax charge
9.7
12.8
Add:taxonadjustingitems
0.4
0.1
Adjusted group profit after tax 36.7
37.6
Weighted average number of shares
170,629,123
171,647,892
Adjusted basic EPS 21.51
21.92
Adjusted group profit
pre-IFRS 16
Adjustedgroupprofitbeforetax
46.0
50.3
Add: IFRS 16 movement
26.3
22.9
Less: rent
22.9
19.8
Adjusted group profit before tax
pre-IFRS 16
49.4
53.4
Less: tax charge
9.3
12.7
Add: IFRS 16 tax movement
0.2
0.4
Adjusted group profit after tax
pre-IFRS 16
40.3
41.1
Weighted average number of shares
170,629,123
171,647,892
Adjusted basic EPS pre-IFRS 16 23.61
23.95
LFL revenue UK
Total UK revenue
212.4
199.7
Less:newcentresnon-annualised
14.3
-
Less: closed centres
-
3.7
LFL revenue UK 198.1
196.0
LFL revenue Canada
(CAD)
Total Canada revenue
70.0
52.7
Less:newcentresnon-annualised
15.6
-
LFL revenue CAD 54.4
52.7
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
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Financial
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Sustainability review
A responsible business
Our business begins and ends with people.
Westrivetocreatewelcoming,inclusive
environments at our centres—places where
exciting employment opportunities and
active community engagement thrive.
Aswecontinuetoscaleourbusiness,
we remain committed to reducing our
environmentalimpact,bothlocally
and globally.
Our track record in the UK speaks for itself:
from supporting our teams and local
communities,toimplementinginnovative
carbon-reducinginitiativesinourcentres.
Our sustainability strategy and initiatives
are increasingly being applied to our
Canadian operations.
Sustainabilityisnotjustagoal;it’san
ongoing responsibility everyone in the
Group takes seriously.
Our growth strategy:
Driving revenue growth
Active asset refurbishment
Focus on our people
New centres and acquisitions
International expansion
4
5
3
2
1
Key
Safe and
inclusive centres
Our ambition
Operating welcoming centres where
healthandsafety,accessibilityand
strong community connections are
prioritised.
See page 29
Outstanding
workplaces
Our ambition
Continually investing in developing
ourteams,supportingtheirwellbeing,
andmaintainingadiverse,inclusive
culture where everyone can thrive.
See page 31
A sustainable
estate
Our ambition
A growing estate with centres which
combineenergyefficiency,low
emissions,sustainablesourcing,
and a commitment to recycling.
See page 33
Link to strategic objectives
1
2
3
4
5
Link to strategic objectives
1
4
Link to strategic objectives
2
3
5
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Financial
Statements
Managementappointmentsfrominternalcandidates 50% 61% 58% 35%
Team members participating in development programmes 10% 11% 11% 7%
Team members completing online development modules 96% 97% 97% 97%
Team member engagement survey score 60% 78% 79% 72%
Team member wellbeing survey score 60% 77% 78% 71%
Sustainability review continued
Performance against our targets
FundsraisedfornationalcharitypartnerMacmillan £100k £174k £250k NA
Concessionary discount games played 1.1m 1.32m 1.35m NA
Centres passed food and drink audit 100% 100% 100% 100%
Schools games played 165k 178k 185k NA
Softdrinkssoldthataresugar-free 50% 50% 55% NA
Team in food and drink roles who completed food safety and allergen training 97% 98% 98% 98%
Safe and inclusive centres
Outstanding workplaces
Key
Achieved
See pages 33-34
See pages 29-30
See pages 31-32
* A range of sustainability targets have been introduced for our Canadian operations for FY2026 following establishment of baselines in FY2025.
We will establish additional KPI baselines in Canada in FY2026 and further extended our Canadian targets in FY2027.
Wasterecycled,with100%divertedfromlandfill 82% 83.5% 84% NA
Directly purchased electricity from renewable sources 99.5% 100% 100% 100%
Centres with solar arrays installed 33 34 35 NA
Intensity ratio Scope 1 and 2 emissions – tCO
2
e 56 53 50 170
Food and drink wastage as a percentage of food and drink revenue 1% 0.7% 0.6% NA
Electricityusagegeneratedfromon-siterenewables 15% 16.09% 15% NA
Percentage of bowling centres with Pins on Strings 94% 97% 98% 80%
Metrics or commitments FY2025 Target (UK) FY2025 Actual (UK) Status (UK) UK FY2026 target Canada FY2026 target*
A sustainable estate
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
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Financial
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Sustainability review continued
Safe and inclusive centres
Our centres are important
social venues for the local
communities they serve.
Why it’s important
Aswegrow,ourcommitmenttopositively
impacting the local communities in which
we operate remains a priority.
Progress in FY2025
• Our centres provided important gateway
firstjobopportunities
• Five new UK centres opened creating
more than 150newjobs
• Two new centres opened in Canada
creating more than 60newjobs
• Each new centre creates investment
value in the local economy of c.£3m
• New centre builds drive additional footfall
to leisure and retail businesses supporting
the wider local economy
Why it’s important
We are dedicated to providing inclusive
activities that bring all ages and abilities
together in a welcoming environment.
Progress in FY2025
• A record year for concessionary
discounted games bowled – more than
1.3menjoyedintheUK
• Our school engagement programme saw
178kpupilsandteachersenjoyschooltrips
to one of our venues
• We raised a record £174k for charity
through a variety of special events
and activities in our centres and our
support centre
1
Local investment
2
Communities
Our focus areas
Local investment
Communities
Health and safety
Food and beverage
4
3
2
1
210
Newjobscreated
in FY2025
100%
Increase in UK charity fundraising
versus FY2024
Macmillan partnership
OurnationalcharitypartnerMacmillan
was chosen by our team members in
FY2024.
We are delighted that our teams and
customers have continued to support
this excellent cause.
One highlight was our team at Lincoln
whoraisedanincredible£11k,ledbyour
2025SustainabilityCentreManagerof
the Year.
Case study
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
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Financial
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Sustainability review continued
Safe and inclusive centres continued
Why it’s important
We provide clear and transparent
information,enablingcustomerstomake
informed decisions about our food and
beverage offer.
Progress in FY2025
• We offered menu options with reduced
salt and sugar content in our food and
beverage ranges
• We promoted a variety of sugar free
soft drinks
• We continued to review and streamline
our supply chain and ordering practices
to limit the number of food and
drink deliveries
• Health and safety is integral to our
dailyhospitalityoperations,withteam
members undergoing food safety and
allergen awareness training in our centres
• Our centres consistently achieve high
food hygiene ratings through regular
audits by internal food safety auditors
orexternalenvironmentalhealthofficers
Why it’s important
The health and safety of our teams and
customers remain our highest priority.
Progress in FY2025
• We continuously measured and
monitored performance across all of our
locations to ensure that we provided safe
and healthy environments in all aspects
of our operations
• Our policies and practices were reviewed
with external agencies to ensure
compliance with safety legislation
• Hollywood Bowl Group plc has a
Primary Authority agreement with South
Gloucestershire Council covering both
Health and Safety and food safety
• Any incidents involving customers or
team members were reported and
reviewed by the Board on a monthly basis
• Internalaudits,includingsafetyreviews,
were conducted and are reviewed by
the Board
• Health and safety forms part of the
Group risk register
Plans for FY2026
1
Local investment
• UK – Three new centres are planned
toopen,creating90newjobs
• Canada–Ourfirstcentrein
Edmonton will create 30newjobs
2
Communities
• UK – Continued focus on offering
accessible concessionary and
school rates
• Target of £250k fundraising for
Macmillan
• Canada – Reviewing concession and
charity fundraising strategy
3
Food and beverage
• UK–Maintaintransparent
information,enablingcustomersto
make informed decisions
• Canada – Continued deployment
of UKoperational,auditandtraining
schemes
4
Health and safety
• UK – Continued measurement and
monitoring of performance across all
centres
• Canada – Continued measurement
and monitoring of performance
across all centres
3
Food and beverage
4
Health and safety
50%
UK soft drinks sold
that were sugar free
Sugar free drinks
We have consistently offered a range of
sugar free drinks in our UK centres.
Our primary soft drink contract was
tendered in FY2025. Supplier evaluation
includedtherangeofdrinksoffered,
commercialterms,andsustainability
credentials.
Following this process we were pleased
to move our UK soft drink supply to
Britvic who offer a comprehensive
sugar free range including market
leaderPepsiMax.Sinceitsintroduction
we have seen an increase in the
percentage of sugar free drinks sold.
Discover more online:
www.hollywoodbowlgroup.com
Case study
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Financial
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Sustainability review continued
Outstanding workplaces
Our team are key to delivering
the best customer experience. We
provide them with an outstanding
workplace and a supportive
culture to allow them to thrive.
Why it’s important
Attracting and retaining top talent is a
priority – our team drive our purpose
of connecting friends and families
throughaffordablefunandsafe,
healthy competition.
Progress in FY2025
• Our digital employer brand supported
ourrecruitmentstrategy,helpingto
generate129kjobapplicationsfor
Hollywood Bowl and Splitsville vacancies
• Fully funded BA (Hons) Degree
Apprenticeship Programme
launched with 20 apprentices
• Year-on-yearreductioninturnoverand
increase in average length of service
Why it’s important
Teammembersworkinahigh-
performance culture where exceptional
training nurtures talent and supports our
mission to offer every team member a
rewarding career.
Progress in FY2025
• Full suite of development programmes
introduced in Canada
• 284 UK team members on a top
talent programmes
• 8k classroom training courses ran
in the UK
• E-learningplatformavailabletoall
team members
1
Top talent
2
Team development
Our focus areas
Top talent
Team development
Team wellbeing
Diversity,equity&inclusion(DE&I)
4
3
2
1
59%
UK team members
receiving a bonus
16,250
Hoursofe-learningfor
UK team members
Internal promotions
We are proud of the impact that our
training and development programmes
have on the level of internal promotions
to in our centres.
In FY2025 we achieved a record of 61%
ofmanagementpositionsbeingfilled
by existing team members in the UK.
Discover more online:
www.hollywoodbowlgroup.com
Case study
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
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Financial
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Sustainability review continued
Outstanding workplaces continued
Plans for FY2026
1
Top talent
• UK – Continue to build on recruitment
progress made in FY2025
• Canada–Year-on-yearreduction
in team turnover and increase in
average length of service
2
Training and development
• UK – Largest cohort of graduate
managers in training
• Canada – Increase participation in
development programmes
3
Team wellbeing
• UK–Maintainfocusonfeedbackand
action loops
• Canada – Introduce more UK ways
of working and wellbeing support
programmes
4
Diversity, equity &
inclusion
• UK–Socialmobility,womenin
leadership and neurodiversity
workstreams
• Canada – Establish diversity
steering groups
Why it’s important
Team member wellbeing underpins the
Group’spositiveandsupportiveculture,and
is promoted through a range of initiatives.
Progress in FY2025
• Increased number of mental health
firstaiders
• Employee assistance programme
operated by third party specialists
• Record team member survey
participation rate
• Maintainedscoresonemployee
review websites
• Sunday Times Best places to work
2025 award
4
Team wellbeing
500k
Posts on team
engagement platform
Team member feedback
With more than 2800 Group employees
it is essential that we regularly listen to
their feedback and act on the insights
we gain.
We gather feedback in a variety of
ways.Atanindividuallevel,wehave
a robust programme of monitored
monthly 1 2 1meetings,whereteam
members performance is discussed
with centre and support team
managers.
The primary gauge of team member
engagement at a centre and support
teamlevelisourbi-annualteam
member survey which cover a
comprehensive range of topics. The
feedback of these surveys is discussed
and action plans agreed at centre and
department level.
In addition we hold listening groups for
team members hosted by the senior
leadership team.
Discover more online:
www.hollywoodbowlgroup.com
Case study
Why it’s important
Weembraceandcelebratediversity,and
ensureourworkexperiencesareequitable,
inclusive and welcoming.
Progress in FY2025
• Wefocusedonfivekeyareas:inclusive
recruitment,trainingandtools,
communityengagement,data-driven
insights,andtransparentprogress
• Active diversity groups established for
age,female,disability,LGBTQ+,ethnicity
and religion
• Awarded Sunday Times Best places to
work for disabled employees in 2025
Diversity statistics
3
D,E & I
Team members
Senior Managers Centre Managers
Assistant Managers/Techs
66% Male
34% Female
50% Male
50% Female
67% Male
33% Female
46% Male
54% Female
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
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Governance
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Financial
Statements
Sustainability review continued
A sustainable estate
We understand that our business
operations have an impact on
climateandtheenvironment,and
we are committed to proactively
reducing these impacts.
Our focus areas
Energyefficiency
Waste and water
Transitioning to Net Zero
New centre builds
4
3
2
1
Why it’s important
Running our centres in the most energy
efficientwayhelpslimitourenvironmental
impact and reduces cost.
Progress in FY2025
• Solar installs in 34 UK centres producing
6,645 kWp in FY2025
• Maintained100% directly purchased
renewable electricity
• Promoted energy saving behavioural
change in UK and Canadian centres
• Reduced UK intensity ratio
• Pins on Strings roll out nearing completion
Why it’s important
We are committed to reducing waste and
improving recycling and waste water quality
in our operations.
Progress in FY2025
• Record levels of waste recycling in UK
• Less than 1% of UK food and drink
revenues wasted
• Water usage in UK reduced from 3.21 m
3
in FY2024 to 3.14 m
3
in FY2025
• Grease traps to improve the quality of
waste water now in 100% of Canadian
estate and 90% of UK centres
1
Energy efficiency
2
Waste and water
97%
UK bowling estate
with Pins on Strings
83.5%
UK waste recycled
Waste recycling
We had another excellent year for
recycling in our UK centres. Since FY2019
we have improved our performance
from 67.3% to 83.5% of waste recycled
and 100%divertedfromlandfill.
Waste recycling forms part of the
centre sustainability benchmark
programme ensuring ongoing focus
from centre teams.
Discover more online:
www.hollywoodbowlgroup.com
Case study
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Sustainability review continued
Sustainable estate continued
Why it’s important
Our property teams embed sustainability
intoeverynewcentrebuild,collaborating
withcontractorstodelivergreener,more
efficientbuildings.
Progress in FY2025
• 100%renewableenergyusedforfitout
of new UK centres
• LED lights on timers in public facing
centre areas
• Our Liverpool Edge Lane centre reopened
inMay2025. Less carbon emissions were
generated through repurposing the
existing shell versus a new build. Lane
furniture and Pins on Strings equipment
from our closed Surrey Quays centre were
refurbished and recycled
• A EPC rating achieved for all new UK
centre builds in FY2025
3
New centre builds
A
EPC rating for new
UK centres
Sustainable construction projects
By adopting Net Zero target dates
and implementing robust strategies
suchasbaselinereports,greengain
resourcereports,andregularlyupdated
sustainableconstructionpolicies,our
contractors are working closely with us
to ensure that all estate additions and
upgrades are as sustainable as possible.
Frequently used materials are
sourced from suppliers with strong
environmental statements supporting
carbon reduction and sustainable
disposal,suchasDuluxpaints.
Wehavetransitionedfromgas-fired
todirectelectricwaterheating,
significantlyreducingemissions,and
embracedoff-sitemanufacturingfor
largefixturesandfittingstominimise
wasteandimproveefficiency.
Design occupancy has been reduced
to lower ventilation and cooling
requirements,whileheatingand
cooling systems are now controlled by
heat pumps which are cutting carbon
emissions.
Additionally,cellarcoolingareashave
been optimised by introducing plastic
curtainsorcold-roomsolutions,and
heat recovery units have been integrated
within the air handling plant to further
enhanceenergyefficiency.
Discover more online:
www.hollywoodbowlgroup.com
Case study
Plans for FY2026
1
Energy efficiency
• UK – Continue to work with landlords
to extend coverage of solar panels
andon-sitebatterytrials
• Canada – HVAC management trials
and review of solar panel potential
2
Waste and water
• UK–Maintainourhighlevelsof
waste recycling
• Canada – Review of waste
contractors and establishment of
waste recycling baseline
3
New centre builds
• UK–MaintainA rated EPCs for new
builds and work with contractors to
evolve sustainable practices
• Canada – Increased focus on energy
efficiencyincontracttenders
4
Transitioning to Net Zero*
• UK – Continue to work closely with
Zero Carbon Forum to look for further
climate change mitigations and
maintain upper quartile ranking
• Canada – Increased climate action
engagement with key supplier base
* NetZeroisdefinedinthisreportasthepoint
where the Group can reduce its net GHG
emissions by 90% compared to the FY2025
baseline year.
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
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Financial
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Sustainability review – Transitioning to Net Zero
Climate action plan
2025 actual
2025 actual
2026 target
2030 target
2035 target
2045 target
2050 target
2026 target
55%
UK supplier spend
to suppliers who have
commitments to
Net Zero
See our case study
95%
Group centres with
Pins on Strings installed
100%
Directly purchased electricity
in UK and Canada from
renewable sources
30%
Canadian supplier spend
to suppliers who have
commitments to
Net Zero
21%
Reduction
vs
2025 baseline
Zero
Gas usage
in UK estate
90%
Reduction
vs
2025 baseline
Group target to achieve
Net Zero across all Scopes
Key
Scope 1 & 2 Scope 3 Scope 1,2 & 3
Scope 3 focus
With more than 90% of our
emissions being generated
throughoursupplierchain,
it is essential that we focus
on our supplier engagement
programme to align with
suppliers who have deliverable
planstoachievenetzeroand
are able to provide us with data
on their progress.
Renewable
energy
We now have solar panels in
34 of our UK centres and have
extendedthesizeofarraysin
a number of centres.
All directly purchased
electricity for the Group is
from renewable sources.
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Sustainability review continued
Transitioning to Net Zero
Why it’s important
Our goal is to become a Net Zero business by 2050. We
aim to reduce our Scope 1 and 2 emissions intensity
ratios and gain a greater understanding of our Scope 3
emissions across our operations through partnerships and
engagement with suppliers.
Progress in FY2025
• Reduction of UK intensity ratio to 53.0 from 56.8 in FY2024
• Baseline intensity ratio established in Canada
• Top quartile of UK hospitality businesses surveyed by Zero
Carbon Forum for amount of completed recommended
carbon reduction initiatives
• Continued engagement with key UK suppliers to
assess commitments to Net Zero and gather Scope 3
emissions data
• Initial engagement with key Canadian suppliers to
assess commitments to Net Zero and gather Scope 3
emissions data
• CDP submission scores improved to B score
(from D-inFY2023)
Transitioning to Net Zero
Scope 1 and 2 planned actions
1. Preparation for submission of Science Based
Targets initiative (SBTi)1.5°C pathway targets
following the establishment of a new Group
baseline year of FY2025(duetoestatesizegrowth
since FY2023) and new developments within the
SBTi framework
2. The Group had intended to submit emissions
reduction targets for validation by the Science
Based Targets initiative (SBTi) in February 2026,but
this has been delayed in line with the above factors
3. UKSolarpanelrollout(subjecttolandlord
agreements) and evaluation of Canadian solar
panel installs
4. Increasedefficiencyofplantinnewbuilds
5. Maintaincontracting100% renewable electricity
across the Group (currently backed in the UK by
REGOs and in Canada by RECs)
6. Contracting 100% renewable gas in the UK
7. Team member behavioural change training
in Canada
8. Evaluation of Canadian solar panel programme
9. ModellingcostofScope1+2 climate action plan
10. RolloutofenergyefficientequipmentinCanada
Scope 3 planned actions
1. Preparation for submission of SBTi targets
2. Ongoing supplier engagement programme in
UK and Canada to encourage commitments to
netzero
3. Improved accuracy of Scope 3 data evaluation
andtargetsetting(subjecttoimprovedsupplier
data availability)
4. Cross industry initiatives and implementation of
best practice supply chain management via
Zero Carbon Forum membership
5. ModellingcostsofdeliveringScope3 climate
action plan
Climate action plan dependencies
The delivery of our climate action plan depends
uponcomprehensivesystem-widechanges
includingdecarbonisingnationalgrids,supporting
decarbonisationpolicies,advancingcarbonmarkets,
commercialisingclimatetechnologiesandmaterials,
sourcingalternativematerialslikerecycledplastics,
and adapting to shifts in consumer preferences.
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Sustainability review continued
Transitioning to Net Zero continued
Collaboration with stakeholders
CollectiveactioniskeytothejourneytoNetZero.Weworkcloselywitha
range of stakeholder groups on the challenges we are facing together.
Our suppliers
Scope 3
With over 90% of our total emissions coming from
Scope 3,itisimperativethatweworkcloselywithour
supply chain to reduce these in line with our Net Zero
targets.
Engagement programmes
Weoperateasupplierengagementprogramme,
initially targeting our biggest suppliers in food and
drink,amusementsandconstruction.
Primary data
We have gained access to more supplier primary data
in FY2025,allowingustodevelopamoreaccurate
understanding of our Scope 3 emissions.
Team member action
Behavioural change
We equip and empower our team members to help
reduce the energy used in our operations through
behavioural change programmes.
Incentives
Energy and waste measures are included in team
member incentive schemes with UK monthly league
tables published of centre level performance.
Reward and recognition
Our leading UK centres are recognised with a
sustainability award which looks at performance
by centre across a variety of measures including
climate impact. In FY2025 the top award went to our
Lincoln centre. This benchmarking initiative is being
replicated in Canada in FY2026.
The hospitality industry
Shared challenges
Manyoftheclimatechallengeswefacearemirrored
by other businesses in the leisure sector and
hospitality sectors and we share insights into the
success of our climate initiatives with members of the
UKTBO (Ten pin bowling operators trade body).
The Zero Carbon Forum (ZCF)
Hollywood Bowl Group is a member of the ZCF,which
isanon-profitorganisation,empoweringhospitality
industry members to reach sustainability targets with
morespeed,efficiency,andprofitasaunitedeffort.
See how these initiatives will help us reach Net Zero in our Climate Action Plan on page 35
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
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Governance
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Financial
Statements
Greenhouse gas emissions data
Assurance and verification
Our UK greenhouse gas inventory has
undergoneathird-partyverification,
withmethodologychecked,aligned,and
verifiedbytheZeroCarbonForum.Key
material areas within the carbon footprint
were closely scrutinised and estimation
techniques and assumptions were
validated for consistency and transparency.
Limited assurance has been provided on the
accuracy and integrity of the reported data.
Environment
Hollywood Bowl Group has a strong and
genuine commitment to conduct all of its
operations in an ethical and responsible
manner. This is demonstrated in our
environmental and energy achievements.
• We have reduced our UK intensity ratio
Scope 1 and 2 (tCO
2
e per centre) by 14.1%
since FY2022.
• We have increased our UK recycling
percentage from 63.3% in FY2016 to 83.5%
in FY2025.
Solar Installs
• In 2019 we had 1 solar array (Rochester).
• By end of FY2021 we had 5 roof arrays.
• By end of FY2022 we had 22 roof arrays.
• By end of FY2023 we had 27 roof arrays.
• By end of FY2024 we had 30 roof arrays.
• By end of FY2025 we had 34 roof arrays.
• The 34 roof arrays that we currently have
produce 6,645.05 kWp and we have a
yield of 5,658,665 kWh.
Natural Gas:
Total natural gas consumption = 1,354,537
kWh (this excludes Hemel support centre
and Bracknell as data not available from
landlord).
Emission factor = 0.18296 kgCO
2
e per kWh.
Emissions = 247.83 tCO
2
e.
F Gas Losses:
Emissions = 107.36 tCO
2
e.
Total Scope 1:
Emissions = 355.18 tCO
2
e.
Electricity (location-based):
Total electricity consumption = 19,813,008
kWh (this excludes Hemel support centre
and Bracknell as data not available from
landlord).
Emission factor = 0.177 kgCO
2
e per kWh.
Emissions = 3,506.90 tCO
2
e.
Electric Company Vehicles:
Total mileage is 192,358 miles and the
electric company vehicles are classed
as ‘luxury battery electric vehicles’.
192,358 x 0.07141 = 13.74 tCO
2
e.
Emissions = 13.74 tCO
2
e.
Total Scope 2:
Emissions = 3,520.64 tCO
2
e.
Total Scope 1 + 2:
Emissions = 3,875.82 tCO
2
e.
Greenhouse Gases
Greenhouse Gas (GHG) emissions for
FY2025 have been measured as required
undertheLargeandMedium-Sized
Companies and Groups (Accounts and
Reports) Regulations 2008 as amended
in 2013. The GHG Protocol Corporate
Accounting and Reporting standards
(revised edition) and the electricity and gas
consumption data has been provided by
IMServDatavision,SchneiderElectricand
Total. Conversion factors taken from: https://
www.gov.uk/government/publications/
greenhouse-gas-reporting-conversion-
factors-2025.
The conversion factors for Canada are
taken from: https://www.canada.ca/en/
environment-climate-change/services/
climate-change/pricing-pollution-how-it-
will-work/output-based-pricing-system/
federal-greenhouse-gas-offset-system/
emission-factors-reference-values.
html#toc5.
ForCanada,the2025 emission factors have
been used.
UK – Scope 1 + 2
Thisismadeupofnaturalgas,refrigerant
gas losses (Fgaslosses),electricityand
electric company vehicles.
UK – Location based
Category tCO
2
e
Gas (Scope 1) 247.83
F Gas losses (Scope 1) 107.36
Total (Scope 1) 355.18
Electricity (Scope 2) 3,506.90
Company Cars (Scope 2) 13.74
Total (Scope 2) 3,520.64
Total (Scope 1 + Scope 2) 3,875.82
UK – Market based
Category tCO
2
e
Gas (Scope 1) 247.83
F Gas losses (Scope 1) 107.36
Total (Scope 1) 355.18
Electricity (Scope 2) 7.56
Company Cars (Scope 2) 13.74
Total (Scope 2) 21.30
Total (Scope 1 + Scope 2) 376.48
UK FY2025
Total (Scope 1 + Scope 2) (tCO
2
e) 3,875.82
Number of centres (equivalent) 73.13*
Intensity Ratio (tCO
2
e per centre) 53.00
* Bracknell not included.
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Financial
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Greenhouse gas emissions data continued
UK – Scope 3
We have calculated Scope 3 emissions for all Scope 3 categories applicable to Hollywood
Bowl Group’s emissions in the UK. This includes a total of 11 categories in addition to water
supply and wastewater treatment.
Category Category Name tCO
2
e
C01 Purchased Goods and Services 16,448.96
C02 Capital Goods 9,963.47
C03 Fuel-andEnergy-RelatedActivitiesNotIncludedinScope1 or Scope 2
(Transmission and Distribution Losses)
1,397.57
C04 Upstream Transportation and Distribution 616.11
C05 Waste Generated in Operations 9.70
C06 Business Travel 277.51
C06 Business Travel (Hotel Stays – Optional) 33.54
C07 Employee Commuting 1,669.28
C07 Employee Commuting (Homeworking – Optional) 20.11
C10 Processing of Sold Products 37.55
C11 Use of Sold Products 2.04
C12 End-of-lifeTreatmentofSoldProducts 93.07
C15 Investments 491.00
Other Wastewater Treatment 13.48
Other Water Supply 15.88
Total 31,089.26
Excluded Categories:
• C08 Upstream Leased Assets – Hollywood Bowl Group does not have any upstream leased
assets,andthereforereportingforthiscategoryisnotrequired.
• C09 Downstream Transportation and Distribution – Hollywood Bowl Group does not carry
outanydownstreamtransportationanddistribution,andthereforereportingforthis
category is not required.
• C13 Downstream Leased Assets – Hollywood Bowl Group does not have any downstream
leasedassets,andthereforereportingforthiscategoryisnotrequired.
• C14Franchises–HollywoodBowlGroupdoesnotownoroperateanyfranchises,and
therefore reporting for this category is not required.
UK Scope 3 Intensity Ratio:
Total Scope 3 emissions = 31,089.26 tCO
2
e.
Total Centres = 74.13.
Scope 3 Intensity Ratio =419.36 tCO
2
e
per centre.
Canada – Scope 1 + 2
The conversion factors for Canada are
taken from: https://www.canada.ca/en/
environment-climate-change/services/
climate-change/pricing-pollution-how-it-
will-work/output-based-pricing-system/
federal-greenhouse-gas-offset-system/
emission-factors-reference-values.
html#toc5.
Note that Canadian data for emissions
is provided in CO
2
for natural gas and no
data is provided that make up the other
greenhouse gases, so this number is also
used as CO
2
e. Also, the emission factors for
natural gas and electricity vary by province.
Total natural gas consumption
= 583,030 m³ = 6,150,970 kWh
(assuming 1 m³ = 10.55 kWh).
Emissions = 1,126.18 tCO
2
e.
Total Scope 1:
Emissions = 1,126.18 tCO
2
e.
Electricity(location-based):
Total electricity consumption
= 7,235,256 kWh.
Emissions = 1,361.64 tCO
2
e.
Company cars
Total kilometres is 23,505 and the company
vehiclesareclassedas‘averagecar,petrol’.
23,505 x 0.16272 = 3.82 tCO
2
e.
Emissions = 3.82 tCO
2
e.
Total Scope 2:
Emissions = 1,365.47 tCO
2
e.
Total Scope 1+2:
Emissions = 2,491.64 tCO
2
e.
Canada – Location based
Category tCO
2
e
Gas (Scope 1) 1,126.18
Total (Scope 1) 1,126.18
Electricity (Scope 2) 1,361.64
Company Cars (Scope 2) 3.82
Total (Scope 2) 1,365.47
Total (Scope 1 + Scope 2) 2,491.64
Canada – Market based
Category tCO
2
e
Gas (Scope 1) 1,126.18
Total (Scope 1) 1,126.18
Electricity (Scope 2) 0.00
Company Cars (Scope 2) 3.82
Total (Scope 2) 3.82
Total (Scope 1 + Scope 2) 1,130.00
Canada FY2025
Total (Scope 1 + Scope 2) (tCO
2
e) 2,491.64
Number of centres 13.74
Intensity Ratio (tCO
2
e per centre) 181.35
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Greenhouse gas emissions data continued
Canada – Scope 3
We have calculated Scope 3 emissions for all Scope 3 categories applicable to Hollywood
Bowl Group’s operations in Canada. This is a total of 11 categories in addition to water supply
and wastewater treatment.
Category Category Name tCO
2
e
C01 Purchased Goods and Services 12,223.90
C02 Capital Goods 8,960.87
C03 Fuel-andEnergy-RelatedActivitiesNotIncludedinScope1 or Scope 2
(Transmission and Distribution Losses) 426.31
C04 Upstream Transportation and Distribution 249.11
C05 Waste Generated in Operations 9.69
C06 Business Travel 90.45
C06 Business Travel (Hotel Stays – Optional) 1.96
C07 Employee Commuting 690.14
C07 Employee Commuting (Homeworking – Optional) 5.91
C09 Downstream Transportation and Distribution 627.16
C11 Use of Sold Products 1,629.08
C12 End-of-lifeTreatmentofSoldProducts 3.99
C15 Investments 420.00
Other Wastewater Treatment 7.44
Other Water Supply 8.77
Total 25,354.78
Excluded Categories:
• C08 Upstream Leased Assets – Hollywood Bowl Group’s Canadian operations does not
haveanyupstreamleasedassets,andthereforereportingforthiscategoryisnotrequired.
• C10 Processing of Sold Products – No data available.
• C13 Downstream Leased Assets – Hollywood Bowl Group’s Canadian operations does not
haveanydownstreamleasedassets,andthereforereportingforthiscategoryis
not required.
• C14 Franchises – Hollywood Bowl Group’s Canadian operations does not own or operate
anyfranchises,andthereforereportingforthiscategoryisnotrequired.
Canada Scope 3 Intensity Ratio:
Total Scope 3 emissions = 25,354.78 tCO
2
e.
Total Centres = 13.74.
Scope 3 Intensity Ratio = 1,845.36 tCO
2
e per centre.
Canada Scope 3–splitbyXtremeBowlingEntertainment,StrikerInstallationsInc,Striker
Bowling Solutions (there is the possibility for some overlap in emissions between Striker
InstallationsIncandStrikerBowlingSolutions.Forexample,someemissionsrecordedunder
Striker Installations Inc may actually originate from Striker Bowling Solutions (and vice versa);
however,themethodologyensuresthatnoemissionsaredoublecounted).
Xtreme Bowling
Entertainment
Striker
Installations Inc
Striker Bowling
Solutions Total
Total Scope 3 Emissions (tCO
2
e) 16,681.37 7,662.13 1,011.27 25,354.78
tCO
2
e per centre 1,214.10 1,845.36
All Totals
Scope UK Canada Combined
Scope 1 (tCO
2
e) 355.18 1,126.18 1,481.36
Scope 2 (tCO
2
e) 3,520.64 1,365.47 4,886.11
Scope 1+2 (tCO
2
e) 3,875.82 2,491.64 6,367.47
Scope 3 (tCO
2
e) 31,089.26 25,354.78 56,444.04
Total (tCO
2
e) 34,965.08 27,846.42 62,811.50
UK
Total Electricity and Gas Usage
Scope Electricity (kWh) Gas (kWh)
Total Energy
(kWh)
Number of
Centres
FY2022 17,857,086 2,945,207 20,802,293 69
FY2023 16,713,202 2,415,585 19,128,787 70
FY2024 18,805,491 1,876,123 20,681,614 72
FY2025 19,813,008 1,354,537 21,167,545 77
• Electricity excludes solar generated electricity exported to grid and electricity from Hemel
Support Centre where data is unavailable.
• Bracknell electricity not included in FY2025 as data not available from landlord.
• We have seen our electricity consumption naturally increase compared to FY2024 due to
the opening of new centres. We have also included data from landlord centres in FY2025
which have been included since FY2024(Belfast,BracknellandLondonO2,Bracknellnot
included in FY2025).
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Financial
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Greenhouse gas emissions data continued
Scope 1 and 2 Emissions
Scope 1 Scope 2 Scope 1+2
Intensity Ratio
(Scope 1+2 tCO
2
e
per centre)
FY2022 541.5 3,373.8 3,915.3 61.70
FY2023 647.45 3,377.00 4,024.44 61.00
FY2024 395.90 3,645.09 4,040.99 56.80
FY2025 355.18 3,520.64 3,875.82 53.00
Canada
Total Electricity and Gas Usage
Electricity (kWh) Gas (kWh)
Total Energy
(kWh)
Number of
Centres
FY2022 953,709 248,467 1,202,176 6
FY2023 3,619,113 2,589,139 6,208,252 9
FY2024 5,050,583 3,373,344 8,423,927 13
FY2025 7,325,256 6,150,970 13,386,227 15
Scope 1 and 2 Emissions
Scope 1 Scope 2 Scope 1+2
Intensity Ratio
(Scope 1+2 tCO
2
e
per centre)
FY2022 45.20 26.90 72.10 34.3
FY2023 473.76 402.64 876.40 97.40
FY2024 619.81 744.31 1,364.12 123.10
FY2025 1,126.18 1,365.47 2,491.64 181.30
Electricity Usage
Ourcommitmenttoefficientlyandethicallyusenaturalresourcesisongoing.
In the UK,allourdirectlypurchasedelectricityis100% renewable and is fully backed by
REGOs(RenewableEnergyGuaranteesofOrigin).InCanada,alldirectlypurchasedelectricity
starting from 1 October 2024 is 100% renewable and is fully backed by RECs (Renewable
EnergyCertificates).
We have reduced our UK Intensity Ratio for Scope 1+2 by 8.7 tCO
2
e per centre or by 14.1 % for
FY2025 compared to FY2022.
UK Waste Recycling
We recycle the waste that we produce as this is part of our commitment to mitigate against
the environmental impacts of our operations. In FY2019 we recycled 67.3% of our waste and
this has increased to 83.5 % for FY2025. All of our waste is 100%divertedfromlandfill.
General Glass
Mixed Recycling
/ Organic
FY2022 4,581.06 2,106.72 13,542.48
FY2023 3,824.22 2,107.44 16,227.30
FY2024 3,922.52 2,298.62 17,590.30
FY2025 4,013.70 2,240.00 18,629.90
General Recycling Total Waste
Recycling
Percentage
FY2022 4,581.06 15,649.20 20,230.26 77.4%
FY2023 3,824.22 18,334.74 22,158.96 82.7%
FY2024 3,922.52 19,888.92 23,811.44 82.9%
FY2025 4,013.70 20,869.90 24,883.60 83.5%
All waste data supplied by Biffa.
This excludes data from centres where the landlord manages the waste streams.
Waste data is for UK only.
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Financial
Statements
Risk management
Our Approach to Risk
The Board and senior management are
committed to embedding robust risk
management and internal control systems
across the business. These systems are
reviewedregularly,atleasttwiceayear,to
ensure they remain effective and aligned
withourstrategicobjectives.Drawingon
best-practiceinoursector,werecognise
that effective risk management requires
a thoughtful balance between risk
andreward,underpinnedbyassessed
judgementsoflikelihoodandimpact.
The Board has ultimate responsibility for
ensuring an effective process is in place and
that reasonable assurance is provided that
significantrisksareidentified,understood
and managed. Our review of risk considers
thepotentialeffectsonourbusinessmodel,
our organisational culture and our capacity
todeliverourlong-termstrategicpurpose.
Weconsiderbothshort-termandlonger-
termrisks,andweorganisethemintothe
followingbroadcategories:financial,social,
operational,technical,governanceand
environmental.
Risk Appetite
Our risk appetite statement sets out the
amount and type of risk we are willing to
accept in pursuit of our strategic aims.
We have a higher appetite for risks that
accompany clear opportunities to execute
our strategy and deliver value.
Conversely,wemaintainalowtolerance
for risks that are purely downside or which
couldadverselyimpacthealthandsafety,
ourcorevalues,ourcultureorourbusiness
model. This aligns with the approach of
other hospitality groups which emphasise
lowtoleranceofriskstopeople,reputation
and operating continuity.
These reviews feed into the Board’s
considerationoftheGroup’slong-term
viabilityandarereflectedintheViability
Statement.
Furthermore,theprincipalrisksarepresented
by Department Heads / Directors at Board
meetings as outlined on page 73.
Risk Management Activities
Risksareidentifiedthrougharangeof
activities including: operational reviews
by senior management; internal audit
programmes;controlsself-assessments;
ourwhistle-blowinghelpline;and
independentprojectreviews.
Our Risk Management Process
The Board has overall responsibility for
ensuring that a robust risk management
processisinplace,andthatitisconsistently
applied throughout the business. The main
steps in our process are as follows:
1. Department Heads / Directors
Every functional area of the Group
maintains an operational risk register.
Senior management in that area identify
and document the key risks facing the
department — both in the short term
and over the longer term. Each register is
reviewedatleastbi-annually.Foreachrisk
we assess:
• The potential impact on the department
and on the Group as a whole;
• The mitigating controls in place; and
• The estimated likelihood and impact of
therisk,andwhetheradditionalmitigation
is required.
2. Executive Team
The Executive Team reviews all departmental
risk registers. Those risks which exceed
ourdefinedriskappetiteareescalated
to the Group Risk Register (GRR). The GRR
alsoincludesstrategic,cross-Groupand
emergingrisksidentifiedattheGrouplevel.
The Executive Team proposes mitigation
plans for these escalated risks which are
then submitted to the Board for review.
3. The Board
At least twice a year the Board formally
reviews and challenges:
• All of the Group’s key risks;
• Our risk appetite and tolerance levels;
• The progress of mitigation actions; and
• Emerging risks and changes in the
business environment.
The internal audit team provides
independent assessment of the operation
and effectiveness of the risk framework
andprocessincentres,includingthe
effectivenessofthecontrols,reportingofrisks
and reliability of checks by management.
We continually review the organisation’s
riskprofiletoensurethatcurrentand
emergingrisksareidentified,evaluatedand
considered by each head of department.
Each risk is scaled and visualised through
ourrisk-heat-mapframework,enabling
clear prioritisation of risks by severity
(impact × likelihood) and monitoring of
whether these are increasing or decreasing
over time.
Financial risks
1. Economic environment
2. Covenant breach
3. Expansion and growth
Operational risks
4. Core systems
5. Food and drink services
6. Amusement services
7. Managementretention
and recruitment
8. Health and safety
Technical risks
9. Cyber security
10. GDPR
Regulatory risks
11. Compliance
12. Climate change
Impact
Likelihood
Low
High
71
10
9
43 52
12
11
6
8
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Risk management
Principal risks
The Board has identified 12
principal risks which are set
out on pages 43 to 49. These
are the risks which we believe
to be the most material to our
business model, which could
adversely affect the revenue,
profit, cash flow and assets
of the Group and operations,
which may prevent the Group
from achieving its strategic
objectives.
Risk and impact
• Changeineconomicconditions,
particularlyarecession,aswell
asinflationarypressuresfromthe
warsinUkraineandtheMiddle
East.Macroeconomicgrowthinthe
UK and Canada is low and could
present risk of recession.
• Adverseeconomicconditions,
includingbutnotlimitedto,
increasesininterestrates/inflation
may affect Group results.
• With an abundance of empty retail
units across the UK,thisprovides
opportunities for less focused
operators to open new locations
in Hollywood Bowl markets which
impacts on the revenue of our
centres.
• A decline in spend on discretionary
leisure activity could negatively
affectallfinancialandnon-
financialKPIs.
Risk and impact
• Thebankingfacility,withBarclays
Plc,hasquarterlyleverage
covenant tests which are set at
a level the Group is comfortably
forecasting to be within.
• Covenant breach could result in
a review of banking arrangements
and potential liquidity issues.
Mitigating factors
• Thereisstillariskofacontractionondisposableincomelevels,impacting
consumerconfidenceanddiscretionaryincome.TheGrouphaslowcustomer
frequency per annum and also the lowest price per game of the branded
operators in the UK.Therefore,whilstitwouldbeimpactedinsucharecession,the
Boardiscomfortablethatthemajorityofcentrelocationsarebasedinhigh-footfall
locations which should better withstand a recessionary decline.
• The impacts of the UK Government’s Budget national insurance and living wage
increaseshavebeenconsideredandfactoredintotheGroup’sfinancialplanning.
• Continued focus on maintaining a value for money offering as well as appealing
to all demographics.
• Alongwithappropriatefinancialmodellingandavailableliquidity,afocuson
openingnewcentresandacquiringsitesinhigh-qualitylocationsonlywith
appropriatepropertycosts,aswellascapitalcontributions,remainskeytothe
Group’snewcentre-openingstrategy.
• Electricity prices are hedged in the UK until September 2027. Plans are developed
tomitigatemanycostincreases,aswellasaflexiblelabourmodel,ifrequired,
in an economic downturn.
• The recently introduced customer booking system will provide more detailed
customer data and trends which should allow for further enhancement of
targeted offers in both the UK and Canada.
Change
ChangeMitigating factors
• Financial resilience has always been central to our decision making and will remain
key for the foreseeable future.
• The current RCFis£25m,marginof130psaboveSONIA as well as an accordion of
£5m.Thefacilityiscurrentlyundrawn,whichundertheagreement,resultsinacost
of less than £200k per annum.
• Net cash position was £15.1m at the end of September 2025.
• Appropriatefinancialmodellinghasbeenundertakentosupporttheassessment
of the business as a going concern. The Group has headroom on the current
facilitywithleveragecoverwithinitscovenantlevels,asshowninthemonthly
Boardpacks.Weprepareshort-termandlong-termcashflow,Groupadjusted
EBITDA(pre-IFRS 16)andcovenantforecaststoensurerisksareidentifiedearly.
Tight controls exist over the approval for capital expenditure and expenses.
• The Directors consider that the combination of events required to lower the
profitabilityoftheGrouptothepointofbreachingbankcovenantsisunlikely.
1. Economic environment
2. Covenant breach
Financial risks
Link to strategy
Link to strategy
4
4
5
5
3
3
2
2
1
1
Key risk to change
Increasing
Decreasing
Unchanged
Key to strategy
Revenue growth
Active asset refurbishment
Focus on our people
New centres and acquisitions
International expansion
4
5
3
2
1
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Risk management continued
Principal risks continued
Risk and impact
• Competitive environment for new
centres results in less new Group
centre openings.
• New competitive socialising
concepts could appear more
attractive to landlords.
• Higherrentsofferedbyshort-term
private businesses.
• Given the success of Hollywood
Bowl,otheroperatorsareprepared
to enter its markets for a share
ofthecatchmentarea,inless
desirablelocations,butstillimpact
our revenue opportunity.
• Competitors could look to open
centres in Canada following the
success of Splitsville.
Risk and impact
• Failure in the stability or availability
of information through IT systems
could affect Group business and
operations.
• Technical or business failure in a
critical IT partner could impact the
operations of IT systems.
• Customers not being able to book
throughthewebsiteisasignificant
risk given the high proportion of
online bookings.
• Inaccuracy of data could lead to
incorrect business decisions being
made.
Mitigating factors
• The Group uses multiple property agents to seek out opportunities across the
UK and Canada.
• Wekeepfutureopportunitiesconfidentialuntillaunchandcontinuewith
non-competeclauseswhereappropriate.
• Strongfinancialcovenantprovidesforward-lookinglandlordswithbothvalue
and future letting opportunities.
• Continuedfocuswithlandlordsoninitialinvestment,innovation,aswellas
refurbishment and maintenance capital.
• Attended key property conferences in the UKandCanada,withpositive
feedback,resultinginanumberofopportunitiesinnegotiation.
• New landlord marketing prospectus in circulation in the UK and Canada to
promote awareness of our requirements and recent successful openings.
• Demographic modelling enhanced with new customer reservation data as it
becomes available.
• Launchofanewsitelocationfindingplatformwhichwillsupportdecision
makingtoensureweareselectingonlythebestlocationsinCanada,andwill
help improve the pace of expansion which will maintain our head start on any
competitor expansion strategy in Canada.
Change
ChangeMitigating factors
• All core systems are operated and hosted by enterprise scale providers with
externalback-uptoimmutablestorageinanindependentsecuritydomain.
• Theseprovidersarerobustorganisationswiththehighestlevelsofsecurity,
complianceandresilienceguarantees,asisourpaymentservicesprovider.
• Our Compass reservations system is deployed to the Group estate. This system
hasbeenbuiltinhouseandhasimprovedperformance,resilienceandfuture
developmentflexibility.
• The CRM/CMS and CDPsystemishostedbyathird-partyutilisingcloud
infrastructure with data recovery contingency in place.
• Our core Canadian systems are continuing to evolve to towards parity and
common platforms shared with UK systems.
• AllGrouptechnologychangeswhichaffectcoresystemsaresubjectto
authorisation and change control procedures with steering groups in place
forkeyprojects.
3. Expansion and growth
4. Core systems
Financial risksOperational risks
Link to strategy
4 5321
Link to strategy
4 5321
Key risk to change
Increasing
Decreasing
Unchanged
Key to strategy
Revenue growth
Active asset refurbishment
Focus on our people
New centres and acquisitions
International expansion
4
5
3
2
1
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Risk management continued
Principal risks continued
Risk and impact
• Operational business failures from
key suppliers.
• Unable to provide customers with
a full experience.
• The cost of food and drink for
resale increases due to changes in
demand,legislationorproduction
costs,leadingtodecreasedprofits.
Risk and impact
• Any disruption which affects Group
relationship with amusement
suppliers.
• Customers would be unable to
utilise a core offer in the centres.
• Any internal failure of data cabling
orWi-Ficouldimpactonthe
customer and their ability to play.
This is most notable in Canada
whereitisa“non-cash”playcard
system.
Mitigating factors
• The Group has key food and drink suppliers under contract with tight service
level agreements (SLAs). Alternative suppliers who know our business could be
introduced,ifneeded,atshortnotice.UK centres hold between 14 and 21 days of
food and drink product. Canadian centres hold marginally more food and drink
stock due to their supplier base and potential for missed deliveries.
• Regular reviews and updates are held with external partners to identify any
perceived allergen risks and their resolutions. A policy is in place to ensure the safe
procurement of food and drink within allergen controls.
• Regular reviews of food and drink menus are undertaken to ensure appropriate
stockturnandprofitability.
• Key food and drink contracts have cost increase limits negotiated into them.
A new soft drink supplier was contracted in the UK with improved terms.
• Splitsville uses Xtreme Hospitality (XH),agroupbuyingcompany,GordonFood
ServiceandMolsonCoors,toalignitselfwithtieronesuppliersinallservice
categories including food and drink.
Change
ChangeMitigating factors
• Namcoisalong-termpartnerthathasastrongUK presence and supports the
Groupwithtrials,initiativesanddiscoveryvisits.
• In the UK,regularkeysuppliermeetingsareheldbetweenHollywoodBowl’sHead
ofAmusementsandNamco.Therearehalf-yearlymeetingsbetweentheCEO,
CFO,MD and the Namco UK leadership team.
• Namco also has strong liquidity which should allow for a continued relationship
during or post any consumer recession.
• Appointment of a Head of Amusements in Canada to ensure a focus and
accountability for a growing part of the business in Canada.
• The Canadian supplier is now also Bandai Namco in all but two centres – these
centres will move over when their Player 1 contracts end.
• New connectivity has been rolled out to all centres in Canada and this will continue
to be tested on a frequent basis.
5. Food and drink services
6. Amusement services
Operational risks
Link to strategy
321
Link to strategy
4 5321
Key risk to change
Increasing
Decreasing
Unchanged
Key to strategy
Revenue growth
Active asset refurbishment
Focus on our people
New centres and acquisitions
International expansion
4
5
3
2
1
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
Report
Governance
Report
Financial
Statements
Risk management continued
Principal risks continued
Risk and impact
• Loss of key personnel – centre
management.
• Morechallengingrecruiting
highcalibreCentreManagersin
Canada.
• Lack of direction at centre level with
effect on customer experience.
• Moredifficulttoexecutebusiness
plansandstrategy,impactingon
revenueandprofitability.
• IncreaseinTeamMemberabsence
impacting on operational delivery.
• Impact of employment law
changes.
• Increase in NMW/NLW or other
payroll costs.
Mitigating factors
• TheGrouprunsasuiteoffutureleaderprogrammesincludingCentreManager
in Training (CMIT)andAssistantManagerinTraining(AMIT). In the UK this has
beenexpandedtoincludeaGraduateManagerinTrainingProgramme,Degree
ApprenticeshipofferingandSupportManagerinTrainingprogramme,which
identifiescentretalentanddevelopsTeamMembersreadyformanagement
roles.CentreManagersinTrainingruncentres,withassistancefromtheir
RegionalSupportManageraswellasexperiencedCentreManagersfrom
acrosstheregion,whenavacancyneedstobefilledatshortnotice.
• Totalrewardstatementsareissuedeveryyeartoallmanagers,weinclude
training investment as part of these.
• We have transitioned to an international group structure to better support our
centresandproactivelyofferGroup-wideopportunitiesincludinginternational
relocationsupportforCentreManagersandSupportTeamMemberswithover
12 months experience in their role.
• ListeninggroupsareheldacrosstheGroupbiannually,alongsideoursurveys
to measure engagement and act on feedback.
• Employment Bill working group established to proactively tackle pending
employment law changes.
• ThebonusschemesarereviewedeachfinancialyearintheUKandCanada,
to ensure they are still a strong recruitment and retention tool.
• The hourly bonus scheme has paid out to over 50% of the UK team
in each month in FY2025.
• Aligned ways of working for People Operations across the Group to support
engagement and retention.
Change
7. Management retention and recruitment
Operational risks
Link to strategy
4 5321
Key risk to change
Increasing
Decreasing
Unchanged
Key to strategy
Revenue growth
Active asset refurbishment
Focus on our people
New centres and acquisitions
International expansion
4
5
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Risk management continued
Principal risks continued
Risk and impact
• Significantinjury/deathfrom
accidents,incidentsorfire.
• Damagetopropertyfromfire
• Majorfoodincidentincluding
allergen or fresh food issues.
• Lossoftradeandreputation,
potential closure and litigation.
Risk and impact
• Riskofcyber-attack/terrorismcould
impact the Group’s ability to keep
trading and prevent customers
from booking online.
• Non-accreditationcanleadto
the acquiring bank removing
transaction processing.
Mitigating factors
• GroupHealthandSafetyManageroverseestheprogrammeandassociated
reporting.
• MonthlyBoardreviewofaccident/incidentandclaimsdata.
• UK Primary local authority partnership in place with South Gloucestershire covering
healthandsafety,aswellasfoodsafety.
• Internal audits undertaken to review compliance to Company and legal standards.
• Fireriskassessmentscompletedbi-annuallybyexternalcontractor.
• Fire code compliance review completed by external contractor for all Canadian
centres.
• Insurance centre surveys completed in both UK and Canada by insurer to support
our management of H&S / Fire Safety risk.
• 97% of UK centres have been converted to Pins on Strings (POS) and 60% of
Canadian ten pin machines have been converted. This change reduces the risks
associated with machine maintenance.
• Team member food allergen training and customer information on menus.
Mitigating factors
• TheareaisakeyfocusfortheGroup,andweadoptamulti-facetedapproach
to protecting ITnetworksthroughprotectedfirewallsandsecuretwo-factor
authenticationpasswords,aswellasthefrequentrunningofvulnerabilityscans
toensuretheintegrityofthefirewalls.
• An external Security Operations Centre is in place to provide 24/7/365 monitoring
and actioning of cyber security alerts and incidents. We have additional retained
services via our Cyber Insurers and Broker to work with the Group on a priority basis
to provide proactive incident response services should a breach occur. As noted
below,fullintegrationofCanadaintotheSOC is complete.
• Advancements in the internal IT infrastructure have resulted in a more secure way
of working. Our overall IT estate utilises widely accepted security solutions and
configurations.TheGroupwebsitehostingenforcesahighlevelofphysicalsecurity
tosafeguarditsdatacentres,withmilitarygradeperimetercontrols.
Change
Change
8. Health and safety
9. Cyber security
Operational risks
Technical risks
Link to strategy
4 5321
Link to strategy
4 5321
Key risk to change
Increasing
Decreasing
Unchanged
Key to strategy
Revenue growth
Active asset refurbishment
Focus on our people
New centres and acquisitions
International expansion
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Risk management continued
Principal risks continued
Risk and impact continued
Risk and impact
• Data protection or GDPR breach.
Theftofcustomeremailaddresses,
staff emails and other personal
information – all of which can
impact on brand reputation in the
case of a breach.
Mitigating factors continued
• We have achieved PCIcomplianceacrossourpaymentchannels,withrobust
controlsinplaceexternallyauditedandverifiedthroughthesubmissionof
the annual PCI Report on Compliance (ROC) to both the PCI Council and
ouracquiringbank.Wemaintaincompliancethrougharigorous,ongoing
programme of continuous improvement and continuous development to
address new and emerging risks.
• Canadian systems operate in line with UK operations including full integration
with the UK 24/7 SOC (Security).
• CyberEssentialsPluscertificationachieved,verifyingcontrolssuchassecure
access and vulnerability management.
• Broad cyber insurance coverage policy is in place which includes cover for
Canadian systems.
• In FY2026,theGroupwillstrengthenitsapproachtothird-partyrisk
managementthroughenhancedduediligenceprocess,andcontinuous
monitoring of supplier security postures.
• Administrative account control aligns with Cyber Essentials Plus and PCI DSS
principles.
• Businesscontinuityplansarebeingreviewedandrefined.
• Astructuredchangemanagementprocessisinplacetoreview,approve,
anddocumentallhigh-impactsystemchanges.
Mitigating factors
• ADataProtectionOfficerhasbeeninpositionforseveralyearsintheUK
supported by a Head of ITSecurityandCompliancewhooverseesourstrategy,
applications and activity in this area with periodic updates given to the Board.
GDPR controls and documentation have been externally assessed and
validatedassuringusofnoareasofnon-compliance.
• GDPR breach protocols aligned with ICO guidance and integrated into Incident
Response playbooks.
• Sensitivity labelling and data loss prevention rules are being rolled out to control
dataflowbeyondtheorganisation.
Change
9. Cyber security continued
10. GDPR
Technical risksRegulatory risks
Link to strategy
4 5321
Link to strategy
4 5321
Key risk to change
Increasing
Decreasing
Unchanged
Key to strategy
Revenue growth
Active asset refurbishment
Focus on our people
New centres and acquisitions
International expansion
4
5
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Risk management continued
Principal risks continued
Risk and impact
• Utilitynon-commoditycost
increases.
• Business interruption and damage
to assets.
• Cost of transitioning operations
tonetzero.
• Sales impact due to increased
summer temperatures moving
customers away from indoor
leisure.
• Increased environmental
legislation.
Mitigating factors
• UK solar panel installations in 34centres,transitioningenergycontractsto
renewablesourcesandimprovingtheenergyefficiencyofourexistingcentres
and new builds. We have started to introduce our climate impact strategy and
initiatives into our Canadian operations as appropriate.
• We undertake a supplier engagement programme with key suppliers to
understand their carbon reduction plans.
• The Group is a member of the Zero Carbon Forum and UK Hospitality Sustainability
Committee which both facilitate collaboration and best practice.
• TheCorporateResponsibilityCommitteemonitorsandreportsonclimate-related
risks and opportunities.
• Our TCFD disclosure includes scenario analysis to understand the materiality of
climate risks. The latest analysis from November 2025 did not identify any material
shorttomid-termfinancialimpactsfortheGroup.
Change
12. Climate change
Link to strategy
4 5321
Key risk to change
Increasing
Decreasing
Unchanged
Key to strategy
Revenue growth
Active asset refurbishment
Focus on our people
New centres and acquisitions
International expansion
4
5
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2
1
Risk and impact
• Failure to adhere to regulatory
requirementssuchaslistingrules,
taxation,healthandsafety,
planning regulations and other laws.
• Potentialfinancialpenaltiesand
reputational damage.
Mitigating factors
• Expert opinion is sought where relevant. We run regular training and
developmenttoensurewehaveappropriatelyqualifiedstaff.
• The Board has oversight of the management of regulatory risk and ensures that
each member of the Board is aware of their responsibilities.
• Compliancedocumentationforcentrestocompleteforhealthandsafety,
(includingfoodsafety),areupdatedandcirculatedtwiceperyear.Adherence
to company/legal standards is audited by the internal audit team.
Change
11. Compliance
Regulatory risks
Link to strategy
4 5321
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S172(1) statement:
In accordance with section 172(1) of the
Companies Act 2006,adirectorofa
company must act in the way he or she
considers,ingoodfaith,wouldbemostlikely
to promote the success of the Group for
thebenefitofitsmembersasawholeand,
indoingso,haveregard,amongstother
matters,to:
a. the likely consequences of any decision
in the long term;
b. the interests of the Group’s employees;
c. the need to foster the Group’s business
relationships with customers and
suppliers;
d. the impact of the Group’s operations on
the community and the environment;
e. the desirability of the Group maintaining
a reputation for high standards of
business conduct; and
f. the need to act fairly between members
of the Group.
Section 172
Effective stakeholder engagement
Section 172 of the Companies Act 2006
mandates that directors act in good faith
and in a manner most likely to promote the
company’ssuccessforthebenefitofits
stakeholders.
Consequently,theBoardmustconsider
how decisions balance the needs of various
stakeholdersandtheirimpactonlong-
termperformance.Operatingalarge-scale
business often involves making decisions
amidstcompetingstakeholderpriorities,
where positive outcomes for all stakeholders
may not always be achievable.
Our stakeholder engagement processes
enable us to understand stakeholder
priorities,considerallrelevantfactors,
and choose the best course of action
fortheGroup’slong-termsuccess.
Engaging and collaborating
with all stakeholder groups
is crucial to the Board’s
strategic decision-making
process. Aligning stakeholder
engagement with our culture
and supporting our goal
of maintaining industry
leadership is essential for
the Group’s long-term
sustainable success.
Our key stakeholders
The Board identifies the Group’s key stakeholders as:
Customers Communities Investors Environment Suppliers
and partners
Lending
banks
The following disclosure describes how the
Directors of the Group have taken account
of the matters set out in section 172(1) (a)
to (f) and forms the Directors’ statement
required under section 172 of the Companies
Act 2006.
How we engage with our key stakeholders
Here,weoutlinetheBoardandGroup’s
approach to considering and engaging
with our key stakeholder groups. In addition
toourongoingengagementactivities,
we regularly receive and respond to
specificfeedbackandprovideupdates
on important issues to our stakeholders.
The Board reserves certain matters for
itsowndecision-making,asoutlinedon
page 70.
Team members
Business model on pages 14 – 15 Sustainability on pages 27 – 34 Governance on pages 65 – 110
We take steps to enhance our
communication,collaboration,and
information sharing with stakeholders
regarding our actions and their
potential impacts.
This approach has been adopted in the
UK,andwehavemadefurthergood
progress to extend these engagement and
collaboration methods in our Canadian
operations – part of the strategy to ensure
that the Group’s ways of working become
more embedded in this business.
On the following pages we outline the details
of the activities we undertook in FY2025
and the outcomes of our engagement with
stakeholder groups.
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Stakeholder engagement
Customers
Team members
What is important to them
• A great value visit every time
• A clean and safe environment
• Correct pace of experience in all
centre areas
• Excellent customer service from friendly
team members
• Fullyworking,fault-freebowling
equipment and amusement machines
How the Board considers their interests
• Reviews customer satisfaction scores
at every Board meeting
• Includes customer satisfaction scores
in bonus schemes from team members
to senior leadership
• Uses customer feedback to identify
improvements to operational ways of
working and to guide investment in new
centres and refurbishments
Engagement in FY2025
• Conductedpost-visitcustomer
satisfaction surveys
• Monitoredsocialmediaandcustomer
queries submitted via the customer
contact centre
• Regular feedback and monitoring to
meetin-centresafetystandardsand
expectations
Outcomes of this engagement
• Record number of customer surveys
returned
• Record levels of customer satisfaction
scores in UK and Canada
• Further enhancements to the Hollywood
Bowl and Splitsville brand and service
propositions
Our core purpose is delivering a great customer experience for every visit, with
ongoing feedback serving as the best indicator of our success
What is important to them
• Regular,relevant,andclear
communication
• Engagement with all levels of management
• Opportunities to provide feedback
• Career and skills development pathways
• Attractivesalary,benefits,and
opportunities to share in the
Group’s success
• Working for an inclusive employer that
embraces diversity at all levels
How the Board considers their interests
• Directorsvisitmultiplenew,refurbished
andexistingcentres,eachyear
• Director attendance at the annual UK and
Canada management conferences
• Bi-annualfacetofacefeedbacksessions
between senior leadership and team
members
• Diversity is a key consideration in the
Board’s succession planning
Engagement in FY2025
• Fourth Engage was used to communicate
keymessages,enablingteaminteraction
and delivering wellbeing initiatives
• Conducted employee engagement
surveys and pulse surveys
• Our digital training system was used
across the Group
• MaintainedaWhistleblowingpolicy,with
all cases reported at Board meetings
• Published our annual Gender Pay Gap
report
Outcomes of this engagement
• Team member monthly 1:1s at record
levels
• Updated our learning platform to include
moreuser-generatedcontentand
encourageself-ledlearning
• The Board and senior leadership
considered team member engagement
surveyoutputsresultinginidentified
actions
• Recognised as one of the Sunday Times
Best places to work in 2025 and accredited
as a Great Place to Work in Canada
Our team members are key to our business success and are the driving force
behind our fun-filled customer experiences
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Stakeholder engagement continued
Communities
What is important to them
• Positive contributions to local communities
through employment and accessible
amenity provision
• Ongoing support for local and national
charities
How the Board considers their interests
• Considers the impact of local operations
as part of its sustainability strategy
Engagement in FY2025
• Record charity fundraising levels in the UK
• Over 200newjobscreatedinournew
centre openings in the UK and Canada
• Progress with our ESG strategy and
initiatives (Sustainability report on
pages 27 – 34)
Outcomes of this engagement
• Increased uptake of UK concessionary
discounts compared to FY2024
• Increased school bookings in the UK
compared to FY2024
• SupportedMacmillanasourUK national
charitypartnerandothercommunity-
based charities
• MadefurtherprogressinourESG strategy
and initiatives
We are proud to be an active part of our communities as an employer and
provider of important local leisure amenities
Investors
What is important to them
• Relevant and timely information on Group
performance and strategic plans
• Regular engagement with management
• Growth of share price and dividend returns
• Capital allocation policy
• Information on ESG strategy and
performance
• Information on Remuneration policy
How the Board considers their interests
• Receives feedback from shareholder
meetingsandthroughtheGroup’sbrokers,
Investec and Berenberg
• Welcomes questions from shareholders
at any time
• The Remuneration Committee Chair
consultsshareholdersonanymajorpolicy
changes (Report on pages 90 – 106)
• Focuses on the Group’s ESG initiatives
(Sustainability report on pages 27 – 34,
Corporate governance on pages 65 – 110)
Engagement in FY2025
• Held the AGM in January 2025
• Conducted investor relations meetings
with current and prospective shareholders
• Presented annual and interim results
• Attended and presented at investor
conferences
• Disclosed carbon emission performance
via CDP
Outcomes of this engagement
• Outlined the Board’s view on capital
allocation policy in the Chief Financial
Officer’sreview(pages22 – 26)
• MadefurtherprogresswithourESG
strategy (pages 27 – 34)
Our investors provide valuable feedback on our business model, strategy and
future growth plans
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Stakeholder engagement continued
Suppliers and partners Lending banks
What is important to them
• Clear and concise communication
that demonstrates integrity and
reliability
• Strong publicly listed covenant
• Responsible tenancy holders
How the Board considers their
interests
• Commitment to high ethical
standards
• Expectation of high ethical
standards from all suppliers
and partners
• Regular discussions between
Executive Directors and main
suppliers
• Zero-toleranceapproachto
bribery,corruption,andmodern
slavery,withregularreviewsof
supplier and partner policies
Engagement in FY2025
• Executive Directors engaged
closely with landlords to agree
on lease extensions and revised
terms as needed
• Actively managed supplier
relationships
• Published our Payment Practices
Report twice in the year
• Conducted annual audits of
suppliers for compliance with
modern slavery and human
traffickinglegislation
• Communicated with key suppliers
as part of our ESG supplier
engagement programme
Outcomes of this engagement
• Maintainedpositiverelationships
withmajorsuppliersandlandlords
• MovedUK drinks contract to Britvic
• MovedCanadaamusements
contract to Namco
• Gained access to increased
supplier primary data for Scope 3
emissions
What is important to them
• Regularmonthlyreporting,includingrolling
12-monthforecasts
• Invitations to new openings and refurbishment
launches
How the Board considers their interests
• Bankrepresentativesabletoattendhalf-year
andfull-yearresultspresentations
• Forward-lookingforecastsprovidedatevery
monthly Board meeting to ensure covenant
compliance
Engagement in FY2025
• Provided regular monthly updates on Company
performance and debt covenant forecasts
• Attended half yearly meetings with our lending
bank as well as others interested in future
lending
Outcomes of this engagement
• The £25m revolving credit facility (RCF) was
renegotiated in June 2025
Environment
What is important to them
• Energyefficiencyandminimisingenvironmental
impacts of our direct operations and supply chains
• Sustainable building and refurbishment practices
How the Board considers their interests
• Considers the impact of the Group’s direct
operations and supply chains as part of its
sustainability strategy
• Focusesonimprovingenergyefficiencyin
the estate
Engagement in FY2025
• Supplier engagement programme to gain
increasedunderstandingofnetzeroambitions
and access to primary data
Outcomes of this engagement
• Continuedinvestmentinsolarpanels,with34 UK
installations completed
• Energy-efficientPinsonStringstechnologyisnow
in 97% of our UK bowling centres and 60% of our
Canadian centres
• Improved Scope 3 data sourced from key suppliers
• Achieved A EPC rating for all UK new build centres
We always consider the environmental
impacts of our operations and strategy
Our partnerships include landlords, construction companies,
amusements, and food and beverage suppliers
Our lending banks provide funds for growth
and working capital when required
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Going concern and viability statement
Going concern
In assessing the going concern position
of the Group for the consolidated
financialstatementsfortheyearended
30 September 2025,theDirectorshave
consideredtheGroup’scashflow,liquidity,
andbusinessactivities,aswellasthe
principalrisksidentifiedintheAnnualReport.
As at 30 September 2025,theGrouphad
cash balances of £15.2m,nooutstanding
loan balances and an undrawn RCF of
£25m.
The Group has undertaken a review of its
liquidity using a base case and a severe but
plausible downside scenario.
The base case is the Board approved budget
for FY2026aswellasthefirstthreemonths
of FY2027 which forms part of the Board
approvedfive-yearplan.Underthisscenario
therewouldbepositivecashflow,strong
profitperformanceandtheGroupwould
continuetohavesufficientcashbalances
such that the RCF would remain undrawn.
Furthermore,itisassumedthattheGroup
adheres to its capital allocation policy.
The most severe downside scenario stress
tests for reasonably adverse variations
in the economic environment leading to
a deterioration in trading conditions and
performance. Under this severe but plausible
downsidescenario,theGrouphasmodelled
revenues dropping by 3% and 4% for FY2026
and FY2027 respectively from the assumed
basecase,andinflationcontinuesatan
even higher rate than in the base case.
The Directors are mindful of the uncertainty
driven by external factors such as a rise in
inflationandslowingGDP growth impacting
allareasofthebusiness,andaccept
that forecasting across this time frame
remainschallengingandhave,therefore,
also focused on understanding the level
of headroom available before the Group
reachesapositionoffinancialstress.
Inmakingthisviabilitystatement,the
Directors have reviewed the overall
resilienceoftheGroupandhavespecifically
considered a robust assessment of the
impact,likelihoodandmanagementofboth
theprincipal,andemerging,risksfacingthe
Group,asat30 September 2025 and looking
forwardoverthenextfive-yearperiod,
including consideration of those risks that
couldthreatenitsbusinessmodel,future
performance,liquidityorsustainability.
Theassessmentofviabilityhasspecifically
considered risks that could threaten
the Group’s day to day operations and
existence. This assessment considered how
risks could affect the business now and how
they may develop and impact the Group’s
financialforecastsoverfiveyears.
The Group’s business model and strategy
are central to an understanding of its
prospects,withfurtherdetailsfoundinthe
Strategy section of this Annual Report.
Context
The Group established a base case model
offinancialperformanceoverthefive-year
assessment period and a viability scenario
upon which the Board has made its
assessmentoftheGroup’songoingviability,
andwhichreflectsprudentexpectationsof
future customer demand and the successful
execution of the Group’s strategic plans.
The model still assumes that investments
into our three new UK centres and two
Canadacentreswouldcontinue,whilst
refurbishments in FY2026 would be reduced.
These are mitigating factors that the Group
hasinitscontrol.Underthisscenario,the
Groupwillstillbeprofitableandwould
continuetohavesufficientcashbalances
such that the RCF would remain undrawn.
Takingtheabove,andtheprincipalrisks
facedbytheGroupintoconsideration,
theDirectorsaresatisfiedthattheGroup
has adequate resources to continue in
operationfortheforeseeablefuture,a
period of at least 12 months from the date of
this report.
Accordingly,theGroupandParent
Company continue to adopt the going
concern basis in preparing these Financial
Statements.
Viability statement
In accordance with the 2018 UK Corporate
GovernanceCode,theDirectorshave
assessed the prospects of the Group over
aperiodsignificantlylongerthan12 months
and have made this assessment over a
five-yearperiodto30 September 2030. The
Directorshavedeterminedthatafive-
year period is an appropriate period over
whichtoassessviability,asitalignswith
the Group’s investment plans and gives
a greater certainty over the forecasting
assumptions used.
Assessment process
The Directors subsequently made a
robust consideration of the key risks
and uncertainties that could impact the
future performance of the Group and the
achievementofitsstrategicobjectives,as
discussed on page 16 of this Annual Report.
Particular regard was paid to the potential
impactsofariseininflation,holdingof
interestrates,slowingwageinflationand
increased unemployment in FY2026 and
FY2027.
When considering climate scenario
analysis,andmodellingseverebutplausible
downsidescenarios,wehaveusedthe
IPCC’s SSP5-8.5 as the most severe case for
physical climate risk. Whilst this represents
situations where climate could potentially
haveamaterialeffectontheoperations,
these do not include our future mitigating
actions which we would adopt as part of our
strategy.
The viability scenario also takes into
account the principal risks and uncertainties
facingtheGroupacrossthefive-yearperiod
in order to assess its ability to withstand
multiple challenges. The impacts of a rise
ininflationandslowingGDP growth have
beenbuiltintothescenario,buttheimpact
offurtherone-offeventsthatcannotbe
reasonably anticipated has not been
included.
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Report
Financial
Statements
Going concern and viability statement continued
Key assumptions
Thebasecaseforecast,whichisprepared
onaprudentbasis,assumeslowsingle-
digit LFL revenue increases for FY2026 and
FY2027 compared with FY2025. The process
undertakenconsiderstheGroup’sadjusted
EBITDA,capitalspend,cashflowsand
otherkeyfinancialmetricsoverthe
projectionperiod.
Thebasecaseassumesnosignificant
change in gross margin percentage and
that dividend payments will continue into
FY2026,inlinewiththeGroup’sdividend
policy.
It is then forecasted that revenue will
return to base case forecasts for FY2028
onwards.TheimpactofinflationinFY2026
and FY2027 is a three percentage point
increase in operating costs above our base
assumptions,excludingrent,withhigher
labour costs per hour offset partially by a
reduction in the number of hours worked
due to lower revenues.
Whilsttheseassumptionsofasignificant
increaseininflationaboveourbase
assumption and slowing economic growth
inthisscenarioisplausible,itdoesnot
representourviewofthelikelyout-turnin
the FY2026 and FY2027 base case scenario.
However,theresultsofthisscenariohelp
to inform the Directors’ assessment of the
viability of the Group.
Non-financial and sustainability information statement
The Group has complied with the requirements of sections 414CA and 414CB of the Companies Act 2006byincludingcertainnon-financialinformationwithintheStrategicreport.
Thefollowingtableconstitutesournon-financialinformationandsustainabilitystatement,andincludescrossreferencestowheremoredetaileddisclosuresofnon-financialinformation
can be found.
Reporting requirement Principal locations in this Annual Report Pages Summary of relevant policies
Business model Business model 14 – 15 An explanation of the Group’s business model is given on pages 14 – 15
Principal risks Principal risks and uncertainties 42 – 49 The Board has a process for considering the principal risks as outlined on page 42
Non-financial KPIs Strategic report 1 – 64 TheBoardapprovesrelevantnon-financialKPIs against which operational performance is measured.
These are disclosed in the Strategic report
Environmental and climate-related
financial disclosures
Sustainability overview
TCFD disclosure statement
27 – 34
56 – 64
Our environmental strategy and climate transition plan is set out on pages 33 – 41
Employees ChiefExecutiveOfficer’sstatement
S172 statement/stakeholder engagement
Sustainability overview
Principal risks and uncertainties
7 – 9
50 – 53
27 – 34
42 – 49
Ouremployeerelatedpoliciesandprocedureswhichincludeourprivacynoticeandallwork-related
policies,areavailabletoallemployeesonourintranet
Our social sustainability strategy is set out on pages 29 – 30
Our employee principal risks and uncertainties are set out on page 46
Human rights, anti-corruption
and anti-bribery
Sustainability overview 27 – 34 OurAnti-BriberyandCorruptionpolicyandModernSlaverypolicysetoutrelevantpoliciesandexpected
standards.TheGrouphasazero-toleranceapproachtohumanrightsabuses,briberyandcorruption
S172 statement/stakeholder engagement 50 – 53 We also have a Whistleblowing policy
Social matters Sustainability overview
S172 statement/stakeholder engagement
27 – 34
50 – 53
Our social sustainability strategy is set out on pages 29 – 30
Assessment of viability
Althoughtheviabilityscenarioreflects
the Board’s best estimate of the future
prospectsoftheGroup,theBoardhasalso
tested the potential impact of a severe but
plausibledownsidescenario,byquantifying
thefinancialimpactandoverlayingthison
thedetailedfinancialforecastsinplace.
This severe but plausible downside scenario
includes a reduction in revenue of six
percentage points on the base case for
FY2026 and FY2027 and an increase in
operatingcoststoreflecthigherinflation.
Viability statement
The Board has a reasonable expectation
that the Group will be able to continue in
operation and meet its liabilities as they fall
due,retainsufficientavailablecashandnot
breach any covenants under any drawn
facilities over the remaining term of the
current facilities.
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Governance
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Financial
Statements
Task Force on Climate-related Financial Disclosures statement
Thisclimate-relatedfinancialdisclosure
report has been prepared to meet the
requirements outlined by the Task Force
onClimate-relatedFinancialDisclosures
(TCFD) and the mandatory reporting
requirements set out in the Companies
ActrelatedtoClimate-relatedFinancial
Disclosures (CFD).
In accordance with the UK Listing Rule
9.8.6R(8),andtheCompanies(Strategic
report)(Climate-relatedFinancial
Disclosure) Regulations 2022,wepresent
our 2025 TCFD compliance statement and
confirmthatwehavemadeclimate-related
financialdisclosuresfortheyearended
30 September 2025 which are:
a) consistent with the following TCFD
recommendations and recommended
disclosures:
• governance – (a) and (b);
• strategy – (a) and (c);
• risk management (a),(b) and (c);
• metrics and targets (a),(b),(c); and
b) partially consistent with the following
TCFD recommendations and
recommended disclosures:
• strategy – (b).
A summary of our TCFD compliance
statement is set out in the following table.
Further details regarding how we have
aligned to the TCFD recommendations are
set out in the subsequent pages and in
relevant sections of this Annual Report.
TCFD summary disclosure
TCFD pillar Recommended disclosure Relevant section within this report
Governance
Board oversight
a)DescribetheBoard’soversightofclimate-relatedrisksandopportunities
page 57
Management’srole b)Describemanagement’sroleinassessingandmanagingclimate-related
risks and opportunities
page 58
Risk management
Riskidentificationandassessment
process
a) Describe the organisation’s processes for identifying and assessing
climate-relatedrisks
page 58
Risk management process b)Describetheorganisation’sprocessesformanagingclimate-relatedrisks page 58
Integration into overall risk
management
c)Describehowprocessesforidentifying,assessing,andmanagingclimate-
related risks are integrated into the organisation’s overall risk management
page 58
Strategy
Climate-relatedrisksandopportunities
a)Describetheclimate-relatedrisksandopportunitiestheorganisationhas
identifiedovertheshort,medium,andlongterm
pages 59 – 62
ImpactontheCompany’sbusinesses,
strategy,andfinancialplanning
b)Describetheimpactofclimate-relatedrisksandopportunitiesonthe
organisation’sbusinesses,strategy,andfinancialplanning
page 58
c)Describemanagement’sroleinassessingandmanagingclimate-related
risks and opportunities
page 58
Metrics and targets
Climate-relatedmetricsinlinewith
strategy and risk management process
a)Disclosethemetricsusedbytheorganisationtoassessclimate-relatedrisks
and opportunities in line with its strategy and risk management process
pages 63 – 64
Scope 1 and 2,(and3) GHG metrics
and the related risks
b) Disclose Scope 1,Scope2and,ifappropriate,Scope3 greenhouse gas
(GHG) emissions and the related risks
pages 38 – 41 and 60 – 64
Climate-relatedtargetsand
performance against targets
c)Describethetargetsusedbytheorganisationtomanageclimate-related
risks and opportunities and performance against targets
pages 63 – 64
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Governance
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Financial
Statements
Task Force on Climate-related Financial Disclosures statement continued
TCFD progress
FY2022-FY2024
• First TCFDdisclosureandfirstassociated
scenario analysis on material risk and
opportunity areas developed with
external partner
• First CDP submission
• Formation of Corporate Responsibility
Committee (CRC)
• Board member workshop and climate
training sessions
• Climate related targets included in
Executive incentive plans
• TheGroupjoinedtheZeroCarbonForum
(UK hospitality orientated alliance)
• We undertook a qualitative scenario
analysis on selected Canadian climate
risks and opportunities
• Detailed analysis of our Canadian
business including Scope 3emissions,
• Launched a UK supplier engagement
programme to better understand our
majorsupplierscommitmentstonet
zeroandtogainaccesstoprimary
Scope 3 data
FY2025
• CDP submission
• Updated scenario analysis for UK
operations
• Conductedfirstquantitativescenario
analysis for Canadian operations
• Board review and approval of updated
climate targets for FY2026
• Operational behavioural change
programme for our Canadian team
members
• Continued with a supplier engagement
programme to better understand our
majorsupplierscommitmentstonet
zeroandtogainaccesstoprimary
Scope 3 data
• ContinuedtorolloutenergyefficientPins
on Strings technology
Coming in FY2026
• The Group will continue evolving the
transition plan and develop modelling to
assess the cost of transitioning to Net Zero.
We consider ourselves to currently be
partially compliant with TCFD requirement
“strategy – (b)",solelyinrelationto
thetransitionplanexpectations,and
specificallythecostoftransitioningtoNet
Zero,andtheassumptionsthatunderpin
our Transition Plan.
• Board review of the cost of transitioning
to Net Zero in line with outputs of planned
modelling and agreement of any
strategic changes required.
• Givenbusinessexpansion,supplier
data improvements and expected
SBTi (Science Based Target initiatives)
frameworkchanges,theGrouphas
deferred submitting SBTi targets following
setting a new baseline year of FY2025 and
will prepare for its submission accordingly
in FY2026.
• Continuous improvement of data quality
though Increased use of supplier primary
data to improve understanding of Scope
3 emissions.
• Increased reporting on plastics strategy.
• Consideration of Group business impacts
on nature and biodiversity and evaluation
of use of TNFD framework.
Governance
Board oversight
The Board has overall responsibility for
climate-relatedmattersandgivesfulland
close consideration of ESGfactors,including
climate-relatedfactors,whenassessingthe
impact of decisions it makes.
Our governance structures support
the PLCBoard,committeesandsenior
management to ensure that climate
changeisintegratedintoourstrategy,
business process and decision making.
For more information on climate
governance,seetheRiskManagement
section on page 42.
The Corporate Responsibility Committee
(CRC),chairedbyNon-ExecutiveDirector
IvanSchofield(seepage89) is responsible
for updating the Board on climate issues on
abi-annualbasis.
Aspartofthebi-annual‘climatechange
risk’agendaitemattheBoardmeeting,
the Board discussed climate change
topics,includingprogressagainstrelevant
pre-existinggoals(e.g. renewable energy
sources) and future planned activities
and targets.
It also considered whether strategic
decisions needed to be made resulting
from climate scenario analysis performed
onthemostsignificantclimaterisksto
thebusiness,namelychangingcustomer
behaviour,businessinterruptionand
damagetoassets,carbontaxes,costof
transitioning operations to Net Zero and
energy sources.
Itwasagreed,basedonthefindingsof
thescenarioanalysis,thattheGrouphad
limitedshort-termriskexposureatthis
time but agreed to keep this under periodic
review,withthenextreviewplannedinafter
the updated scenario analysis is published.
The cost of transitioning to Net Zero was
discussed and it was agreed that this
would stay under closer review in line with
greater future visibility provided by the
ongoing Scope 3 emissions analysis and
theongoingrefinementofourGroup
climate transition plan.
Two CRCmeetingswereheldintheyear,
thefirstinAprilwhereupdatesweregiven
on performance against H1 FY2025 metrics
and targets and progress with the ongoing
analysis of Scope 3 emissions in the UK
and Canada.
The second CRC meeting was held in
September,wheretheCommitteereviewed
full year performance against FY2025
targets and set targets for FY2026.
With the expansion of our Canadian
business,theCommitteediscussedthe
higherenergyusageandlowerefficiency
versus the UK operations.
The Chair of the CRC provided updates
tothemainBoardonthediscussions,
decisions and actions arising from these
meetings.Minutesofthemeetingswere
also made available to all Board members
through our electronic Board portal.
Aclimate-relatedtargetisincludedin
ExecutiveLongTermIncentivePlans,relating
to the achievement of UK emission intensity
ratio targets for Scope 1 and 2. For more
detail see pages 96,97 and 106.
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Hollywood Bowl Group plc — Annual Report and Accounts 2025 Strategic
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Governance
Report
Financial
Statements
Task Force on Climate-related Financial Disclosures statement continued
Priorities for FY2026
• Board discussion and review of new
quantitativescenarioanalysis,whichwill
include Canadian operations to assess
if the results will impact Group strategy
moving forward.
• Review of requirements to align the
FY2026 disclosure with IFRS S2.
• Increased collaboration with suppliers to
improveandrefineScope3 data.
• Preparation for submission of SBTi targets
• Board review of performance against
FY2026 emission targets.
• Board review of cost of transitioning to
netzeroinlinewithoutputsofplanned
modelling and agree any strategic
changes required.
• Developing Group climate action
transition plan and associated targets.
Climate risk – Group governance, organisation and reporting
Board of Directors
Corporate Responsibility Committee
Corporate Responsibility
Steering Group
Operational departments –
Group/UK/Canada
Audit Committee (Risk)
Management’s role
Responsibility for climate change issues
at a management level sits with our Chief
SustainabilityandCommunicationsOfficer,
MathewHart,whochairstheCorporate
Responsibility Steering Group (CRSG).
MembersoftheCRSG also include the UK
ManagingDirector,CanadaManaging
Director,ChiefPeopleOfficer,GroupEnergy
&SafetyManagerandrelevantheadsof
department.
The CRSGisresponsiblefortheidentification,
managementandreportingofclimate-
related risks and opportunities.
The CRSG meets on a quarterly basis to
discuss environmental and social strategies
andperformanceagainsttargets,including
climatechange,andupdatestheCRC on a
bi-annualbasis.
Key highlights
Supplier engagement programme: we have
been able to access enhanced primary
data from some of our key suppliers to
support a more accurate picture of our
scope 3 emissions data.
Canadian expansion: we gathered more
climate-relateddatawhichisincreasingly
forming a greater part of the CRSG priorities
and discussion.
Climate-relatedoperationalandcapital
investment targets: we made progress
across our targets including successfully
deliveringincreasinglyenergy-efficient
builds of our new centres.
Climate risk and changing customer
behaviour: reviewed customer demand in
light of extended periods of dry and warm
weather in the UK for a second year running.
The Group deployed demand stimulation
and cost reduction strategies to mitigate
this weather impact.
Site risk analysis and categorisation:
external assessment of our centres based
on weather and location based risks has
beencategorisedaslow,withinsurance
premiums reduced relative to the increased
scale of the estate.
Priorities for FY2026
• Continued engagement with Zero Carbon
Forum to assess performance relative
to UK hospitality peers and contribute to
industry information sharing and sector
initiatives.
• Increasingly detailed analysis of our
Canadian business including Scope 3
emissions.
• Continued operational energy saving
behavioural change programme for our
Canadian team members.
• Trial of HVAC remote monitoring and
control in Canada.
• On-sitebatterytrialinUK.
• ContinuetorolloutenergyefficientPins
on Strings technology with a target to
complete the Canadian estate in FY2026.
• Ongoing analysis of Scope 3 emissions
data as more primary data becomes
available from our suppliers.
• Preparation for submission of SBTi targets.
• CDP submission.
Risk management
The Board is ultimately responsible for
ensuring that a robust risk management
processisinplaceandadheredto,
includingforclimaterisk.Thesignificance
ofclimateriskisalignedwithotherrisks,
givenclimateriskisidentifiedandassessed
in line with the existing risk processes and
is included in our principal risks register.
Moreinformationonourriskmanagement
process is to available in the Risk
management section on pages 42 – 49.
Identifying, assessing and managing
climate-related risks and opportunities
In FY2022 we conducted a detailed climate
riskassessment,acrossourUK business.
Climate scenario analysis was performed
on selected potentially material climate risks
and opportunities to assess the potential
quantitativefinancialimpactontheUK
business.Externalexperts,PwCUK,were
engaged to support and assist us with this
process;however,weretainedownership
overtheassessment,processandoutput.
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Our Canadian business has scaled rapidly
in the last two years and is now considered
materialinsize.InFY2024 we conducted a
climate risk assessment exercise across the
Canadian business. Aspartofthisexercise,
qualitative scenario analysis was performed
on selected potentially material climate
risks and opportunities.
Following an update from the CRC at the
BoardmeetinginMay2025,theBoard
determined that as there had been no
material changes to the UK business
since the FY2022 scenario analysis was
undertaken the UKclimateriskprofile
identifiedthenwasstillrelevantto
the Group.
The climate risk assessment had been
complementedbysubsequenthorizon
scanningtoidentifyexternaltrends,such
aslegalandregulatorydevelopments,and
emerging science/expert opinion.
The Group has subsequently updated its
quantitative climate scenario analysis for
physical risk in November 2025 (in line with
athree-yearlyrollingbasis,withthenext
assessment planned for November 2028).
This analysis included a refresh of the
original analysis performed for the UK and
was extended to include Canada.
Priorities for FY2026
Reviewtheidentifiedclimaterisksandthe
updated scenario analysis to assess any
impact on Group strategy. This will be done
in line with our wider risk management and
monitoring processes.
Develop an ongoing processes for
monitoringspecificrisksrelatingtothe
Canadian business.
Strategy
Climate-relatedrisksandopportunities
have the potential to impact our business.
The following climate risks and opportunities
havebeenidentifiedtobethosethathave
the potential to be material for the UK and/
ortheCanadianbusinessovertheshort,
mediumandlongtermhorizonsdefinedas:
Short term (0–5 years):
AlignstotheGroup’sfinancialplanningand
modellinghorizon.
Medium term (5–15 years):
Represents the interim period between the
Group’sfinancialplanninghorizonandthe
longest centre leases.
Long Term (15+ years):
Aligns with the longest time frame for the
Group’s leasing agreements for properties.
Climate-related risks and opportunities
The climate risks and opportunities
identifiedinFY2022 remain relevant to
the business and continue to form the
framework for FY2025 reporting. We updated
the scenario analysis on the physical risks
in November 2025 and management have
considered these results when assessing the
overallclimateriskprofilefortheGroup.
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Risk/opportunity
TCFD
category Geography Potential impact/outcomes for the Group Adaptation and mitigation or promotion strategies Financial metrics and targets
Time
horizon
Risk
Change in
customer
behaviours and
preferences away
from indoor leisure
in reaction to
increasing periods
of warm and dry
weather
Physical
Chronic
UK and
Canada
Outcome
Typically“busy”seasonsbecomeshorterwith
shoulder periods becoming less busy
Increased number of high temperature days
lasting for an extended period of time
Greater variability in rainfall leading to more dry
days
Impact
Reduced revenues during winter period to make
up for slower summer months
Reduced footfall as customers prioritise outdoor
leisure activities in fair weather conditions
Thefixedenergycostsassociatedwithkeeping
centres open remain irrespective of lower footfall
Financial impact
Revenue loss/Increased costs
Scenario analysis was conducted in November 2025 for the UK
and Canada to assess the extent to which changing customer
behaviours resulting from changing weather patterns caused by
climate,willimpactrevenue.
It was found that the impacts of this climate risk were relatively
low across all scenarios in the short to medium term.
In FY2025,UKcustomerbehaviourwasinfluencedbyaprolonged
unseasonable period of dry weather in the spring and summer
periods,buttheGroupholdsthecurrentviewthatonarolling
basisthefinancialimpactsofunseasonabledryorhotweather
presentalowriskintheshorttomediumtermasidentifiedin
the scenario analysis. Under a 4°Cscenariointhelong-term,our
analysis indicated that the impact of this risk could be higher
andleadtomoderatefinancialimpacts,withoutconsidering
mitigating factors. We will continue to monitor this risk going
forwardandconsideritinfuturefinancialplanning.
TheGroupundertakestargetedmarketing,utilisesdynamic
pricing and offers tactical discounts in order to attract more
customers and increase spend per visit during warmer and drier
periods where customers focus can shift to outdoor activities. In
addition it can reduce volume related costs like team member
hours to mitigate the impact of reduced revenues.
Metric–internallymonitored
revenuereductioninhigh-
temperature periods
Short/
Medium
Risk
Business
interruption and
damage to assets
due to increased
frequency and
severity of extreme
weather events
(e.g.flooding/wind/
fire)
Physical
Acute
UK and
Canada
Outcome
Whilethetypeandseverityofhazardswillvary
bylocationandseason,andchangeovertime,
it is expected that the frequency and severity of
eventssuchasfloodeventswillincrease
Impact
These extreme events may impact the Group in
three ways:
1) physical damage to operating sites which
require repair;
2) disruption to business operations due to
temporary closure; and
3) inability of customers to get to the sites.
Theseeventsmayalsohavefurtherfinancial
impacts,forexample,viaincreasedinsurance
premiums
Financial impact
Revenue loss/Increased costs
Scenario analysis was conducted in November 2025 to assess the
extent to which our UK and Canadian sites are at risk of business
interruption and damage resulting from extreme events such as
floodingorwildfires.
TheGroupholdsthecurrentviewthattheimpactsofflooding/
fire/highwindspresentalowriskintheshorttomediumterm
asidentifiedinthescenarioanalysis.Overall,itwasfoundthata
lownumberofsiteswereassessedtobeatsomeriskofflooding
under a 4°C scenario. These sites will continue to be monitored
and further assessments will be conducted if required to explore
mitigation options. Our wide location base limits the scale of
exposure caused by localised events.
In FY2025 no centres suffered business interruption or damage
duetofloodorwildfireeventsandnonewUK or Canadian centres
wereopenedinareasofhighfloodrisk.
Metric–proportionof
revenue located in areas
subjecttoflooding
NofloodimpactsinFY2025
and no new centres opened
inhighfloodriskareas
Short/
Medium
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Risk/opportunity
TCFD
category Geography Potential impact/outcomes for the Group Adaptation and mitigation or promotion strategies Financial metrics and targets
Time
horizon
Risk
Carbon taxes
increasing costs
due to pricing of
GHG emissions
being applied to
own operations
and embodied
carbon in supply
chain and
transportation/
distribution
Policy and
legal
UK Outcome
The scope and level of carbon pricing to date
have had little impact on the Group but this could
lead to increased costs in the future
Impact
1) increasing energy and other operating costs;
2) leading the Group to retire assets or
investment to reduce emissions; and
3) increasing supply chain costs as carbon prices
are passed on by suppliers.
Financial impact
Revenue loss/Increased costs
Overall,itwasfoundthattherewaslimitedexposuretocarbon
pricing as the Group continues to address our operational
emissionsthroughourinvestmentsinenergyefficientequipment,
the installation of solar panels where possible at our sites and
renewable energy contracts.
It is expected that this risk will be adapted (or amalgamated with
theriskbelow)inthefuturetoreflectthepotentialimpactofrising
energycommoditycostsinlinewiththede-carbonisationof
nationalandregionalenergygrids,asthisismorelikelytoimpact
the Group than potential carbon taxes.
Metric–%ofdirectly
purchased electricity from
renewable sources
Group target – 100% by end
of FY2025
Achieved 100% in UK and
Canada in FY2025
Short
Risk
Cost of
transitioning
operations to Net
Zero in order to
be compatible
with the UK and
Canada’s Net Zero
carbon targets
Technology UK and
Canada
Outcome
The UK and Canada’s commitments to reach net
Zero emissions by 2050 has several implications
for the Group
Namely,asregulationsandstandardsare
adoptedtosupportthisambition,theremaybe
direct and indirect impacts on our operations
Regulatory or reputational pressures may
increase to reduce Scope 1,2 and 3 emissions
Impact
Installation of new technologies may cause
disruption or even temporary closure to facilities
Increased commodity costs associated with
national grid upgrades to renewable sources
Increased operational costs associated with
upgrading buildings and assets to incorporate
moreenergyefficienttechnology
Engagement with supply chain to encourage
emissionsreduction,orfindsupplierswithlower
emission impacts
Financial impact
Revenue loss/Increased costs
Thehighestimpactsareexpectedtobeinthemediumterm,
where there could be pressure to decarbonise the Group’s
Canadian centres. This could include additional costs for
purchasingandinstallinglowcarbontechnology,movingfrom
gasusage,aswellasotherinvestmentsintraining,andthe
collection and monitoring of additional emission data.
Our purchased goods and services (Scope 3 category 1) accounts
for 53% of our UK Scope 3 emissions and for 48% of our Canadian
Scope 3emissions,anditisimportantthatwealignoursupply
chainwiththerequiredtransitiontoalowcarboneconomy,as
demonstrated with our target of suppliers committed to Net Zero.
Our Scope 3 analysis is enabling us to evolve a pathway to Net
Zero transition plan with the ultimate ambition to achieve Net
Zero in 2050. Further details of the targets and initiatives to help us
achieve this are outlined on pages 63 to 64.
We will continue to gather Scope 3 data in both the UK and
Canada as more detailed primary data becomes available from
oursuppliersandupdateourtargetsandfinancialmodelling
accordingly,includingtherequirementforresidualoffsettingin
meetingourlong-termambitions.
Metric–Scope1 and 2
emissions intensity ratio
UK Target – 56.0 by end of
FY2025
Achieved 53.0 in FY2025
Metric–%ofsupplierspend
to suppliers committed to
Net Zero
Target – 50% of UK
supplier spend to suppliers
committed to Net Zero in
FY2025
Achieved 53% in FY2025
Target – 30% of Canada
supplier spend to suppliers
committed to Net Zero in
FY2026
Achieved 25% in FY2025
Short/
Medium
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Risk/opportunity
TCFD
category Geography Potential impact/outcomes for the Group Adaptation and mitigation or promotion strategies Financial metrics and targets
Time
horizon
Opportunity
Energy sources:
increased
investment in
and use of lower
emission sources
of energy
Energy
source
UK and
Canada
Outcome
As the UKandCanadashifttoalow-carbon
economyandtransitionsawayfromfossilfuels,it
is expected that prices for these energy sources
will increase with the introduction of carbon taxes
and increased commodity costs
Impact
Reduced exposure to volatility in fossil fuel and
energyprices,andfuturecarbontaxes
Financial impact
Reduced costs
Scenario analysis was conducted in to assess the extent to which
our UK and Canadian operations have an opportunity to reduce
costs through the use of lower emission sources of energy.
The Group has already installed operational solar panels in 34
of our UK centres and contracted renewable energy for our UK
operations which helps to mitigate exposure to energy price
volatility.
IftheGroupimplementssolarpanelsatitsCanadiancentres,
on-sitegenerationofrenewableenergy(aswellaspurchased
renewable electricity) will reduce its exposure to energy price
volatility from fossil fuels in the medium to long term.
Metric–%oftotalUK
electricity generated from
on-siterenewables
Achieved 16% in FY2025
Metric–%ofGroupdirectly
purchased electricity from
renewable sources
Target – 100% in FY2025
Achieved 100% in FY2025
Short – UK
Resilience to climate change
Theclimate-relatedrisksandopportunitiesanalysisindicatesthatourbusinessisnotathigh
riskofsignificantfinancialimpactsarisingfromclimate-relatedrisksintheshorttomedium
term.Anyclimate-relatedriskswithamedium-riskfinancialimpactareeitherprojectedto
occurinthelong-termorarebeingaddressedthroughourmitigatingactions.Asaresult,
wedonotanticipatetheneedformajorchangestoourstrategyinordertorespondtothese
risks.Inthemediumandlong-term,wewillneedtoconsidertransitionrisks.Thetransitionto
alow-carboneconomycouldhavefinancialimplicationsfortheGroup.
However,theseriskscanbemitigatedifweachieveourcarbonreductiontargetsacross
all scopes.
Climate-related scenario analysis
Climate-relatedscenarioanalysishashelpedusevaluatethepotentialimpacts
ofclimate-relatedrisksandopportunities.InFY2022 quantitative scenario analysis was
undertaken for the risks and opportunities highlighted in this disclosure for the UK. In FY2024
qualitative analysis for risks and opportunities was undertaken for the UK and Canada. In
November 2025,weupdatedquantitativeanalysisforourphysicalrisks(inthetableshown
on the right) to understand their effects on our current UK and Canadian business model.
The insights gained from all of this analysis informs our strategy and planning. The Publicly
availableclimatescenarios,sourcedfromtheNetworkforGreeningtheFinancialSystem
(NGFS) and the Intergovernmental Panel on Climate Change (IPCC),wereforselected
elementsofouranalysisasoutlinedintheadjoiningtable.
Assumptions made in the analysis:
Current mitigating actions were not included in any of the scenarios. Each scenario
wasmodelledindependently,withnoassumedcorrelationbetweendifferentrisksand
opportunities.
Investment costs required to realise opportunities were not considered. While many scenario
modelsandtechniquesareadvanced,weacknowledgethatthisfieldiscontinuallyevolving.
Weanticipatethatmodelsandpathwayswillimproveovertime.However,modelshave
limitations,andcertainareasremainchallengingtomodelaccurately.
Climate risk/opportunity Scenarios Data sources
Transition risk/opportunity
Energy sources NGFS scenarios:
Scenario 1: Early action
Scenario 2: Late action
Scenario 3: No additional
action
IEA
1
– Carbon intensities
NGFS
2
– Carbon prices
Physical risk
Business interruption and
damage to assets
Changing customer
behaviours
IPCC pathways:
Scenario 1:
SSP1 – 2.6 (<2°C)
Scenario 2:
SSP2 – 4.5 (2–3°C)
Scenario 3:
SSP5 – 8.5 (>4°C)
We obtained localised climate data to a
90m
2
resolution based on the latest IPCC
CMIP6globalclimatemodels,providing
projectionsforeachofourscenariosand
timehorizonsforfloodexposure
NASA Power
3
–temperature,windspeedand
precipitation (historical data)
Climate Analytics
4
–temperature,wind
speed and precipitation (scenario data)
1 InternationalEnergyAgency(2022),GlobalEnergyandClimateModel,IEA,Parishttps://www.iea.org/reports/
global-energy-and-climate-model,Licence:CCBY4.0.
2 NetworkforGreeningtheFinancialSystem(NGFS)(2021),NGFSScenarioDataDownscaledNationalDataV2.0,
https://www.ngfs.net/ngfs-scenarios-portal.
3 NASAPower(2025),https://power.larc.nasa.gov.
4 ClimateAnalytics(2022),ClimateImpactExplorer,https://climate-impact-explorer.climateanalytics.org.
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Financial
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Task Force on Climate-related Financial Disclosures statement continued
The scenarios were selected due to their prominence within climate change discourse. This enables the selected risks and opportunities to be assessed in line with scenarios that represent
the collective market’s understanding of the range of possible outcomes and the effects of climate change and society’s response.
Metrics and targets
TheGrouphasarangeofclimate-relatedmetricsandtargetsinthetablebelow.
DuetotheestategrowthplansoftheGroup,wesetourGHG emissions targets on an intensity ratio basis allowing a meaningful comparison of performance on a centre level basis.
Climate-related metrics
TCFD cross-industry
metric category Unit of measure Metric Geography Metric target set and reported? Linked to identified climate risks and opportunities
GHG emissions Total tCO
2
e/
centre
Scope 1+2 emissions average carbon
energy intensity ratio by centre
UK Target: 56.0 in FY2025
53.0 achieved in FY2025
Carbon taxes and cost of transitioning operations
to Net Zero
Canada Target: 170.0 by end of FY2026
181.3 achieved in FY2025
GHG emissions tCO
2
e Scope 3 emissions average carbon
energy intensity ratio by centre
UK Target: 21% reduction from FY2025 baseline by 2030,
90% reduction by 2045
Carbon taxes and cost of transitioning operations
to Net Zero
Canada Target: 21% reduction from FY2025 baseline by 2030,
90% reduction by 2045
GHG emissions % of spend
with suppliers
of goods and
services
% of supplier spend with suppliers
committed to Net Zero
UK Target: 50% of FY2026 supplier spend with suppliers
committed to Net Zero
53% achieved in FY2025
Carbon taxes and cost of transitioning operations
to Net Zero
Canada Target: 30% of FY2026 supplier spend with suppliers
committed to Net Zero
25% achieved in FY2025
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Task Force on Climate-related Financial Disclosures statement continued
TCFD cross-industry metric category
TCFD cross-industry metric
category Unit of measure Metric Geography Metric target set and reported? Linked to identified climate risks and opportunities
Transition risks % % of total directly purchased
electricity from renewable sources
UK Target: 100% in FY2026
100% achieved in FY2025
Energy sources
Canada Target: 100% in FY2026
100% achieved in FY2025
Transition risks % % of total electricity generated from
onsite renewable sources
UK No target – monitoring monthly
16% achieved in FY2025
Energy sources
Canada No – no solar arrays are currently installed in Canada.
Under review for FY2027 and beyond
Transition risks % % of total gas directly purchased in
the UK from renewable sources
UK Target: 100% in FY2026
100% achieved in FY2025
Energy sources
Canada No – Under review for FY2026 and beyond.
Transition risks kWh Gas usage UK Target:zerobyendofFY2030 Energy sources
Canada No – target year under review Energy sources
Transition risks % %ofestateusingenergyefficientPins
on Strings technology
UK Target: 100% in FY2028
97% achieved in FY2025
Costoftransitioningoperationstonetzero
Canada Target: 100% in FY2027
60% achieved in FY2025
Physical risks % of annual
revenue
% of UK revenue located in an area
subjecttohighriskofflooding
UK No target – periodic monitoring to feed into risk
assessment process
Business interruption and damage to assets
Canada No target – periodic monitoring to feed into risk
assessment process
The Strategic Report was approved by the Board on 15 December 2025 and signed on its behalf by:
Stephen Burns Laurence Keen
Chief Executive Officer Chief Financial Officer
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Chair’s introduction to governance
Continued strategic
delivery
Dear shareholders,
OnbehalfoftheBoard,I am pleased to
present our Corporate governance report
for the year ended 30 September 2025,
myfirstsincesucceedingPeterBoddyas
Chair of the Board. This section of the Annual
Report describes how we have applied the
principles of the Code and highlights the key
activities of the Board and its Committees
in the period. We are clear that good
governance is essential to the successful
delivery of our strategy and sustainable
successoverthelongterm,andtheBoard
remains committed to meeting the highest
standards of governance for all stakeholders.
FY2025 has been a year of strong
performanceforthebusiness,with
continued delivery against our key
strategicpillars(whicharethesubject
of regular monitoring and discussion by
the Board). We have continued to make
good progress on the expansion of our
Canadianbusiness,andareseeingthe
benefitsofastrengthenedcoreteamand
the integration of systems with the UK
business. Our programme of investment
into,anddevelopmentof,ourUKestate,has
deliveredfiverefurbishmentsandfivenew
centreopeningsintheyear,andourfocus
on our team and creating an outstanding
workplace has supported our the business
being ranked 26 in the Sunday Times Best
places to work (very large organisations)
and achieving a 3*high-qualitywork
experience by WorkL.
Board Changes
Our Board has continued to evolve in line
with our agreed succession plans. Ijoined
the Board in December 2025asaNon-
ExecutiveDirectorandChairDesignate,and
succeeded Peter Boddy when he stepped
down at our 2025 AGM. I would like to take
this opportunity to thank Peter for his years
ofservicetotheHollywoodBowlBoard,
havingjoinedasChairin2014 and led the
Board over a period of strong performance
andgrowthforthebusiness,includingthe
IPO and expansion into Canada.
In June we were delighted to announce the
appointmentofAsheekaHydeasaNon-
Executive Director. Through our skills and
experience matrix and succession planning
wehadidentifiedtheneedtoenhancethe
Board’s expertise in data analytics and AI,
andAsheeka’ssignificantexperiencein
these areas provides valuable insight as we
continue to invest in technology to support
the growth of the business.
As announced on 20 November 2025,
AntonySmithwilljointheBoardasCFO
on 2 February 2026,replacingLaurence
Keen who becomes CEO of our Canadian
business.
Good governance is essential
to the successful delivery of
our strategy and sustainable
success over the long term.”
Darren Shapland
Non-Executive Chair
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Chair’s introduction to governance continued
Diversity
The Group’s Diversity & Inclusion strategy
is a crucial part of ensuring that all of our
teammembersfeelvalued,respected,and
included,whichinturnfostersapositive
and productive work environment. It is
important that the Board leads by example
withrespecttodiversityandinclusion,
and this is a key topic for discussion
through our Nomination and Corporate
Responsibility Committees.
WithrespecttoBoardcomposition,I am
pleased to report that we now meet all
of the UK Listing Rule comply or explain
targets for Board diversity and that 50%
of our current Board are women and we
have at least one Board member from an
ethnic minority background. As set out in the
Nomination Committee report on page 78,
we have reviewed and approved changes
to the Board Diversity Policy since the year
endtoensureitreflectsourambitions
and intent to promote diversity (and the
developmentofdiversepipelines)notjust
at Board level but also for senior
management positions.
Board Evaluation
In accordance with our established cycle
forperformanceevaluations,weengaged
Boardforms Limited to facilitate an external
review of the Board and its Committees
during the year. The Company Secretary
and I worked with Boardforms to design
the questionnaires to be completed
(on the Boardforms platform) prior to the
individual meetings between each Board
and Committee member and Boardforms’
appointedevaluator,DavidHuntley.
A more detailed description of the evaluation
processandfindingsissetoutonpage75,
but Iampleasedthattheheadlinefinding
was that the Board and its committees
continue to operate effectively with positive
relationships between the Directors.
UK Corporate Governance Code (Code)
Our statement of compliance with the
principles and provisions of the Code is set
out on page 70. Due to the timing of our
financialyear-end,the2024 version of the
Code(whichappliesforfinancialyears
beginning on or after 1 January 2025) did
not apply to us during FY2025 and therefore
this report sets out our compliance against
the 2018 version of the Code. However
we have considered the 2024 Code in
preparation of this report and I’m pleased
to report that we are well placed to report
compliance with relevant provisions of the
2024 Code in FY2026. Provision 29 of the
2024 Code will not apply to us until FY2027
but,asdescribedintheAuditCommittee
report on page 85,wearemakinggood
progress with our preparations to be in a
positiontoidentify,monitorandassessthe
effectiveness of material controls.
Darren Shapland
Non-Executive Chair
15 December 2025
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Board of Directors
Appointment
DarrenjoinedtheGroupasanIndependent
Non-ExecutiveDirectorin2024 and became
Chair in January 2025.
Skills and experience
Darren has 40 years experience in retail and
consumerbusinessesservinginleadership,
executiveandNon-Executivepositions.
Heheldbothfinancialandgeneral
management roles at Burton Group plc
including Supply Chain Director for the
fashionbrands,FinanceDirectorforTop
Shop/TopManandManagingDirectorfor
the Home Shopping business. Subsequently
hewasChiefFinancialOfficerforSuperdrug,
Carpetright plc and then Sainsburys plc.
He completed his executive career as Chief
Executive of Carpetright plc.
MorerecentlyDarrenhasbeenaNon-
Executive Director and Chair at a number
ofpublic,venturecapitalandprivate
equity backed businesses. Darren‘s public
Chair roles have included Poundland plc
and Topps Tiles plc. He was also Audit
Committee Chair at Ladbrokes plc and
Fergusonplc.HeiscurrentlyaNon-Executive
Director at JD Sports plc where he chairs the
ESG Committee.
139
Top bowling score Top bowling score Top bowling score Top bowling score
189 191 144
Appointment
LaurencejoinedtheGroupasFinance
Director in 2014.
Skills and experience
Laurencehasafirst-classdegreein
business,mathematicsandstatistics
from the London School of Economics and
PoliticalScience.HequalifiedasaChartered
Accountant in 2000 and has been an ICAEW
Fellow since 2012.
Previously,LaurencewasUK Development
Director for Paddy Power from 2012. He
hasheldseniorretailandfinancerolesfor
Debenhamsplc,PizzaHut(UK) Limited and
Tescoplc.HewasalsoaNon-Executive
DirectorofTortillaMexicanGrillPLC from its
IPOuntilMay2023.
Appointment
StephenjoinedtheGroupasBusiness
Development Director in 2011. He was
promotedtoManagingDirectorin2012
andbecameChiefExecutiveOfficerin2014.
Skills and experience
BeforejoiningtheGroup,Stephenworked
withinthehealthandfitnessindustry,
holding various roles within Cannons Health
and Fitness Limited from 1999. He became
Sales and Client Retention Director in 2007
upon the acquisition of Cannons Health
andFitnessLimitedbyNuffieldHealth,and
became Regional Director in 2009.
In 2011,Stephenwasappointedtothe
operating board of MWBBusinessExchange,
a public company specialising in serviced
offices,meetingandconferencerooms,and
virtualoffices.
Stephen is Chair of the Inn Collection Group.
Appointment
MelaniejoinedtheGroupasTalentDirector
in October 2012.
Skills and experience
Melaniehasover20 years of HR experience
across the leisure and hospitality sectors.
Starting her career in retail operations
before moving into HR,MelaniehasheldHR
rolesatPizzaExpress,HolmesPlaceHealth
ClubsandPizzaHutUK,aswellasobtaining
a postgraduate diploma in personnel and
development.
Mostrecently,sheheadedthePeople
functionatZizziRestaurants,partofthe
Gondola Group.
Darren Shapland
Non-ExecutiveChair
Stephen Burns
ChiefExecutiveOfficer
Laurence Keen
ChiefFinancialOfficer
Melanie Dickinson
ChiefPeopleOfficer
N CR CR CR
A N R CR
Audit Committee Nomination Committee Remuneration Committee Corporate Responsibility Committee Committee Chair
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Board of Directors continued
Appointment
RacheljoinedtheGroupasanIndependent
Non-ExecutiveDirectorinSeptember2023.
Skills and experience
A member of the Institute of Chartered
AccountantsinEnglandandWales,Rachel
hasheldseniorfinancial,operationaland
board level roles throughout her career. She
wasChiefFinancialOfficeratbothFuture
plc and TIMediaLimited;ManagingDirector
for Reach Regionals; both CFO and Chief
OperatingOfficerforLocalWorldLimited
andNorthcliffeMediaLimited;andHeadof
RiskManagementatBootstheChemist.
RacheliscurrentlyaNon-Executive
DirectorofWatkinJonesplc,ahousing
developer and manager of student and
build-to-rentaccommodation;Gamma
Communicationsplc,aleadingsupplier
ofUnifiedCommunicationsasaService
(UCaaS) into Western European markets;
andWatesGroup,theUK’sleadingfamily-
owneddevelopment,buildingandproperty
services company.
130
Top bowling score Top bowling score Top bowling score Top bowling score
165 139 128
Appointment
JuliajoinedtheGroupasanIndependent
Non-ExecutiveDirectorinSeptember2022.
Skills and experience
Julia has more than 30 years experience
encompassingexecutiveandnon-
executiverolesinadvertising,mediaandthe
technology sectors in the UK and globally.
She has held Executive Director roles in
a number of businesses including IPC
Magazines,GettyImagesandITVplc.Most
recently,JuliawasDirectorofConsumer
RevenuesatGuardianNews&Mediawhere
she developed and delivered subscriptions
and customer data strategies.
Julia is currently Non Executive Director of
Sage Homes and Chair of the Remuneration
and Nomination Committees.
PreviouslyshehasbeenaNon-Executive
Director of Freeview (the UK’s largest free
to air digital TVplatform),SafestyleUK Plc
andOriginHousing,andwasaTrusteeat
Worldwide Cancer Research. She holds
an MBA from London Business School.
Appointment
IvanjoinedtheGroupasanIndependent
Non-ExecutiveDirectorinOctober2017.
Skills and experience
Ivan has extensive experience in the leisure
sector in the UK and across Continental
Europe. He held a number of senior roles
for Yum Brands Inc. over 15years,notably
asManagingDirectorofKFC France and
Western Europe and more recently as CEO
ofitsu.Priortothis,heheldrolesatUnilever
and LEK Consulting.
Ivan runs his own executive coaching and
leadership development business and
waspreviouslyNon-ExecutiveDirectorof
Thunderbird Fried Chicken Limited.
Ivan holds a BSc in economics with
econometrics from the University of Bath
and an MBA from INSEAD and is a graduate
oftheMeylerCampbellBusinessCoaching
Programme.
Appointment
AsheekajoinedtheGroupasan
IndependentNon-ExecutiveDirector
in June 2025.
Skills and experience
Asheeka has almost 20 years of experience
building,developing,andleadingaward-
winningagileData,Analytics,andAI teams.
She is currently the Group Technology
Director–Data,AnalyticsandAI for SSP
Group,agloballeadingoperatoroffood
and beverage outlets in travel locations.
She was previously Head of Trading
AnalyticsatDunelm,andhasexperience
working across multiple geographies
and in different industries including retail
(WalgreensBootsAlliance),automotive
(JaguarLandRover)andfinancialservices
(Capital One Bank).
Rachel Addison
SeniorIndependentNon-ExecutiveDirector
Ivan Schofield
IndependentNon-ExecutiveDirector
Julia Porter
IndependentNon-ExecutiveDirector
Asheeka Hyde
IndependentNon-ExecutiveDirector
A N R CR CR
A N R CR
Audit Committee Nomination Committee Remuneration Committee Corporate Responsibility Committee Committee Chair
A ACR N NNA R R
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Governance at a glance
Board composition
Board focus in FY2025
Board changes in FY2025
This year we have seen the appointment of a new Chair and
anewNon-ExecutiveDirector.
Darren Shapland replaced Peter Boddy
as Chair of Hollywood Bowl Group at the
AnnualGeneralMeetinginJanuary2025
Asheeka HydebecameaNon-Executive
DirectorandmemberoftheAudit,
Nomination and Corporate Responsibility
Committees in June 2025
Board engagement centre visits
AfixtureoftheannualcalendarofBoard
meetings is to hold at least one meeting at a
Hollywood Bowl centre. This allows the Board
members to review the centre environment
and interact with local management and
team members
• Succession planning
• Review of strategic
progress and growth
opportunities
• Oversight and embedding
of culture and values
• External performance
evaluation
Gender Diversity
Male 4
Female 4
Chair 1
Independent 4
Non-Independent 3
0-3 years 3
3-6 years 1
7+ years 4
Independence Board Tenure
Board responsibility
TheBoardisresponsibleforpromotingthelong-termsuccessofthebusinessforthe
benefitofshareholders,andoverseeingthedevelopmentoftheGroup’sstrategic
aimsandobjectives.
Board
The Board delegates certain matters to its four committees
Executive Committee
Committees
Audit
Committee
Remuneration
Committee
Nomination
Committee
Corporate
Responsibility
Committee
Page 84 Page 90 Page 78 Page 89
See our Nomination Committee report
page 78
See our Board activities
page 73
See our Board biographies
pages 68 – 69
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Corporate governance report
UK Corporate Governance Code – Compliance statement
AsacompanywithapremiumlistingontheLondonStockExchange,HollywoodBowlGroup
plc is required under the FCA’s UK Listing Rules to comply with the provisions of the UK
Governance Code (the Code) (a copy of which can be found on the website of the Financial
ReportingCouncil,www.frc.org.uk).Forthefinancialyearended30 September 2025,and
assetoutinthefollowingreport,theCompanyhasappliedtheprinciples,andcomplied
withallrelevantprovisions,ofthe2018 version of the Code.
Governance framework and responsibilities
TheBoardisresponsibleforpromotingthelong-termsuccessofthebusinessforthebenefit
ofshareholders,developingandoverseeingthedevelopmentoftheGroup’sstrategicaims
andobjectives(includingmonitoringfinancialandoperationalperformanceagainstagreed
plansandtargets),andensuringanappropriatesystemofgovernance(includingarobust
system of internal controls and a sound risk management framework) is in place.
The Group’s business model and strategy (as developed and approved by the Board) are
set out on pages 14 to 15anddetailhowtheGroupstrategygeneratesvalueinthelongterm,
and our contribution to wider society.
The Board is also responsible for establishing our purpose and values and providing
leadership in setting the desired culture of the business and ensuring that this is embedded
throughouttheGroup.TheBoardcontinuouslymonitorsthecultureoftheGroup,through
interactions with team members (during site visits and through attendance at events
suchastheCompanyconference),regularreportstotheBoardonteammemberand
stakeholderengagement,andspecificupdatesonteamcultureanddevelopmentfrom
the UKManagingDirectorandChiefPeopleOfficer.TheBoardremainssatisfiedthatthis
approachtomonitoringcultureisappropriateandeffective,thatthekeyelementsofthe
desiredculture(dynamic,inclusive,positive,fun,highperformance)areembeddedacross
theGroup,andthatthecultureisalignedwithourpurposeofbringingfamiliesandfriends
togetherforaffordablefunandsafe,healthycompetition.
The Board has formally delegated certain governance responsibilities to its Committees
(asoutlinedintheillustrationofourgovernanceframeworkbelow),withthoseresponsibilities
set out clearly in the Committees’ terms of reference. The terms of reference and formal
ScheduleofMattersReservedtotheBoard(whichareavailabletoviewontheGroup’s
website,www.hollywoodbowlgroup.com), as well as Group policies and procedures which
addressspecificriskareas,arecoreelementsoftheGroup’sgovernanceframework.These
are reviewed annually by the Board and Committees to ensure that they remain appropriate
tosupporteffectivegovernanceprocesses.MattersoutsideoftheScheduleofMatters
Reserved or the Committees’ terms of reference fall within the responsibility and authority
of the CEO,includingallexecutivemanagementmatters.
Key responsibilities:
• Overall leadership of the Group
• Promoting strong corporate governance
• Approvingfinancialstatementsand
dividend policy
• Setstrategy,purpose,valuesandculture
• Oversight of systems of internal control and
risk management
• Approving,andreviewingperformanceagainst,
business plans and budgets
• Approvingmajorcontractsandmaterial
capital expenditure
Key responsibilities:
• Reviewintegrityofannualandinterimfinancial
statements
• Reviewaccountingpolicies,financialreporting
and regulatory compliance
• Reviewinternalfinancialcontrolsandmonitor
effectiveness of risk management and internal
control systems
• Oversee relationship with external auditor
Audit Committee report pages 84 to 88
Key responsibilities:
• Board appointments
• Succession planning
• Promotes diversity and inclusion
• MonitorsNED independence and time
commitments
• ReviewssizeandcompositionofBoardand
Committees
Nomination Committee report
pages 78 to 83
Key responsibilities:
• Set Remuneration Policy
• Determine Executive Director and senior
management remuneration
• Approve measures and targets for annual
andlong-termincentiveschemes
• Monitorworkforcepayandconditions
Directors’ Remuneration report
pages 90 to 103
Key responsibilities:
• Develop and recommend Group ESG strategy
• MonitorperformanceagainstagreedESG KPIs
• Review material risks (including climate related)
associated with ESG strategy
• Approve ESG disclosures (including TCFD)
Corporate Responsibility Committee page 89
Composition:ChiefExecutiveOfficer,ChiefFinancialOfficer,
ChiefPeopleOfficer,ChiefMarketing&TechnologyOfficer,
ChiefSustainabilityandCommunicationsOfficer,UKManagingDirector.
ReportingtotheCEO,theExecutiveCommitteeisresponsibleforthedaytoday
operations of the Group and implementing the strategy agreed by the Board.
MonitorsperformanceagainstfinancialandoperationalKPIs,andmanagesrisk
throughthedevelopmentandimplementationofcontrols,policiesandprocedures.
Governance framework
Board
Executive Committee
Audit Committee
Nomination Committee
Remuneration Committee
Corporate Responsibility Committee
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Corporate governance report continued
Individual Board roles and responsibilities
There is a clear division of responsibilities
between the Chair and Chief Executive
Officer.Thekeyresponsibilitiesofmembers
of the Board are set out below. Biographies
ofeachDirector,whichdescribetheskills
and experience he or she brings to the
Board,canbefoundonpage82.
Non-Executive Chair
Darren Shapland
Darren is responsible for the leadership
and overall effectiveness of the Board and
for upholding high standards of corporate
governance throughout the Group and
particularly at Board level. In line with the
culturepromotedthroughoutthebusiness,
the Chair encourages open debate and
discussionintheinteractionoftheBoard,
and facilitates the effective contribution of
theNon-ExecutiveDirectors.
Chief Executive Officer (CEO)
Stephen Burns
Stephen is responsible for all executive
managementmatters,including:
performance against the Group’s strategy
andobjectives;leadingtheexecutive
leadership team in dealing with the day to
day operations of the Group; and ensuring
thattheculture,valuesandstandardsset
by the Board are embedded throughout the
organisation.
Senior Independent Director (SID)
Rachel Addison
The SID provides a valuable sounding board
fortheChairandleadstheNon-Executive
Directors’ annual appraisal of the Chair. The
SID is available to shareholders if they have
concerns which are not resolved through
the normal channels of the CEOorChair,or
where such contact is inappropriate.
Rob Demirtges
Chief Marketing and
Technology Officer
RobjoinedtheGroupinJanuary
2025. He has over 25 years’
experienceindigital,marketing
and customer roles across the
leisure,retailandtechnology
sectors,ine-commercegrowth,
CRM,loyalty,dataandanalytics,
and digital transformation.
RobhasheldseniorleadershiproleswithiHelloFresh,
MichaelKors,Expedia,OracleResponsys,Skypeand
AcxiomDigital,whereheledlarge-scalecustomergrowth,
digital innovation and international transformation
programmes.
136
Top bowling score
Executive Committee
Mathew Hart
Chief Sustainability and
Communications Officer
MathewjoinedtheGroupas
Commercial Director in January
2015. He has over 30 years
ofcommercial,marketing,
e-commerceandgeneral
management experience
acrossthetravel,leisureand
healthcare sectors.
MathewhasheldexecutivepositionsatHolidayAutos
(ManagingDirector),Lastminute.com(GroupMarketing
Director),CannonsHealthClubs(GroupMarketingand
CommercialDirector),NuffieldHealth(GroupMarketing
Director)andEncoreTickets(GroupMarketingDirector).
Darryl Lewis
UK Managing Director
DarryljoinedtheGroupasRegional
Director in September 2013. He has
over 25 years’ experience in key
operational roles across the leisure
sector,includingcinemasand
theme parks.
Darryl worked in general
management,filmandcontent
planning and senior operational
support roles in the cinema industry for 20 years with
ShowcaseCinemas,WarnerBros,InternationalTheatres
and Vue.
153
Top bowling score
187
Top bowling score
Chief Financial Officer (CFO)
Laurence Keen
Laurence works with the CEO to develop and
implementtheGroup’sstrategicobjectives.
Heisalsoresponsibleforthefinancial
performance of the Group and the Group’s
property interests and supports the CEO in
all investor relations activities.
Chief People Officer (CPO)
Melanie Dickinson
MelanieworkswiththeCEO and executive
leadership to develop and implement
theGroup’sstrategicobjectives,witha
particular focus on people strategy and
teammemberdevelopment.Melanieis
responsible for the Group’s HRfunction,
includingpayandreward,culture,training
and team engagement.
Non-Executive Directors
Rachel Addison, Asheeka Hyde, Julia
Porter and Ivan Schofield
Rachel,Asheeka,JuliaandIvanprovide
objectiveandconstructivechallenge
to management and help to develop
proposals on strategy. They also scrutinise
andmonitorfinancialandoperational
performance,andsupporttheexecutive
leadershipteam,drawingontheir
background and experience from
previous roles.
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Financial
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Corporate governance report continued
Board independence
As at 30 September 2025theBoardconsistedofeightDirectors(includingtheChair),fourof
whom are considered to be independent as indicated in the table below:
Non-Independent Independent
Darren Shapland (Chair) Rachel Addison (SID)
StephenBurns(ChiefExecutiveOfficer) Asheeka Hyde
LaurenceKeen(ChiefFinancialOfficer) Julia Porter
MelanieDickinson(ChiefPeopleOfficer) IvanSchofield
AmajorityoftheBoard(excludingtheChair)wascomprisedofindependentNon-Executive
Directors throughout the year other than a brief period from 1 October 2024 to 1 December
2024 (prior to Darren Shapland’s appointment) when half the Board (excluding the Chair)
were independent.
Board and Committee attendance
The Board met formally on nine occasions during FY2025. The table below shows the
attendance (in person or by video conference) of each Director at the formal scheduled
meetings of the Board and of the Committees of which they are a member:
Director Board
Audit
Committee
Remuneration
Committee
Nomination
Committee
Corporate
Responsibility
Committee
Darren Shapland
(appointed 1 December 2024)* 8/8 N/A N/A 5/5 2/2
Stephen Burns 9/9 N/A N/A N/A 2/2
Laurence Keen 9/9 N/A N/A N/A N/A
MelanieDickinson 9/9 N/A N/A N/A 2/2
Rachel Addison 8**/9 4/4 4**/5 5/5 N/A
Asheeka Hyde
(appointed 23 June 2025)* 3/3 1/1 N/A 2/2 1/1
Julia Porter 9/9 4/4 5/5 5/5 2/2
IvanSchofield 9/9 4/4 5/5 5/5 2/2
Peter Boddy
(stepped down 30 January 2025)* 2/2 N/A N/A N/A N/A
* TablereflectsonlythemeetingstheseDirectorswereeligibletoattendfrom/tothedateoftheirappointmentor
stepping down from the Board.
** Meetingsonsamedaynotattendedduetofamilyillness.
InadditiontotheChiefExecutiveandChiefFinancialOfficer,andinlinewithourestablished
practice,theChiefMarketingandTechnologyOfficerandChiefOperatingOfficerwere
present at Board meetings during the year.
TheNon-ExecutiveDirectorsremaininregularcontactwiththeChair,whetherinface-
to-facemeetingsorbytelephone,todiscussmattersrelatingtotheGroupwithoutthe
executives present.
Information and support
Agendas and accompanying papers are distributed to the Board and Committee members
well in advance of each Board or Committee meeting via an electronic Board paper system
forefficiencyandsecuritypurposes.TheseincludereportsfromExecutiveDirectors,other
membersofseniormanagementandexternaladvisers.TheNon-ExecutiveDirectorsarealso
in regular contact with the Executive Directors and other senior executives outside of formal
Board meetings.
All Directors have direct access to senior management should they require additional
information on any of the items to be discussed.
TheBoardandtheAuditCommitteereceiveregularandspecificreportstoallowthe
monitoring of the adequacy and effectiveness of the Group’s systems of internal controls
(described in more detail in the Audit Committee report on page 85).
Appointment and election
EachNon-ExecutiveDirectorisexpectedtodevotesufficienttimetotheGroup’saffairsto
fulfilhisorherduties.Theirletterofappointmentanticipatesthattheywillneedtocommita
minimumoftwodayspermonthtotheGroup,specifyingthatmoretimemayberequired.
ThistimecommitmentwasreviewedandconfirmedasappropriatebytheNomination
Committeeduringtheyear,andeachoftheNon-ExecutiveDirectorshasconfirmedthat
theycontinuetobeabletodevotesufficienttimetodischargetheirdutieseffectivelyasa
Director of the Company.
TheBoardissatisfiedthateachoftheDirectorscontinuestocontributeeffectivelyand
is committed to their role. The Board is therefore pleased to recommend the election of
AsheekaHydeandthere-electionofallotherDirectors,(withtheexceptionofLaurenceKeen
who will stand down from the Board at the AGM) at the Company’s AGM on 29 January 2026.
AlloftheDirectorshaveaserviceagreementoraletterofappointment,withdetailsoftheir
noticeperiodsandunexpiredtermsofofficesetoutonpage108.
AformalprocesstoidentifyanewNon-ExecutiveDirectorwasconductedduringtheyear,
andresultedintheappointmentofAsheekaHydeasanIndependentNon-ExecutiveDirector
with effect from 23 June 2025. A detailed summary of the process is set out in the Nomination
Committee report on page 79.
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Corporate governance report continued
Activity during the year
TheBoardapprovesanannualcalendarofagendaitemstoensurethatallmattersaregivendueconsiderationandarereviewedattheappropriatepointintheregulatoryandfinancial
cycle. The activity of the Board during FY2025 is shown in the table below:
Board agenda for year to 30 September 2025 Oct Dec Jan Mar Apr May Jun Jul Sep
Corporate governance
Directors’conflictsofinterest
Board,DirectorandCommitteeperformanceevaluation
ReviewScheduleofMattersReservedtotheBoard
ESG strategy and updates
Board diversity policy
NED recruitment updates/fees
Board evaluation
Compliance and risk
Reviewing the principal risks and uncertainties affecting the Group
Risk register and risk heat map
Riskdeep-dives
Goingconcernreviewandapprovaloflong-termviabilitystatement
ReviewandapprovalofModernSlaveryandHumanTraffickingStatement
Review of Gender Pay Gap reporting
ReviewofDisclosurePolicy,InsiderList&ShareDealingCode
Group insurances
Cyber security (whole Board training)
Operations, customers and suppliers
Reviewing customer experience measures
Customer research
Pricing
People
Review results of team engagement survey
Team member incentives review
Performance
Approvaloffull-yearresults,theAnnualReportandAccounts,half-yearresults,
theNoticeofAnnualGeneralMeetinganddividends
Budget
Review of dividend policy/dividend proposals/capital allocation
Review of investment returns
Strategy
Digital Transformation
Reviewofmulti-activitycentre(Stoked)
Reviewofprogressonstrategicprojects
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Induction
AllnewDirectorsappointedtotheBoardundertakeatailoredinductionprogramme,thepurposeofwhichistohelpnewDirectorsdevelopasoundunderstandingandawarenessofthe
Group,focusingonitsculture,operationsandgovernancestructure.
A tailored induction programme was provided to Asheeka Hyde during the year and is summarised in the table below:
Strategy and culture Operations and Company events Financial reporting and risk management Board process and corporate governance
CEOmeeting(coveringstrategy,businessplan
and new business)
Centre visits with the UK MD and Regional
SupportManager
CFO meeting (covering Audit Committee
process,internalcontrols,internalauditandrisk
management)
CSCO meeting (covering Investor Relations and
Communications programme and ESG)
CPOmeeting(coveringorganisation,culture
and HR policies)
Support centre town hall meeting HeadofFinancemeeting(coveringnon-audit
services,businessplanning,management
reporting and tax)
Company Secretary meeting (covering Board
procedures,termsofreference,forward
agendas and governance policies)
Board strategy day Company conference Centre visit with Head of Internal Audit MeetingswithCommitteeChairs
Cultural induction CMTO meeting (covering Group supporting
functions,officenetworkstructure,digital
strategy,marketing,dataandanalytics)
MeetingswithlegalandfinancialPR advisers
coveringdirectors’responsibilities,UK Listing
Rules and market reporting requirements
Wheel roadshow
Performance evaluation
Internal facilitated – questionnaires
Detailed questionnaires completed
by all members and regular attendees.
Some questions designed to
gather feedback on the impact and
implementation of recommendations
from the FY2022 evaluation
FY2023
Internally facilitated – Chair led
individual interviews
Qualitative feedback sought on Board
processandeffectiveness,andviewson
progress made against recommendations
from prior year evaluations and suggestions
for further improvement in FY2025
FY2024
Externally facilitated by Boardforms Limited.
Detailed process involving
questionnaires distributed and
completedonBoardformsplatform,
individual interviews with Directors
andBoardattendees,andfeedback
presentations and detailed report/
recommendations
FY2025
Board evaluation cycle FY2023 to FY2025
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Inaccordancewithourestablishedthree-yearevaluationcycle(summarisedinthechart
above),ourFY2025 Board and Committee evaluation process was externally facilitated.
Havingconsideredproposalsfromanumberofpotentialevaluators,weengaged
Boardforms Limited to facilitate the evaluation of the Board and its Committees. Boardforms
Limited’s process (summarised below) included the completion of questionnaires on its
onlineplatform,withquestionsmappedtotheCompany’spreviousinternalevaluationsto
supportareviewofprogressandidentificationofanyissues,andfacetofaceinterviews
betweeneachDirector(andregularBoardmeetingattendee)andDavidHuntley,anexternal
evaluator with extensive experience of such processes and a background of executive and
non-executiverolesincludinginUK listed companies.
The evaluation process is summarised below:
Overall,theBoardandeachofitsCommitteeswerefoundtobeeffectiveandperforming
wellwithnomaterialissuesidentified.TheBoardevaluationreporthighlightedthattheBoard
wasinastrongpositionfromaneffectivenessandgovernanceperspective,withmultiple
strong attributes including:
• A successful conscious rebalancing of Board meeting time towards strategically
focussed debates
• A consistent view of strategic priorities
• Board diversity and positive Board dynamics
• Strong company culture
Areasidentifiedforfutureconsiderationandpotentialimprovement,themajorityof
whichtheBoardanditsCommitteeshadalreadybeguntoaddress,included:increased
attention on Executive succession planning and the development of the executive/senior
managementpipeline;howtheBoardidentifies,quantifiesandreactstoemergingrisksand
riskappetite;andassessingtheopportunitiesforthebusinessthroughartificialintelligence
and more sophisticated data and digital technologies. These areas have been factored
into the Board and Committees’ forward agendas to ensure they remain in focus
where appropriate.
The evaluation of the Chair’s performance in FY2025 was covered by the external evaluation
process (which found Darren to be performing well in his role) and was validated through
discussionsbetweentheNon-ExecutiveDirectorsledbyRachelAddison;SeniorIndependent
Director (SID).
Inlinewiththeapproachestablishedinrecentyears,itisanticipatedthattheFY2026 Board
performance evaluation will be externally facilitated.
Conflicts of interest and external appointments
Thedeclarationofinterestsorpotentialconflictsisastandingagendaitematthestartofall
formalBoardandCommitteemeetings.Potentialconflictsdeclaredarediscussedbythe
Board,andtotheextentitisdeterminedthataconflictofinterestexiststheBoardmay(in
accordancetheArticlesofAssociation)authorisesuchconflictsandimposesuchtermson
theconflictedDirectorasmaybeappropriateinthecircumstances(forexampleprohibiting
theconflictedDirectorfromreceivinginformationortakingpartindecisionmakinginrelation
totheconflict).
During FY2025theBoardassessedpotentialconflictsofinterestdeclaredbyDarren
Shapland in relation to his previous position on the advisory board of the Diversity in Retail
Group(asisterCompanyofWomeninHospitality,Travel&Leisure(WiHTL))describedinthe
Nomination Committee report on page 79,andIvanSchofieldinrelationtohisconnection
(throughasharedcoachingbrand,butnodirectorindirectcommercialbenefit)with
anexecutivecoachwhohadbeenengagedbytheCompany.Inbothcases,theBoard
determinedthatthedeclaredinterests/relationshipsdidnotconstituteconflictsofinterest.
• DiscussionswithChair,CommitteeChairsandCompanySecretarytodesign
and agree questionnaires
• Previous internal questionnaire results loaded into Boardforms platform to
provide comparative scores where relevant
• Evaluation participants briefed on process and interviews arranged
Preparation
• Questionnaires completed by participants and analysed by Board forms
• Directors and regular meeting attendees interviewed by David Huntly
(Boardforms)
Data collection
• ReportscirculatedtoChair,CommitteeChairsandCompanySecretaryforreview
• David Huntley presented Board evaluation report/feedback to Board meeting in
July 2025
• Findings discussed by Board
Feedback
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Corporate governance report continued
InaccordancewiththeBoard-approvedprocedurerelatingtoDirectors’conflictsofinterest,
allDirectorshavethereforeconfirmedthattheydidnothaveanyconflictsofinterestwith
theGroupduringtheyear.Inaccordancewithourestablishedpolicy,andprovision15 of the
Code,BoardapprovalisrequiredbeforeanyDirectortakesonanewexternalappointment.
Whistleblowing Policy
TheGrouphasadoptedproceduresbywhichemployeesmay,inconfidence,raiseconcerns
relatingtopossibleimproprietiesinmattersoffinancialreporting,financialcontrolorany
othermatter.TheWhistleblowingPolicyappliestoallemployeesoftheGroup,whoare
requiredtoconfirmthattheyhavereadthepolicyandareawareofhowtheprocedure
operates as part of an ongoing internal training programme. The Board receives regular
updateswithrespecttothewhistleblowingproceduresduringtheyear,withallincidents
reported to the Board having been addressed under appropriate Group HR policies
and procedures.
Stakeholder engagement
Engagement with the workforce
TheChairandtheNon-ExecutiveDirectorsfrequentlyvisittheGroup’scentres,including
attendingneworrefurbishedcentreopenings,accompaniedbyregionalsupportmanagers
andcentremanagementteams.Atthosecentrevisits,theNon-ExecutiveDirectorstake
theopportunitytoengagedirectlywithteammembersatalllevels,allowingthemto
assess the understanding of the Group’s culture across the business. Our team members
areencouragedtoengageopenlywithallcolleagues,andasaresulttheNon-Executives
areabletoeffectivelygaugetheviewsoftheworkforce.TheNon-ExecutiveDirectorsare
also invited to attend our annual Company conference which provides further opportunity
toengagewithteammembers,andsupportsadeeperunderstandingofhowstrategic
initiatives are cascaded through the business.
How we assess and monitor culture
Thepromotionofapositive,highperformingculture,fosteringdiversityandinclusionis
akeyelementofourstrategicpillar“CreatingOutstandingWorkplaces”.TheBoard’s
assessment and monitoring of culture (summarised below) includes regular updates
on KPIs underpinning the Creating Outstanding Workplaces strategic pillar.
Formal Reporting in FY2025 Other activity
Board • Regular CPO updates on People KPIs and
trends,includingdetailsonparticipation
inCentreManagerinTraining,Assistant
ManagerInTraining,andSeniorLeadership
Development Programmes
• Detailedreviewofbi-annualemployee
engagement surveys and action plans
• Monitoringandreviewofwhistleblowing
policy and incidents
• CEO/UK MD updates from Dynamic ops
sessions
• Bi-annualfeedbackfromDE&I focus groups
• Risk deep dive on management retention
• Annual Board evaluation including
questions to assess views on culture across
theGroup,andhowitisevidencedbythe
Board
• NED site visits
• Attendance at annual
Company conference
• Other direct
engagement with
team members
Remuneration
Committee
• Review and monitoring of workforce
remuneration proposals
• Ensuring alignment of Executive team
bonus measures with workforce incentive
arrangements
• Monitoringpayoutlevelsacrosscentre
management bonus scheme
Corporate
Responsibility
Committee
• Monitoringofprogressagainstspecific
“Outstanding Workplaces KPIs”
• Review of output from DE&I monitoring
survey and DE&I focus groups
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Corporate governance report continued
The Board recognises its critical role and responsibility in ensuring that the culture of the
business is promoted and embedded at all levels. This includes setting the correct tone from
the top and demonstrating the desired culture in interactions between Directors (at Board
and Committee meetings) and in our engagement with team members and customers. The
BoardconsidersthattheExecutiveandNon-ExecutiveDirectorscontinuetoactwithintegrity
andconductthemselvesinamannerthatisalignedwithandpromotesourculture,withthis
view supported by feedback from the FY2025 Board evaluation process.
The Board has assessed the various methods by which the Directors engage with the
wider workforce and continues to be of the view that the combination of the methods
describedaboveensuresthattheBoardisappropriatelyinformedabout,andunderstands,
workforce views. The Board therefore believes that this approach appropriately addresses
the requirement to engage with the workforce under provision 5 of the Code and does not
currently intend to adopt one of the three workforce engagement methods suggested
inthatprovision.TheBoardwill,ofcourse,continuetokeepitsstakeholderengagement
mechanisms under review.
Relations with shareholders
Aspartofitsongoinginvestorrelationsprogramme,theGroupaimstomaintainanactive
dialoguewithitsshareholders,includinginstitutionalinvestors,todiscussissuesrelatingto
the performance of the Group. Communicating and engaging with investors means the
Board can express clearly its strategy and performance and receive regular feedback from
investors. It also gives the Board the opportunity to respond to questions and suggestions.
Our engagement with investors is primarily through the CEO and CFO who conduct investor
andanalystpresentationsfollowingtheannouncementofourfull-yearandinterimresults
announcements.
During FY2025,DarrenShaplandofferedmeetingsto,andmetwith,manyoftheGroup’s
majorshareholders.Theintentionofthemeetingswastointroducehimselfasthenew
Chair of the Board and to provide an opportunity for shareholders to communicate their
feedbackandareasoffocuswithrespecttotheCompany,itsperformanceandgovernance.
Feedback from the meetings was summarised and presented to the Board for discussion at
itsmeetinginMarch2025.
TheNon-ExecutiveDirectorsarealsoavailabletodiscussanymattershareholdersmight
wishtoraiseandtoattendmeetingswithinvestorsandanalysts,asrequired.Investor
relations activity is a standing item on the Board’s agenda and ensuring a satisfactory
dialoguewithshareholders,andreceivingreportsontheviewsofshareholders,isamatter
reserved to the Board.
The Company’s AGM will be held on Thursday 29 January 2026attheofficesofBerenberg
Bank,60ThreadneedleStreet,London,EC2R 8HP. Electronic proxy voting will be available to
shareholders through both our registrar’s website and the CREST service. Voting at the AGM
will be conducted by way of a poll and the results will be announced through the Regulatory
News Service and made available on the Group’s website.
MoreinformationonAGM arrangements is included in the AGM Notice which will be
distributed to shareholders and made available on the Group’s website.
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Report of the Nomination Committee
Role and responsibilities
TheroleoftheNominationCommitteeissetoutinitstermsofreference,whicharereviewed
annually and are available on the Group’s website. The Committee’s primary purpose
istodevelopandmaintainaformal,rigorousandtransparentprocedureforidentifying
appropriatecandidatesforBoardappointmentsandreappointments,andtomake
recommendations to the Board.
Activity during the year
TheNominationCommitteenormallymeetsatleastthreetimesperyearandmetfive
times during FY2025withtheadditionalmeetingsheldinconnectionwiththeNon-Executive
Director recruitment process. The Committee has met once since the year end.
Committee meetings have focused on the matters set out in the table below:
Nomination Committee
Chair
– Darren Shapland
Committee members
– Rachel Addison
– Asheeka Hyde
– Julia Porter
–IvanSchofield
5 x meetings held in the year
Darren Shapland
Nomination Committee Chair
Read full biography on page 67
Specific duties of the Committee include:
• ReviewingannuallythetimecommitmentrequiredofNon-ExecutiveDirectors.
• Regularlyreviewingthestructure,sizeandcomposition(includingtheskills,
knowledge,experienceanddiversity)oftheBoardandmakingrecommendationsto
the Board with regard to any changes.
• Keepingunderreviewtheleadershipneedsoftheorganisation,bothExecutiveand
Non-Executive,withaviewtoensuringthecontinuedabilityoftheorganisationto
compete effectively in the marketplace.
The Nomination Committee is also responsible for keeping Board succession plans under
review,monitoringcompliancewiththeCompany’sBoardDiversityPolicy,andmaking
recommendations on the composition of the Board Committees.
Activities of the Committee during the year to 30 September 2025
Board succession
planning
• ReviewofNon-Executivesuccessionplanningmatrix
• IdentifiedneedtostartprocesstorecruitadditionalNon-ExecutiveDirector
• Reviewed Executive and senior management succession plans
Board
appointments
• OversawsearchprocessfornewNon-ExecutiveDirector
(described in detail below)
• Recommended the appointment of Asheeka Hyde
Diversity Policy • ReviewedBoardDiversitypolicy,andagreedtoreflectinawiderGrouppolicy
going forwards
• ReviewedBoarddiversity,andapproachtodiversityinsuccessionplanning
Board and
Committee
composition
• Review of composition of the Board
• ReviewofNon-ExecutiveDirectors’independence
• Reviewoftimecommitmentrequirements,includingeachDirector’s
external interests
• Developed and reviewed Board skills matrix to support future succession
planning (and training requirements)
Performance
evaluation
• Review of results from Committee performance evaluation and discussion
on related actions
• Review of the Committee’s terms of reference
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Report of the Nomination Committee continued
Succession planning
OurcycleofNon-ExecutiveDirectorsuccessionhascontinuedduringtheyearin
accordance with our succession planning matrix. The matrix was established as a tool to
supportconsiderationofthetimingforfutureappointments,andtoidentifykeysearch
criteria(includingskills,experienceanddiversity),andisreviewedateachmeetingof
the Committee.
OuragreedNon-ExecutiveDirectorsuccessionplanisdesignedtoensureamanaged
approachtothetimingofNon-ExecutiveDirectorchangesgivenourinitialcohortwereall
appointed at the same time (in connection with the Company’s IPO). It is also designed
ontheassumptionthatnoNon-ExecutiveDirectorwillserveontheBoardforlongerthan
nineyears,butretainsflexibilitysuchthattenurebeyondnineyearsmaybeaccepted
ifconsideredtobeinthebestinterestsoftheCompanyatthetime,andtheoverall
independence of the Board is not compromised.
Throughthisreviewprocess,andgiventheincreasingrolethatdataanalyticsand
technologyplaysinourbusiness,theCommitteerecommendedtotheBoardthatitwould
beappropriatetoincreasethesizeoftheBoardbyrecruitinganadditionalNon-Executive
Directorwithexperienceindata,analyticsandAI. The Committee led the search process
whichultimatelyledtotheappointmentofAsheekaHydeasaNon-ExecutiveDirectorin
June 2025. The search and appointment process is summarised in the table below:
Step Key considerations/decisions
Develop role/
candidate profile
TheCommitteedevelopedadetailedcandidateprofilebasedonanagreedlist
of key/desirable skills and attributes including:
• Senior executive experience and a proven track record of success in
businesses of relevant scale.
• Preferably a background in businesses that have seen long term estate
expansion in multiple geographies.
• Experience in the use of data and technology in a consumer facing business.
• Current or recent proven digital transformation experience.
• Interpersonalskills,empathyandhighemotionalintelligencenecessaryto
foster positive relationships with Board colleagues.
• Personal presence and strong communication skills to achieve rapid
credibility in the role.
• Recognising the Parker Review recommendations and UK Listing Rule comply
orexplainrequirementsinrelationtoethnicdiversity,theCommitteeagreed
theneedtoprioritisemeetingcandidatesfromanon-whiteethnicminority
background.
Step Key considerations/decisions
Identify and
engage external
search agency/
service
• Ensuringaccesstoadiversepoolofappropriatelyexperiencedcandidates,
beyond established networks.
• TheCommitteeagreedtoengageTeaColaianni,FounderandChairof
Women in Hospitality Travel & Leisure (WiHTL) to support the search process
1
.
Althoughnotatraditionalsearchfirm,theCommitteedecidedthatWiHTLwas
best placed to lead the search given:
• Itsworkinsupportingcompaniesacrossthehospitality,travel,leisureand
retail sectors to create diverse and inclusive environments;
• Its various programmes to support the development of diverse leadership
pipelines; and
• Its extensive connections and network within the Company’s industry
sector.
Shortlisting
candidates
• WiHTLdevelopedalonglistofcandidatesmatchingtherole/candidateprofile.
• The CEO,COP and Ireviewedthelonglistandshortlistedfivecandidates.
• A summary of shortlisted candidates was discussed with Nomination
Committee members.
Interviews • With the CPO,Ireviewedandinterviewedthefiveshortlistedcandidates,
identifying a reduced shortlist of three candidates to be put forward for
second interviews with the CEO and CFO.
• Secondinterviewswereconducted,withdetailedfeedbackprovided.
• AsheekaHydewasidentifiedasthepreferredcandidate,andmeetingswere
arrangedbetweenherandeachoftheexistingNon-ExecutiveDirectors.
Recommendation
and appointment
• The members of the Nomination Committee unanimously agreed to
recommend to the Board that Asheeka be appointed.
• TheBoardformallyapprovedAsheeka’sappointmentasaNon-Executive
DirectorandamemberoftheAudit,NominationandCorporateResponsibility
Committees,witheffectfrom23 June 2025.
1 DarrenShaplanddeclaredapotentialconflictofinterestinrelationtothepotentialengagementofWiHTLgiven
hispreviousroleonWiHTL’sadvisoryboard,andongoingroleasaDirectorofitsemployeeownershiptrust.
Although given the nature of Darren’s relationship with WiHTL the Board determined that there was no direct
conflictofinterest,DarrenwasnotinvolvedinthedecisiontoengageWiHTLorthecommercialnegotiationsasto
the terms of its engagement.
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Report of the Nomination Committee continued
WehavealsocontinuedtoreviewExecutiveandseniormanagementsuccessionplans,
with the aim of ensuring that the Group’s future leadership will have the qualities necessary
tosupportthedeliveryofourstrategicobjectives.Duringtheyear,theExecutiveTeam
presenteditsdetailedsuccessionplanningmatrixtotheCommittee,identifyingpotential
internalsuccessors,andgapsinskillsandexperiencewhichmayneedtobeaddressed
through development programmes or external recruitment. The CEOalsopresentedplans,
supportedbytheCommittee,forarestructuredseniorleadershipteamtobettersupportthe
Company’s UK and international growth ambitions.
Inpartinsupportofthesuccessionplan,potentialexecutivesuccessorsaregiven
opportunities to meet and present to the Board on their areas of expertise as part
oftheBoard’sscheduleofregularupdatesandriskdeepdives,andthishascontinued
during FY2025.
Diversity
TheCommitteeisresponsibleformaintaining,andmonitoringcompliancewith,theBoard
Diversity Policy. Since the FY2025year-end,andfollowingourannualreviewofthepolicy,
the Committee and Board have agreed minor amendments to the Board policy and that
going forward this will be incorporated as part of a wider Group diversity policy which was
approved in December 2025.
OurBoardDiversityPolicyrecognisesthebenefitsofgreaterdiversity,andsetsoutthe
Board’scommitmenttoensuringthattheCompany’sDirectorsbringawiderangeofskills,
knowledge,experience,backgroundsandperspectivestotheirrole.TheDiversityPolicy
doesnotcontainanyspecificdiversityobjectivesrelatingtothecompositionoftheBoard’s
CommitteesbutgiventhediversityofourNon-ExecutiveDirectorswearesatisfiedthatthe
broaderBoardobjectivesarereflectedinthecompositionoftheCommittees.
InadditiontoarequirementthatatleasttwomembersoftheBoardarefemale,theDiversity
Policy also sets out our continuing aim to achieve no less than 40% female representation
on the Board (currently 50% of our Board members being women) and to have at least one
Directorbeingfromanon-whiteethnicminoritybackground.Thepolicyrecognisesthat
periods of change in Board composition may result in periods when the desired balance
isnotmet.ProgressagainstobjectivessetoutundertheDiversityPolicyduringtheyearis
summarisedintheadjacenttable.
Objective/responsibility Progress/activity in FY2025
Maintainabalancesuchthat:
• At least two members of the Board are
female,withacontinuingaspirationto
achieve no less than 40% of women on
the Board.
• Intheshorttomediumterm,atleastone
Directortobefromanon-whiteethnic
minority background.
There have been at least two female members of the
Board throughout FY2025(threeupto,andfoursince,
June 2025).
The percentage of women on the Board during the year
was as follows:
1 October to 1 December 2024: 43%
1 December 2024 to 30 January 2025: 37.5%
1
30 January 2025 to 23 June 2025: 43%
23 June 2025 to 30 September 2025: 50%
TheobjectivefortheretobeatleastoneDirectorfroma
non-whiteethnicminoritybackgroundontheBoardhas
been met since 23 June 2025.
Boththegenderandethnicdiversityobjectiveswere
considered as part of the recruitment process for
Asheeka Hyde and will continue to form an important
consideration in our NED succession planning.
Intherecruitmentprocess,encourage
diversity in the candidates by:
• Onlyengagingexecutivesearchfirmsthat
are signatories to the Executive Search
Firms’ Voluntary Code of Conduct.
• Ensuringthatthesearchfirmengaged
is briefed to include an appropriate
emphasis on diversity considerations.
• Aimfornon-executiveshortliststoinclude
at least 50 per cent female candidates.
• Consider candidates who may not have
previous board experience in executive
andnon-executivedirectorshipleadership
roles.
Although WiHTL is not a signatory to the voluntary code
ofconduct,asnotedtheCommitteefeltitspurposeand
activity in promoting diversity and diverse pipelines of
senior leadership talent meant it was best placed to lead
the search in this instance.
WiHTL’sbriefingincludedappropriateemphasison
diversity consideration.
The shortlist of candidates comprised four female
andonemale,withtheprioritytoidentifycandidates
from the long list with the most appropriate skills and
experience for the role.
We considered candidates who did not have previous
boardexperience,includingAsheekaHydewhowas
ultimately appointed.
Reviewregularlythestructure,size,and
composition of the Board (including the
balanceofskills,knowledge,andexperience),
takingintoaccountthisPolicy,andmake
recommendations to the Board for any
changes.
This is an annually recurring item on the Committee’s
agenda and was reviewed by the Committee at a
meeting in September 2025.
TheCommitteeiscomfortablethatthecurrentsizeof
the Board is appropriate.
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Objective/responsibility Progress/activity in FY2025
When considering Board succession
planning,haveregardtotheBoard
Diversity Policy.
The NED succession planning matrix highlights current
diversity statistics on the Board and will continue to
be considered against the Board Diversity Policy. The
need to promote diversity in Board appointments
is considered in all of the Committee’s succession
planning discussions.
Review the Board Diversity Policy
annually,assessingitseffectivenessand
recommending any changes to the Board.
Thepolicyisreviewedannually,andwasreviewedby
the Committee in September and December 2025 with
the amendments described above duly approved.
1 During the handover period when Darren Shapland had been appointed as NED and Chair Designate and prior
toPeterBoddysteppingdownatthe2025AGM.
Our compliance with the diversity targets set out in UK Listing Rule 6.6.6(9) as at
30 September 2025 was as follows:
Target Complied Explanation
At least 40% of the Board are women. 50% of the Board are women
asatyear-end.
At least one of the senior board positions
(Chair,CEO,SeniorIndependentDirectororCFO)
is held by a woman.
Rachel Addison is SID.
At least one member of the Board is from a
minorityethnicbackground(definedbyreference
tocategoriesrecommendedbytheOfficefor
National Statistics and excluding those from
a white ethnic background).
Asheeka Hyde is from a minority
ethnic background.
As required under UK Listing Rule 6.6.6(10),thebreakdownofthegenderidentityandethnic
background of the Company’s Directors and executive management (the Executive
Committee) as at 30 September 2025 is set out in the tables below. Each Director and
Executive Committee member was asked to complete a survey in order to compile this
data. Any new appointees to the Board or Executive Committee in the future will be asked to
provide this information.
Gender identity:
Number of
Board members
Percentage
of the Board
Number of
senior positions
on the Board*
Number in
executive
management
Percentage
of executive
management
Men 4 50% 3 4 80%
Women 4 50% 1 1 20%
Notspecified/prefer
not to say — — — — —
Ethnic background:
Number of
Board members
Percentage
of the Board
Number of
senior positions
on the Board*
Number in
executive
management
Percentage
of executive
management
White British or
other white 7 87.5% 4 5 100%
Mixed/multiple
ethnic groups — — — — —
Asian/Asian British 1 12.5% — — —
Black/African/
Caribbean/Black
British — — — — —
Other ethnic group — — — — —
Notspecified/
prefer not to say — — — — —
* IncludesCEO,CFO,ChairandSID.
The table above shows the gender and ethnic diversity of our Executive Committee. The
gender split of the Executive Committee and its direct reports as at 30 September 2025 is
64%male,36% female. Overall gender diversity across the business is good with 52% of the
totalteammemberpopulationbeingfemale,andtheCommitteeandtheExecutiveteam
recognising the need to support the development of women into senior management
roles. During FY2025,atotalofonefemaleprogressedthroughourCMITprogramme,and
fourthroughourSeniorLeadersDevelopmentprogramme,representing33% and 33%
respectively of total participants.
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Board Skills and Experience
The Committee regularly reviews the Board skills and experience matrix which was
developed during FY2025andisinformedbyaformalself-assessment(byeachofthe
Directors) of their skills and experience. The matrix is used to support Board succession
planning and to identify potential whole Board training topics.
All Directors and Executive Committee members who regularly attend Board meetings
wereaskedtocompletetheself-assessmentduringtheyear,withtheskillcategoriesand
industry sectors having agreed as being those which are key areas to support the continued
performance and strategic growth of the business over the medium to long term.
Average scores for the whole Board and Executive Committee members are set out in
thechartsbelow.Pleasingly,theaveragescoreforallcategoriesishigherthan2 (good
knowledge) and there is at least one Director with expert knowledge in each skill or industry
experience area.
Whole Board
1
– skills and experience
Whole Board
1
– industry sector experience
Scale:
0=noknowledge 1=limitedknowledge 2=goodknowledge, 3=excellentknowledge 4=expertknowledge 1 Includes Executive Committee members who routinely attend and present at Board meetings
Scale:
0=noknowledge 1=limitedknowledge 2=goodknowledge, 3=excellentknowledge 4=expertknowledge.
Number of Directors with “excellent” or “expert” knowledge/experience
Leadership 10 Technology and innovation 5
Strategy 10 Transactions and M&A 6
Financial 7 Property/estate management and expansion 5
Multi-siteleisureoperations 7 Governance and compliance 5
Risk management 8 Cybersecurity 3
Customerexperience,CRM and data 6 Environmental 1
Human capital management 7 Capital markets 3
International experience 6
Number of Directors with “excellent” or “expert” knowledge/experience
Employee engagement 9 Investor relations 5
UK hospitality and leisure 6 Digital marketing 4
Listed company/UK capital markets 6 International hospitality & leisure 4
CRM & data 5
Leadership 3.8
Employee engagement 3.4
Risk management 3.0
Investor relations 2.5
Technology and innovation 2.7
Financial 3.1
Listed company/UK capital markets 2.6
Human capital management 2.9
Property management and expansion 2.5
Environmental 2.1
Strategy 3.5
UK hospitality and leisure 3.0
Customer experience, CRM and data 2.9
Digital marketing 2.5
International hospitality and leisure 2.2
Transactions and M&A 2.7
Cybersecurity 2.1
Multi-site leisure operations 3.0
CRM and data 2.6
International experience 2.7
Governance & compliance 2.4
Capital markets 2.0
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Annual Review of Board and Committee composition
Inaccordancewithitstermsofreference,theCommitteereviewsannuallythecomposition
oftheBoardanditsCommittees,andtheindependenceoftheNon-ExecutiveDirectors.The
review was conducted in September 2025,andthereforetookaccountofAsheekaHyde’s
recentappointmenttotheBoardandeachoftheCommittees.TheCommitteeissatisfied
thateachoftheNon-ExecutiveDirectorscontinuestobeindependentinthoughtand
judgement,andwhenassessedagainstthecircumstanceslikelytoimpairindependence
set out in provision 10 of the Code. Taking account of the continued independence of the
Non-ExecutiveDirectors,theCommitteeisalsosatisfiedthatthecompositionoftheBoard
anditsCommitteesremainsappropriatehavingconsideredtheobjectivesoftheBoard
DiversityPolicyandthebalanceofskills,experienceanddiversityofthoughtrequired
for those bodies to operate effectively. All of these factors will of course continue to be
considered through our succession planning and Board recruitment processes.
Annual evaluation
The Committee’s performance was evaluated as part of the externally facilitated Board and
Committee performance review process operated during the year and described in detail
on page 75. The report on the Committee’s performance was considered at the Committee’s
meeting in September 2025,andoverallfoundtheCommitteetobeoperatingeffectively.
The report highlighted areas for continued focus (including Executive Director succession
plansandleadershipdiversity),allofwhichwerealreadyontheCommittee’sagendabut
will remain as key topics for discussion going forwards.
CFO succession
Followingtheyear-endwehaveannouncedtheappointmentofAntonySmithasCFO
with effect from 2 February 2026,replacingLaurenceKeenwhowillmovetotheroleofCEO
of Canada. The Committee oversaw a thorough selection process leading to Antony’s
appointment which will be described in more detail in our FY2026 Annual Report.
Darren Shapland
Chair of the Nomination Committee
15 December 2025
Report of the Nomination Committee continued
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Report of the Audit Committee
Dear shareholders,
OnbehalfoftheBoard,I am pleased to present the Audit Committee report for the year
ended 30 September 2025.
The business has again performed well in FY2025,withcontinuedexpansionand
improvement of our estates in both the UKandCanada,thesuccessfulrolloutofour
proprietarybookingsystem,andcontinuedintegrationoftheCanadianbusiness.
Ourkeyroleisinmonitoringtheintegrityofannualandhalf-yearfinancialstatements,
andensuringthatappropriateconsiderationisgiventokeyaccountingjudgementsand
estimates. Following shareholder feedback on our FY2024results,theCommitteehas
reviewed the treatment of impairment costs in the calculation of alternative performance
measures during the year and has agreed the proposal to treat impairment costs or income
asanadjustingitem(seepage23formoreinformation).Thistreatment,whichisaligned
withtheapproachadoptedbyotherlistedcompanies,willbetteralignthereportedfinancial
results with shareholder expectations and provide a clearer picture of the Company’s
underlying performance.
We have also reviewed and approved changes to our accounting policy in relation to the
impairmenttestingapproachfornewcentresandcentressubjecttotransformational
investments. As the Group has expanded into new territories and competition in the UK
markethasincreased,wehaveagreedthatitisappropriatetoextendthematurityperiod
post opening or refurbishment before an impairment review is required as undertaking a
reviewatanearlierpointinthematurityprofilecouldresultinanincorrectconclusionand
recognition of an impairment loss that would subsequently be reversed. The change does
not remove the need to perform an impairment review if there is an indication that an asset
hasbeenimpaired.Moredetailonouraccountingpolicyforimpairmentissetoutinnote2
on pages 127 and 128.
The Audit Committee also takes responsibility for assessing consistency between the
narrativestatementsinourfinancialreporting,andthefinancialstatementsthemselves,and
inthatcontextensuringthatourfinancialreportsarefair,balancedandunderstandable.
Asnotedinthefollowingreport,theCommitteehasreviewedtheFY2025 Annual Report and
recommendedtotheBoardthatitisfair,balancedandunderstandable.
We have reviewed the effectiveness of the FY2024 external audit process (also described
in more detail below) and assessed KPMG’s continuing independence. The Committee
continues to be comfortable that KPMG is independent and that the audit service provided
is effective. We are required to conduct a formal external audit tender prior to our FY2026
financialyear-end,andtheCommitteehasthereforeagreedthatatenderprocesswillbe
conductedinthefirstquarterof2026. As the process will not be completed before our 2026
AGM,inlinewiththeCompaniesAct2006 requirement that external auditors be appointed at
each general meeting at which accounts are laid we have recommended to the Board that
a resolution to reappoint KPMG as our external auditor be proposed at our 2026 AGM. KPMG is
eligible to participate in the audit tender process.
Rachel Addison
Audit Committee Chair
Read full biography on page 68
Specific duties of the Committee include:
• Monitoringtheintegrityoftheannualandinterimfinancialstatements.
• Keepingunderreviewtheinternalfinancialcontrolsystems.
• Overseeing the relationship with the internal and external audit functions.
TheAuditCommittee’sdutiesandresponsibilitiesaresetoutinfullinitstermsofreference,
which are available on the Company’s website. The terms of reference were reviewed during
theyear,withminorchangesapprovedbytheCommitteeandBoard.
Audit Committee
Chair
– Rachel Addison
Committee members
– Asheeka Hyde
– Julia Porter
–IvanSchofield
4 x meetings held in the year
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Report of the Audit Committee continued
The Committee continues to monitor our internal control framework through regular reviews
ofthedocumentedinternalcontrolsmatrix(maintainedbymanagement),six-monthly
updatesfromourInternalAuditfunction,andthroughtheprogrammeofdeepdivesintokey
risk areas which are presented by risk owners to the Board and include analysis of controls
andmitigationsinplace.TheCommitteeissatisfiedthatithasgainedsufficientassurance
through those updates that the framework of internal controls and risk management
systems continue to operate effectively. During FY2025,theCommitteehasalsoworked
withmanagementtoplantheprocessbywhichtheBoardwillidentify,monitorand
assess the effectiveness of material controls in accordance with provision 29 of the
2024 UKCorporateGovernanceCodewhichwillapplytotheGroupforthefinancialyear
commencing 1 October 2026.
The Committee’s performance was assessed as part of the externally facilitated Board
and Committee evaluation process conducted during the year and described in detail
on page 75. The report on the Committee’s performance was considered at the meeting
in September 2025,andI’m pleased to report that it found the Committee to be
operating effectively.
Meetings and attendees
TheCommittee’stermsofreferenceprovidethatitshouldmeetatleastthreetimesperyear,
and the Committee met on four occasions during FY2025. The names of the attendees of the
Audit Committee meetings are set out in the table on page 72.
Theexternalauditorhastherighttoattendmeetings,andtheChairoftheBoard,Chief
ExecutiveOfficer,ChiefFinancialOfficerandHeadofFinancetypicallyattendbyinvitation.
Outsideoftheformalregularmeetingprogramme,theAuditCommitteeChairmaintains
adialoguewithkeyindividualsinvolvedintheGroup’sgovernance,includingtheChair,
ChiefExecutiveOfficer,ChiefFinancialOfficerandexternalauditleadpartner.
TheCommitteehascomprisedwhollyofindependentDirectorsthroughouttheyear,andthe
BoardhasconfirmedthatitissatisfiedthatIhaverecentandrelevantfinancialexperience
asrecommendedundertheCodebyvirtueofmyqualificationasaCharteredAccountant,
myexecutivebackgroundinfinanceroles,andmyexperienceasanauditcommittee
chairinothernon-executivepositions.As all members of the Committee have experience
asDirectorsorseniorexecutivesinothercompaniesinconsumerfacingbusinesses,the
BoardisalsosatisfiedthattheAuditCommitteeasawholecontinuestohavecompetence
relevant to the sector in which the Group operates.
Activity during the year
The Committee’s activity in FY2025 included the topics set out below:
Activities of the Committee during the year to 30 September 2025 Dec Mar May Sept
Financial statements and reports
ReviewandrecommendationtotheBoardoffull-year
results,theAnnualReportandAccountsandhalf-year
results
Going concern assessment
Fair,balancedandunderstandableassessment
Reviewofsignificantaccountingpolicies
Risk register review
External audit
Externalauditplan,engagement,fees
External auditor reports to the Committee
(includingfull-yearreports)
Assessment of external auditor effectiveness
Independenceconfirmationandreviewof
non-auditservices,spendandpolicy
Internal controls
Annual review of internal audit function requirement
Review of risk management and internal controls
Internal audit reports
Assessment of internal audit effectiveness
Preparationformaterialcontrolsidentificationand
assessment under new UK Corporate Governance
Code Provision 29
Other
Review of results from Committee performance
evaluation and discussion of related actions
Procedures for the prevention of fraud (review)
Tax Policy review and recommendation to the Board
Review of the Committee’s terms of reference
The key areas of focus of the Committee are discussed in more detail in the rest of
this report.
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Report
Governance
Report
Financial
Statements
Report of the Audit Committee continued
Key issues considered in relation to the financial statements
Keyissuesandaccountingjudgementsareidentifiedbythefinanceteamandtheexternal
audit process and are reviewed by the Audit Committee. The key issues considered by the
Committee in respect of the year ended 30 September 2025 are set out in the table below:
Key issues and judgements How the issues were addressed
Valuationofproperty,
plant and equipment
andright-of-useassetsrelating
tothemini-golfandcombined
use centres.
The Committee reviewed and challenged the calculations and
assumptions (including revenue growth and discount rates applied)
underlying the tests to identify potential impairment of PPE and
ROU assets at the Group’s cash generating units (CGUs),andthe
application of the new accounting policy for the impairment testing
approach for new and refurbished centres and the allocation of
central costs to CGUs. The Committee agreed with management’s
judgementinestimatingtherecoverableamountofPPE and ROU
assets,andthattheimpairmentchargerecognisedof£2.3m (£1.1m
for PPE and £1.2m for ROU assets) was appropriate.
Fair, balanced and understandable review
AttherequestoftheBoard,theCommitteehasconsideredwhether,initsopinion,the
FY2025AnnualReportandFinancialStatementsarefair,balancedandunderstandable,and
whether they provide the information necessary for shareholders to assess the Company’s
positionandperformance,businessmodelandstrategy.
Informingitsopinion,theCommitteeconsideredwhethertheAnnualReportpresentsthe
full story of performance in the year and whether the narrative reporting in the Strategic
Reportisconsistentwiththefinancialperformanceofthebusinessassetoutinthefinancial
statements. We also assessed whether statutory measures were given due prominence in
linewithAlternativePerformanceMeasuresused,thealignmentofsignificantaccounting
issueswiththekeyauditrisksidentifiedbyKPMG,andoverallwhetherthelayoutandflowof
the Annual Report was logical and understandable to readers.
Followingourreview,theCommitteewasunanimousinitsopinionthatitwasappropriateto
recommend to the Board that the FY2025AnnualReportandFinancialStatementsarefair,
balanced and understandable.
Risk management and internal controls
The Board has overall responsibility for setting the Group’s risk appetite and ensuring that
thereisaneffectiveriskmanagementframeworktomaintainappropriatelevelsofrisk,
andhasdelegatedresponsibilityforreviewoftheriskmanagementmethodology,andthe
effectivenessofinternalcontrols,totheAuditCommittee.
TheGroup’ssystemofinternalcontrolscomprisesentity-wide,high-levelcontrols,controls
overbusinessprocessesandcentre-levelcontrols.Policiesandprocedures,includingclearly
definedlevelsofdelegatedauthority,anddetailedoperationalcontrolmanuals,havebeen
communicated throughout the Group. Internal controls have been implemented in respect
ofthekeyoperationalandfinancialprocessesofthebusiness.Thefinancialcontrolpolicies
aredesignedtoensuretheaccuracyandreliabilityoffinancialreportingandgovernthe
preparationofthefinancialstatements.TheBoardisultimatelyresponsiblefortheGroup’s
system of internal controls and risk management and discharges its duties in this area by:
• holding regular Board meetings to consider the matters reserved for its consideration;
• receiving regular management reports which provide an assessment of key risks and
controls,includingthroughourannualscheduleofdeepdivepresentationsonkeyrisks
facing the Group;
• annualBoardreviewsofstrategy,andregular(atleastbi-annual)reviewsofthematerial
risks and uncertainties (including emerging risks) facing the business;
• ensuringthereisaclearorganisationalstructurewithdefinedresponsibilitiesandlevels
of authority;
• ensuring there are documented policies and procedures in place to address risk areas;
and
• reviewingregularreportscontainingdetailedinformationregardingfinancial
performance,rollingforecasts,andfinancialandnon-financialKPIs.
OurprogrammeofspecificriskdeepdivepresentationstotheBoardcontinuedinFY2025,
focussed on the principal risks and uncertainties facing the Group. Deep dives in FY2025
covereddataprotectionandsecurity,foodsafety(includingallergencontrols),targetedIT
threatrisksandcybersecurity,theexpansionrisklinkedtonewcentreopenings,competition
riskfromotherbowlingandexperientialleisureoperators,managementretention,
concentration risk relating to amusement suppliers and the wider economic environment.
The programme of deep dives is agreed and designed to provide a more engaging forum
forthediscussionofrisks(includingriskappetite)andassociatedcontrols,andtoassist
inprovidingBoardmemberswithabroaderunderstandingofhowtherisksareidentified
andassessedbymanagement,andhowmitigationsandcontrolsareimplementedand
their effectiveness tested. The approach continues to be effective in promoting focused
discussion and debate around the risks and associated controls and will be continued
in FY2026.
The process by which the Audit Committee has monitored and reviewed the effectiveness
of the system of internal controls and risk management during the year has included:
• regular review of the detailed internal controls matrix which addresses and tracks
actionsagainstitemssuchascontroldeficienciesidentifiedbyKPMG,andchallenging
management on the application of controls to gain assurance on their effectiveness;
• receiving updates from the Group’s Internal Audit function on reviews of key operational
processes and controls;
• conducting an annual review of the Group’s control systems and their effectiveness;
• reviewing the Group’s procedures and controls for the prevention of fraud; and
• reporting and updating the Board on the risk and control culture within the Group.
TheCommitteeissatisfiedthattheGroup’sframeworkofinternalcontrolsystemshas
continued to operate effectively throughout FY2025.
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Financial
Statements
Report of the Audit Committee continued
UK Corporate Governance Code Provision 29
The enhanced material controls monitoring and assessment requirements under provision
29 of the 2024 UK Corporate Governance Code do not apply to the Company until our FY2027
financialyear.DuringFY2025 we have commenced preparation for the process by which
materialcontrolswillbeidentifiedandtheireffectivenessassessed.TheCommitteehas
receivedaspecificbriefingonthenewprovision29 requirements and suggested approach
to adopting it and reviewed and agreed managements proposed process and timetable
which includes the aim to be in a position to conduct a dry run assessment of material
controls effectiveness around the FY2026year-end.
Internal audit
The Group’s Internal Audit function is focussed primarily on testing the application of
operational controls in our UKandCanadiancentres,aswellasothercentraloperational
processesincludingsupplieron-boarding,employeeexpenses,customerrefundsand
anyotherareasthattheAuditCommitteeorManagementindicateshouldbereviewed
(informed by the internal controls matrix).
The centre audit programme involves the Internal Audit function regularly testing the
detailed processes and controls required to be applied by centre teams. These included
cash controls (e.g. cash security and amusement collections and employee sales and
corrections),stockcontrolandsecurity,licensingandlegalrequirements,health&safety,
andoperatingstandards.Centreauditfindingsarepresentedtotherelevantcentre
manager,RegionalSupportManagerandChiefFinancialOfficerforreview,withan
emphasis on providing support to centre management and team members to meet
the required standards.
The Internal Audit function also conducts a programme of regular in centre food and drink
auditswhichcovercategoriessuchasallergencontrols,productstorage,cleaningand
maintenance and temperature control. The food and drink audits are scored in a similar
way to the centre audits and ensure that appropriate focus is maintained on food
safety standards.
Minimumcentreauditandfoodanddrinkauditstandardsarerequiredtobemetforcentre
teams to earn management bonuses. Detailed summaries of centre performance against
the required standards are presented to the Audit Committee by a member of the Internal
Auditteamtwiceperyear,withtrendanalysisatacategoryandtopandbottomperforming
auditquestionleveltosupportchallengearoundareasrequiringspecificattention
or improvement.
The centre audit approach was implemented in the Canadian business during FY2025,
mirroring the process and standards applied in the UKbutwithadaptationstoreflectlocal
nuances in operations. An adapted version of the UK food and drink audit will be rolled out
in the Canadian business during FY2026. Internal audit resource has been strengthened
in Canada during FY2025,includingtheappointmentofaComplianceManager.The
Committee has conducted its annual review and assessment of the internal audit function
and has concluded that it continues to operate effectively and provides appropriate
assurance over key areas of business risk. Aspartoftheassessment,theCommitteealso
considered the other methods by which it receives assurance on the effectiveness of risk
managementandinternalcontrols.TheCommitteeremainssatisfiedthatitreceives
appropriateassurancethroughacombinationoftheInternalAuditfunction’sactivities,
and its own review and challenge of the internal control and risk management systems.
Audit Quality Review (AQR)
KPMG’sauditforthefinancialyearended30 September 2024 was selected for inspection
by the Audit Quality Review team of the Financial Reporting Council (FRC). The Committee
considered the outcome of this review. The inspection assessed the external auditor’s work
(andwhereappropriateoversightof,andinvolvementin,theworkofoverseascomponent
auditors) on: risk assessment and planning; execution of the audit plan; and completion
andreporting,includingthequalityofcommunicationwiththeCommittee.Theinspection
focused primarily on key audit matters (valuation of PPE and ROU assets relating to the
golfingandcombined-usecentres)andotherauditareas(revenuerecognition,business
combinations,andjournalentrytesting).
External auditor
The Audit Committee is responsible for overseeing the Group’s relationship with its external
auditor,KPMG.Duringtheyear,theAuditCommitteehasdischargedthisresponsibilityby:
• agreeing the scope of the external audit and negotiating the remuneration of the external
auditor;
• receivingregularreportsfromtheexternalauditor,includingwithregardtoauditstrategy
andyear-endaudits;
• regularly meeting the external auditor without management present; and
• assessing the auditor’s independence and the effectiveness of the external audit process.
External audit effectiveness review
The Audit Committee considers the effectiveness of the external auditor on an ongoing
basisduringtheyear,consideringitsindependence,objectivity,andprofessionalscepticism
through its own observations and interactions with the external auditor as well as through
feedbackfromtheChiefFinancialOfficerandmembersofthefinanceteam.Inconsidering
auditoreffectiveness,theCommitteehasregardtotheexperienceandexpertiseofthe
externalauditteam,whetherappropriatelyhighstandardsofintegrityandobjectivityare
displayedintheauditorsreviewofkeyaccountingjudgements,andtheextenttowhichthe
agreedauditplanandstrategyisfulfilled.
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Report
Financial
Statements
Report of the Audit Committee continued
The ongoing consideration by the Committee is supplemented by an annual formal review
of the effectiveness of the external audit process which is conducted following completion of
the relevant audit. For the FY2024review,andinaccordancewithourestablishedpractice,
areportwaspreparedbythefinanceteamsummarisingitsviewofKPMG’s effectiveness
basedoninteractionsduringtheauditandsetoutunderthreeheadings:“Mindsetand
Culture”;“Skills,CharacterandKnowledge”;and“QualityControl”.Keypointsnotedunder
each of the headings were as follows:
Review
Mindset & culture • Professional and ethical mindset demonstrated throughout the
engagement
• Consistent adherence to relevant accounting and auditing standards
• Approach focused on obtaining accurate and reliable information
• Impartiality maintained throughout the audit – evidenced in interactions
with management (including challenging assumptions)
• Open lines of communication maintained throughout the audit
Skills, character
and judgement
• Systematic and disciplined approach adopted to evaluate controls
effectiveness,assessappropriatenessofaccountingpolicies,andtest
accuracyandcompletenessoffinancialtransactions
• Knowledge of the Group’s business enhance the auditor’s ability to identify
andassessrelevantrisks,andtargettheauditapproachappropriately
• Appropriate scepticism and challenge demonstrated in reviews of key audit
mattersandareasofmanagementjudgement
Quality and control • Clear discussion on resource requirements for the audit was held with the
lead audit partner and signed off by the Audit Committee
• Commitment to quality was evident in attention to detail and
documentation requirements
• EffectivecommunicationswiththeGroupfinanceteam
Thereportsetoutmanagement’sconclusion,supportedbytheCommittee,thattheFY2024
auditprocesshadbeeneffective,withKPMG continuing to provide an independent and
objectiveapproachtotheaudit,anddemonstratinganappropriatelevelofprofessional
scepticism.
Non-audit services
Theengagementoftheexternalauditfirmtoprovidenon-auditservicestotheGroupcan
impact on the independence assessment. The Company has a policy (which is reviewed
annually)whichrequiresAuditCommitteeapprovalforanynon-auditserviceswhich
exceed £25,000invalue.Theengagementoftheexternalauditortoprovideanynon-audit
services for less than £25,000(withtheexceptionoftheissuanceofturnovercertificatesand
financialcovenanttests,forwhichauthoritywasdelegatedtotheChiefFinancialOfficerto
approve where the fee is less than £5,000percertificate)mustbediscussedwiththeAudit
Committee Chair in advance.
Allrequeststousetheexternalauditorfornon-auditservicesmustbereviewedbytheChief
FinancialOfficer.Thepolicyrecognisesthatcertainnon-auditservicesmaynotbecarried
out by the external auditor.
During the year ended 30 September 2025,KPMGwasengagedtoprovidepermittednon-
audit services relating to EBITDAcertificationandturnoverrentcertificatesforafeeof£6k,
representing 1 per cent of the total audit fee. This is shown in further detail in note 6 to the
Financial Statements.
TheCommitteeissatisfiedthatthelevelofnon-auditfeesandservicesprovidedbyKPMG
does not impact on its independence.
Appointment and tenure
KPMGwasfirstappointedastheGroup’sexternalauditorin2007.MattRadwellwas
appointed as lead audit partner for the FY2022audit,andinlinewithKPMG’s policy on lead
partner rotation (and absent of any change in auditor as a result of a tender process) would
be required to rotate off the Group’s audit after the FY2025 audit.
The Company is required to undertake a mandatory tender process at least every ten years
(commencing from the date of the Group’s IPO,atwhichpointitbecamea“publicinterest
entity”forthepurposeofaudittenderingrequirements).ThereforetheCommitteeisrequired
to conduct an audit tender during FY2026.
We have spent time during the year and since the FY2025year-endsupporting
managementinitsplanningforanexternalaudittender,providedinputonmanagement’s
plans and ensuring the guidance in the FRC’sMinimumStandardhasbeenconsidered.The
tenderprocess,whichisintendedtoberuninthefirstquarterof2026,willnotbecompleted
until after our 2026 AGM and the Committee has therefore recommended to the Board
that a resolution to reappoint KPMG as auditor be proposed at the 2026 AGM (in line with
the statutory requirement to appoint an external auditor at every general meeting at which
accountsarelaid).Inmakingthatrecommendation,theCommitteehasassessedthe
independence,objectivityandeffectivenessofKPMGasexternalauditorsummarisedabove,
andtheconcludedthatweremainsatisfiedwithKPMG's capabilities in delivering a quality
and effective audit.
TheCommitteeconfirmsthattheCompanyhascompliedwithTheStatutoryAuditServices
forLargeCompaniesMarketInvestigation(MandatoryUseofCompetitiveTenderProcesses
and Audit Committee Responsibilities) Order 2014 during FY2025.
Rachel Addison
Chair of the Audit Committee
15 December 2025
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Hollywood Bowl Group plc — Annual Report and Accounts 2025
Strategic
Report
Governance
Report
Financial
Statements
Report of the Corporate Responsibility Committee
Dear shareholders,
AtHollywoodBowlGroup,weplacesignificantimportanceonenvironmentalandsocial
considerationswithinourgovernanceanddecision-makingprocesses,whichiswhywe
convene a Corporate Responsibility Committee (CRC).
In FY2025,I chaired two CRC meetings that reinforced the Committee’s vital role in
supporting the Board with ESG strategy development and overseeing the Corporate
ResponsibilitySteeringGrouptodrivemeaningfulprogressinthisarea.Thisyear,wehave
madeexcellentprogressacrossallaspectsofthethree-pillarsofourstrategy.
Our commitment to operating safe and inclusive centres has resulted in a notable increase
inconcessionandschoolgamesplayed,alongsideachievingarecordleveloffundraising
forourcharitypartner,MacmillanintheUK.
We have also continued to create outstanding workplacesforourteammembers,filling
a record 61 percent of UK management vacancies internally thanks to the strength of our
traininganddevelopmentprogrammes.Furthermore,wewererecognisedasoneofthe
Sunday Times Best places to work in the UK and accredited as a Great Place to Work in
Canada,withrecordimprovementsinteammemberengagementandsatisfaction.
In terms of operating a sustainable estate,wedeliveredarecordyearforUK waste
recycling,expandedtheuseofsolararraysacrosstheUK,maintainedrenewableenergy
sourcing,andenhancedsustainabilitycredentialsthroughsevennewcentrebuildsand
twelve refurbishments.
We continue to integrate key elements of our ESG strategy into our Canadian operations and
willcontinuethisjourneyinFY2026,settingnewtargetstostarttoalignbothterritoriesand
provide more comprehensive sustainability reporting for the Group.
Inpursuitofournetzerogoalby2050,wehavemadefurtherreductionsinScope1 and
2 emissions in the UK and deepened our understanding of Scope 3 emissions across UK
and Canadian supply chains through our supplier engagement programme. This initiative
hasgivenusgreatervisibilityintoourpartners’climatemeasuresandambitions,enabling
access to primary data for more accurate assessments.
These efforts contributed to an improved CDP disclosure score of B for climate and an AAA
ESG rating from MSCI.Additionally,weupdatedourclimateriskscenarioanalysisforthefirst
timeinthreeyearstoalsoincludeCanada,asdetailedinourTCFD report.
Hollywood Bowl Group remains committed to advancing our corporate responsibility
agenda across all operations in both the UKandCanada,andtocontinuingourprogress
towardachievingnetzero.
Ivan Schofield
Corporate Responsibility Committee Chair
15 December 2025
Ivan Schofield
Corporate Responsibility
Committee Chair
Read full biography on page 68
Specific duties of the Committee include:
• Reviewing,challenging,andoverseeingtheESG strategy as part of the setting of the
overall strategy of the Group by the Board;
• Reviewing and approving KPIs and related targets in line with the ESG strategy;
• Reviewing material risks and liabilities (including climate risks) to the Group in
relation to the ESG strategy;
• ConsideringmaterialregulatoryandtechnicaldevelopmentsinthefieldofESG; and
• Keeping up to date with ESG best practice and thought leadership and keeping
under review the Group’s external reporting of relevant ESG performance (including
the Company’s application of the recommendations of the TCFD).
Corporate Responsibility Committee
Chair
–IvanSchofield
Committee members
– Darren Shapland
– Asheeka Hyde
– Julia Porter
– Stephen Burns
–MelanieDickinson
–MathewHart
2 x meetings held in the year
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Hollywood Bowl Group plc — Annual Report and Accounts 2025
Strategic
Report
Governance
Report
Financial
Statements
Report of the Remuneration Committee
Role and responsibilities
TheroleoftheRemunerationCommitteeissetoutinitstermsofreference,whichare
available on the Group’s website. The Committee’s primary purpose is to develop and
determinetheGroup’sRemunerationPolicyfortheExecutiveDirectors,Chairand
senior management.
Dear shareholders,
OnbehalfoftheRemunerationCommittee,I am pleased to present the Directors’
Remuneration Report for the year ended 30 September 2025.
ThisreporthasbeenpreparedinaccordancewithTheLargeandMedium-sizedCompanies
and Groups (Accounts and Reports) (Amendment) Regulations 2013,TheCompanies
(Directors’ Remuneration Policy and Directors’ Remuneration Report) Regulations 2019,the
FCA Listing Rules and the Code. The report consists of:
• my annual statement as the Chair of the Remuneration Committee;
• theannualreportonremuneration,whichsetsoutpaymentsmadetotheDirectorsand
details the link between Company performance and remuneration for FY2025. The annual
reportonremunerationissubjecttoanadvisoryshareholdervoteatthe2026 AGM; and
• a summary of the Directors’ Remuneration Policy (approved by shareholders at the 2025
AGM),includinghowtheCommitteeintendstoimplementitduringFY2026.
Performance in FY2025 and remuneration outcomes
AsdetailedintheStrategicreport,theGrouphasdeliveredayearofstrongprogressin
FY2025 with total revenue growth of 8.8%andGroupadjustedEBITDAonapre-IFRS 16
basis of £68.4m.Weopenedsevennewcentres(fiveintheUK,andtwoinCanada),and
our refurbishment programme saw 12centres(fiveintheUK,seveninCanada)receive
successful upgrades and are delivering above our return hurdle rate. Good progress was
made across our key ESG metrics and we met our key FY2025 targets across our three
sustainability pillars.
AssetoutearlierinthisAnnualReport,subjecttoshareholderapprovalatthe2026 AGM,the
Groupwillbepayingafinalordinarydividendof9.18 pence per share.
Acrossthewiderworkforce,wehavecontinuedtoensurethatweoffercompetitivepay
levels,supportingtherecruitmentandretentionofkeytalent.Theaveragerateofhourlypay
increases across the Group was 6.7%,forsalariedcentreteammemberswas5%,andfor
salaried support centre team members was 3%. These increases were effective from 1 April
2025. We continue to incentivise team members through our centre management bonus
schemes,withmetricsalignedtothosethatapplyfortheExecutiveDirectors.InFY2025,we
paidoutover£800kincentrelevelbonuses(withCentreManagersreceivingover21 % of
basepayandAssistantManagersreceivingover2.9% of base pay) and over £600k in hourly
team member bonuses. We have also maintained our reputation for our positive working
environment,evidencedbyourrankamongstoneof“TheUK’s 25 Best Big Companies to
WorkFor”in2025.
Julia Porter
Remuneration Committee Chair
Read full biography on page 68
Specific duties of the Committee include:
• SettingtheRemunerationPolicyforExecutiveDirectors,Chairandsenior
management.
• Determining individual pay awards within the terms of the agreed Policy.
• Ensuring that the Remuneration Policy operates to align the interests of management
with those of shareholders.
• The Committee also has responsibility for reviewing pay and conditions across the
Group,andthealignmentofincentivesandrewardswithculture.
Nomination Committee
Chair
– Julia Porter
Committee members
– Rachel Addison
–IvanSchofield
5 x meetings held in the year
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Financial
Statements
Report of the Remuneration Committee continued
The FY2025 bonus opportunity was up to 150% of salary for the CEO and CFO,and100% of
salary for the CPO. Bonus performance was based on the achievement of a scorecard of
financialandnon-financialtargets,with70%basedonGroupadjustedEBITDA and 30%
basedonnon-financialmeasurescomprisingcustomersatisfaction,peopledevelopment
andengagement,andsafety.A detailed breakdown of the measures and bonus outturns is
set out on page 95. The bonuses paid out at 62.7% of maximum opportunity.
OurExecutiveDirectorseachreceivedanawardundertheLong-TermIncentivePlan(LTIP) in
February 2023,whichvestsbyreferencetoascorecardofmetricsmeasuredoverathree-
year performance period ended 30 September 2025 with 70%subjecttoGroupadjusted
EPSperformance,10%subjecttoreturnoninvestedcapital,andtheremaining20%subject
toperformanceagainstequallyweightednon-financialmeasures(Scope1 and Scope 2
carbonemissionsreduction,andteammemberdevelopment).Fulldetailsofthemeasures
and our performance against them is set out on page 96,withthetotaloutturnforthe
Executive Directors being 98.6% of maximum opportunity.
Asisourusualpractice,theCommitteeconsideredtheformulaicoutcomesforthe
annual bonus and LTIP in the context of overall business performance and the shareholder
experience.Inparticular,wetookintoaccounttherobustfinancialperformance,thelevelof
dividendsproposedtobepaidtoshareholders,,theapproachtowiderworkforcepay,the
continuedexpansionoftheCanadianbusiness,andtheongoingstrengthofourcustomer
engagement scores evidencing our operational focus on delivering an exceptional customer
experience. Hollywood Bowl delivered a shareholder return of 56.9%overthethree-year
period ending 30 September 2025,outperformingtheFTSE 250 index which delivered a 41.8%
returninthesameperiod.Takingallofthisintoaccount,theCommitteedeterminedthatthe
outcomes are appropriate and that no discretion would be applied.
TheCommitteecanconfirmthattheRemunerationPolicyapprovedbyshareholdersatour
2025 AGM operated as intended in the year under review.
Board Changes
As announced on 20 November 2025,AntonySmithwilljointheBoardasCFO on 2 February
2026 replacing Laurence Keen who will step down from the Board at the 2026 AGM and
take on the role as CEO of our Canadian business. In accordance with our Directors’
RemunerationPolicy,theCommitteeagreedthefollowingremunerationarrangementsfor
Antony Smith:
• A base salary of £320,000 per annum (in line with the level of the outgoing CFO and
modestly positioned compared to FTSE 250companiesofasimilarsize).
• An employer pension contribution of 5%ofsalary,whichisalignedwiththecontribution
availabletothemajorityoftheworkforce.
• A maximum bonus opportunity of 100% of salary. Antony Smith will not participate in the
FY2026 bonus.
• A maximum LTIP award opportunity of 100% of salary.
Antony Smith was due to receive a cash bonus payment in January 2026 under his
previousemployment,whichwasforfeitedbyhimonresignation.TheCommitteeagreed
tograntAntonySmithabuy-outawardequalto100% of salary which will be paid in cash in
December 2026subjecttohiscontinuedemploymentandgoodstanding.Thevalueofthe
buy-outawardislessthanthecashbonuspaymentforfeitedonresignationandwillpaid
over a longer timeframe.
Laurence Keen will continue to receive his CFOsalary,benefitsandpensioncontributions
until he steps down from the Board at which point he will move onto a package
commensurate with his role as CEO of our Canadian business. He will not be eligible for a
bonus in respect of services provided as CFO during FY2026.Instead,hewillparticipatein
a FY2026 bonus for his role as CEO of our Canadian business. The Company and Laurence
have agreed that his FY2024 and FY2025 LTIP awards will be reduced by 30 per cent to
reflecthischangeinrole.Thereducedawardswillremaincapableofvestingatthenormal
timesubjecttotheoutcomeoftheperformancetargetsandanyamountsthatvestwillbe
subjecttoatwoyearholdingperiod.
FY2026 remuneration
Salary
TheCommitteereviewedExecutiveDirectorsalariesduringtheyear,andindoingsowas
mindful of the need to ensure that any decisions relating to Executive Director pay were
taken in the context of the experience of our wider workforce. Asnotedabove,theaverage
rate of hourly pay increases across the Group in April 2025 was 6.7%. The Committee
approved salary increases of 2% for the Executive Directors with effect from 1 October 2025.
FY2026 variable pay
In accordance with the Remuneration Policy approved at the 2025 AGM,themaximum
bonus opportunity for FY2026 remains at 150% of salary for the CEO and 100% of salary for
the CPO. Asnotedabove,AntonySmith,asincomingCFO,willnotparticipateintheFY2026
bonus. Laurence Keen will not be eligible for a bonus in respect of services provided as
CFO during FY2026.Instead,hewillparticipateinaFY2026 bonus for his role as CEO of our
Canadian business. The maximum LTIP award opportunity for FY2026 remains at 150 per
cent of salary for the CEO and 100% of salary for the CPO. Asnotedabove,themaximum
LTIPopportunityforAntonySmith,asincomingCFO,is100 per cent of salary. It is intended
that Laurence Keen continues to participate in the LTIP in his role as CEO of our Canadian
business,withanawardopportunitysetcommensuratewiththatrole.
The FY2026 bonus outcomes will again be determined based on the achievement of a
scorecardoffinancialandnon-financialtargets.70%willbebasedonGroupadjustedPBT
pre-IFRS 16 basis (a change from the FY2025bonuswhichwasbasedonGroupadjusted
EBITDApre-IFRS 16). The Committee considers PBTamoreappropriateprofitbased
performancemetric,asittakesintoaccountbothcoreoperationalefficiencyandeffective
assetmanagement,andiscloseralignedtoshareholdervalue.Theremaining30% will
bebasedonequallyweightednon-financialmeasurescomprisingcustomersatisfaction
(measuredbasedonGroupOverallBlendedIndex),people(basedonteammember
engagement) and safety.
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Financial
Statements
Report of the Remuneration Committee continued
Performancetargetsareconsideredcommerciallysensitiveandtherefore,inlinewithour
usualpractice,actualtargets,performanceagainstthem,andtheresultingawardswillbe
disclosed in the FY2026 Annual Report.
FY2026 LTIPawardswillbesubjecttoadjustedEPS (70%ofaward),relativeTSR (10% of
award),returnoncentreinvestedcapital(10% of award) and carbon emissions reduction
(10% of award). The metrics and weightings which will apply to the FY2026 LTIP are set out
on page 106,andfulldetailsofthetargetswillbeannouncedatthetimethattheawards
are granted.
Stakeholder engagement
TheCommitteeisregularlyupdatedonthepayandbenefitsarrangementsforteam
members across the Group and takes into account colleague remuneration as part of its
reviewofexecutiveremuneration.Engagementwiththeworkforceonremunerationmatters,
includingtoexplainhowexecutivepayisalignedwiththewidercompanypaypolicy,is
conducted through engagement sessions led by the CEO and COO and the wider team
engagement survey.
Long-term incentive plan rules
Our LTIP and all employee Save as You Earn (SAYE) scheme rules are approaching the end of
theirten-yearlife.Accordingly,newsetsofLTIP and SAYE rules will be put to shareholders for
approval at the 2026 AGM. No material changes are proposed to the key terms of the rules.
A summary of the key terms will be included in the Notice of AGM.
Annual General Meeting
OnbehalfoftheBoard,I would like to thank shareholders for their continued support.
I am always happy to hear from the Company’s shareholders. You can contact me via
the Company Secretary if you have any questions on this report.
Julia Porter
Chair of the Remuneration Committee
15 December 2025
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Hollywood Bowl Group plc — Annual Report and Accounts 2025
Strategic
Report
Governance
Report
Financial
Statements
Report of the Remuneration Committee continued
AspartofitsoversightoftheRemunerationPolicy,theCommitteehasconsideredthefactors
set out in provision 40 of the 2018 version of the UK Corporate Governance Code (which
continued to apply to the Company for FY2025).Inourview,theproposedPolicyaddresses
those factors as set out below:
Factor How addressed
Clarity
Remuneration arrangements
should be transparent and
promote effective engagement
with shareholders and the
workforce.
We aim to ensure that our remuneration disclosures are clear and
transparent. Remuneration outcomes are set out in a consistent
formateachyear,withdetailonbonusandLTIP performance
measures and targets. Our full Remuneration Policy is set out
in our FY2024AnnualReport,whichisavailableonthe
Company’s website.
We engaged with shareholders prior to the approval of the
Remuneration Policy at the 2025 AGM,andtheCommittee
receivesregularupdatesonworkforcepayandbenefitsduring
the course of its activity.
Simplicity
Remuneration structures should
avoid complexity and their
rationale and operation should
be easy to understand.
Ourremunerationstructureiscomprisedoffixedandvariable
remuneration,withtheperformanceconditionsforvariable
elementsclearlycommunicatedto,andunderstoodby,
participants. The LTIP provides a clear mechanism for aligning
ExecutiveDirectorandshareholderinterests,andthediversity
of measures in both the annual bonus and LTIP scheme allows
forclearalignmentwithourstrategicpillars,ratherthanreliance
solelyonearnings-basedmeasures.Non-financialmeasures
within the annual bonus also ensure our Executive Directors and
wider team members are incentivised based on key operational
KPIs across the Group.
Risk
Remuneration arrangements
should ensure reputational
and other risks from excessive
rewards,andbehaviouralrisks
thatcanarisefromtarget-
basedincentiveplans,are
identifiedandmitigated.
The Remuneration Policy and relevant scheme rules provide
discretiontotheCommitteetoreduceawardlevels,andawards
aresubjecttomalusandclawbackdecisions.TheCommittee
alsohasoverridingdiscretiontoreduceawardswhereout-turns
arenotafairandaccuratereflectionofbusinessperformance.
Predictability
The range of possible values
of rewards to individual
Directors,andanyotherlimitsor
discretions,shouldbeidentified
and explained at the time of
approving the Policy.
TheRemunerationPolicyoutlinesthethreshold,targetand
maximum levels of pay that Executive Directors can earn in any
givenyearoverthethree-yearlifeoftheRemunerationPolicy.
Factor How addressed
Proportionality
The link between individual
awards,thedeliveryofstrategy,
andthelong-termperformance
of the Company should be clear.
Outcomes should not reward
poor performance.
Variable,performance-relatedelementsrepresentasignificant
proportion of the total remuneration opportunity for our Executive
Directors.TheCommitteeconsiderstheappropriatefinancialand
non-financialperformancemeasureseachyeartoensurethat
there is a clear link to strategy. The Committee is able to exercise
discretion to reduce awards if necessary to ensure that outcomes
areafairandaccuratereflectionofholisticbusinessperformance.
Alignment to culture
Incentive schemes should drive
behaviours consistent with the
Group’spurpose,values,and
strategy.
The Committee seeks to ensure that performance measures
under the annual bonus scheme incentivise behaviours
consistentwiththeGroup’sculture,purpose,andvalues.The
LTIP clearly aligns the Executive Directors’ interests with those of
shareholders,ensuringafocusondeliveringagainststrategyto
generatelong-termvalueforshareholders.
TheRemunerationCommitteemetonfiveoccasionsduringtheyearandhasmettwice
sincetheyearend,anddiscussedthetopicssetoutinthetablebelow:
Activities of the Committee during
the year to 30 September 2025 Oct Dec Ma June Sept
Review of FY2024 performance and the formulaic
bonusoutcome,andapprovalofDirectors’bonuses
for FY2024
Review/approval of Directors’ bonus KPIs/targets for
FY2025 and FY2025 pay
Review/agree FY25 LTIP performance targets
Remuneration Policy (recommendation for
shareholder approval)
Agree approach to FY2026 bonus targets
Agree approach to FY2026 LTIP performance targets
Approve FY2025 Executive Director salaries
Review/agreeshareplanawards,vestingsand
dilution
Review of Directors’ Remuneration Report (including
to ensure compliance with the Remuneration
Reporting Regulations)
Consideration of pay and conditions across the
Group
Update on market practice/benchmarking
Review of 2025 AGM and proxy advisory comments
Review of the Committee’s terms of reference
Discussion of Committee evaluation results
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Hollywood Bowl Group plc — Annual Report and Accounts 2025
Strategic
Report
Governance
Report
Financial
Statements
Annual report on remuneration
Single total figure of remuneration (audited)
Executive Directors (audited)
ThetablebelowsetsoutthesingletotalfigureofremunerationandbreakdownforeachExecutiveDirectorinrespectofFY2025.ComparativefiguresforFY2024 have been provided. Figures
provided have been calculated in accordance with the UK disclosure requirements.
Name
Salary
£’000
Benefits
1
£’000
Pension
£’000
Bonus
£’000
LTIP
£’000
2,3
Total
£’000
Total
fixed pay
£’000
Total
variable pay
£’000
Stephen Burns 2025 479.4 29.2 24.0 451.1 735.4 1,719.1 532.6 1,186.5
2024 465.4 27.6 23.3 465.4 539.5 1,521.2 516.3 1,004.9
Laurence Keen 2025 314.2 29.0 15.7 295.7 482.0 1,136.6 358.9 777.7
2024 305.0 27.5 15.3 305.0 350.3 1,003.1 347.8 655.3
MelanieDickinson 2025 186.0 11.4 9.3 116.7 190.2 513.6 206.7 306.9
2024 180.6 10.2 9.0 180.6 209.3 589.7 199.8 389.9
1 Benefitsincludeprivatemedicalinsuranceandcarallowance,andtheintrinsicvalueofSAYEawardsgrantedintheyear.
2 The2024LTIPfigureswerecalculatedbasedonthethree-monthaveragesharepricetotheendofFY2024,plusthevalueofdividendequivalentsfortheperiodfromthe2022LTIPgrantto30September2024.The2024LTIPfigureinthe
tableabovehasthereforebeenadjustedtoreflecttheactualshareprice278pence(beingtheclosingsharepriceonthevestingdateof4February2025),andthevalueofdividendequivalentsuptothatdate.Thesharepricewas
243.5 pence at the grant date of 4 February 2022 and the share price therefore increased by 34.5 pence over the vesting period. The proportion of value disclosed in the above table attributable to share price appreciation is 12.4%. The
Remuneration Committee did not exercise discretion in respect of the share price appreciation.
3 The2025LTIPfigureswerecalculatedbasedonthethree-monthaveragesharepriceto30September2025(249.32pence),plusthevalueofdividendequivalentsfortheperiodfromthe2023LTIPgrantto30September2025.Seepage
96fortheamountattributabletosharepriceappreciation.Theactualvaluethatvests,basedontheclosingpriceonthevestingdate,willbedisclosedinnextyear’sAnnualReport.
Non-Executive Directors (audited)
ThetablebelowsetsoutthesingletotalfigureofremunerationandbreakdownforeachNon-ExecutiveDirector:
2025 2024
Name
Fees
£’000
Taxable benefits
£’000
Total
£’000
Fees
£’000
Taxable benefits
£’000
Total
£’000
Darren Shapland – Chair
1
(from 1 December 2024) 112.1 — 112.1 — — —
Rachel Addison 60.1 — 60.1 61.1 — 61.1
Asheeka Hyde
2
(appointed 25 June 2025) 15.0 — 15.0 — — —
Julia Porter 55.1 — 55.1 53.5 — 53.5
IvanSchofield 55.1 — 55.1 53.5 — 53.5
Peter Boddy
3
51.1 — 51.1 148.8 148.8
1 DarrenShaplandwaspaidthestandardNon-ExecutiveDirectorbasefeefromhisappointmentasaDirectoron1December2025untilthe2025AGM(30January2025)whenhesucceededPeterBoddyasChairoftheBoardandwas
paidtheagreedNon-ExecutiveChairfeeforFY2025of£153.3kperannumfromthatdate.
2 Asheeka Hyde was appointed as a Director on 25 June 2025.
3 PeterBoddysteppeddownasaDirector(andChairoftheBoard)witheffectfromtheAGMon30January2025.Thetableaboveshowsthefeespaidtohimfrom1October2024untiltheAGMdate.
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Hollywood Bowl Group plc — Annual Report and Accounts 2025
Strategic
Report
Governance
Report
Financial
Statements
Annual report on remuneration continued
Bonus awards (audited)
The CEO and CFO were eligible to earn a bonus in respect of FY2025 of up to 150% of salary and the CPO was eligible to earn a bonus of up to 100% of salary. 70% of the award was based on
GroupadjustedEBITDApre-IFRS 16targets,withtheremaining30%basedonnon-financialmeasurescomprising(i) customer satisfaction (measured based on Group Overall Blended Index)
(ii) a people blended index; and (iii)asafetyscorecard.Detailsofthemeasures,andperformanceagainstthem,issetoutinthetablebelow:
Performance targets
Metric Weighting
Threshold
(25% of max)
On target
(50% of max) Maximum Actual % vesting
% of max bonus
opportunity
GroupadjustedEBITDApre-IFRS 16 70% £65.36m £68.80m £72.24m £68.36m 46.8% 32.7%
Average Group OBI
1
10% 61.9% 63.5% 65.0% 66.1% 100% 10%
People blended index
2
10% 65% 75% 90% 100% 100% 10%
Safety scorecard
3
10% 65% 75% 90% 100% 100% 10%
Total 62.7%
1 ComprisingOverallSatisfaction(OSAT),mysteryshopscores(CEP)andCleaningSatisfaction(CSAT).
2 Comprising percentage of internal management appointments and employee engagement (by reference to Group rating in the Best Companies survey).
3 Comprisingaverageinternalcentreandfoodandbeverageauditscores(UKandCanadiancentres)andfoodanddrinkauditscores,andaverageEHOscoresforUKcentresonly.
TheCommitteeconsidersthattheperformancetargetsweresetatstretchinglevels,withtheGroupadjustedEBITDApre-IFRS targets set taking into account the business plan and market
conditions.
The Committee reviewed the level of payout in the context of wider Group performance and the shareholder and wider stakeholder experience. As set out in the Annual Statement from the
RemunerationCommitteeChair,theCommitteeiscomfortablethattheformulaicoutcomeisfairandappropriateinthiswidercontext.
Asaresult,totalbonusesawardedtotheExecutiveDirectorsinrespectofFY2025andreflectedinthesinglefigureofremunerationtableabovewere£451,122toStephenBurns,£295,661 to
Laurence Keen and £116,700toMelanieDickinson.
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Hollywood Bowl Group plc — Annual Report and Accounts 2025
Strategic
Report
Governance
Report
Financial
Statements
Annual report on remuneration continued
Long-Term Incentive Plan vesting of FY2023 awards
The LTIPvaluesincludedinthesingletotalfigureofremunerationtableforFY2025 relate to the FY2023 LTIP award. Awards with a face value of 150% of salary were granted to the CEO and CFO,
and an award with a face value of 100% of salary was granted to the CPO on 31 January 2023.Followingathree-yearperformanceperiodendingon30 September 2025,awardsaredueto
vest on 31 January 2026.Theperformancetargets,actualperformanceandoutturnaresetoutinthetablebelow:
Measure Description Weighting Threshold Target Max
Actual
performance
Vesting
percentage
against
measure
Vesting percentage of
maximum opportunity
AdjustedEPS
1,2
AdjustedEPSforthefinalyearofthe
performance period – FY2025
70% 18.11p
(25% payout)
19.06p
(62.5% payout)
20.01p
(100% payout)
21.51 100% 70.0%
Return on centre
invested capital
20% return on all centre invested capital
(refurbsandnewcentres,excluding
maintenance)
10% 18% return
(50% payout)
20% return
(75% payout)
22% return
(100% payout)
24.4% 100% 10.0%
UK emissions ratio for
Scope 1 and Scope 2
UK intensity ratio (IR) of under 50 10% IR at 58
(50% payout)
IR at 55
(75% payout)
IR at 50
(100% payout)
IR 52.9 86% 8.6%
UK team member
development
5% of UK team members progressed through
internal development programmes
10% 4%
(50% payout)
5%
(75% payout)
6%
(100% payout)
11% 100% 10.0%
TOTAL % VESTING 98.6%
1 AdjustedEPSisdefinedasstatedintheGroup’saccountsandissubjecttosuchadjustmentsastheBoard,initsdiscretion,determinesarefairandreasonable.
2 Vestingonastraight-linebasisbetweenthresholdandtarget,andtargetandmaxperformance.
NodiscretionwasusedbytheRemunerationCommittee,astheoutcomeisconsideredappropriateinthecontextofoverallbusinessperformance,furtherdetailofwhichissetoutinthe
Annual Statement from the Remuneration Committee Chair.
Thetablebelowshowsthenumberofsharesvestingbasedontheoutturnshownabove,andthevalueofdividendequivalentsfordividendspaidintheperiodbetweengrantoftheawards
and 30 September 2025.
Director Position 2023 LTIP Award Overall vesting %
Number of share
awards to vest Value of vested shares
1
Value of dividend
equivalents
2
Total value
(shown in Single
Figure Table)
Value attributable to
share price appreciation
Stephen Burns ChiefExecutiveOfficer 255,825 98.6% 252,243 £628,900 £106,522 £735,422 N/A
Laurence Keen ChiefFinancialOfficer 167,665 98.6% 165,317 £412,173 £69,813 £481,986 N/A
MelanieDickinson ChiefPeopleOfficer 66,179 98.6% 65,252 £162,688 £27,555 £190,243 N/A
1 Calculatedbasedonthethree-monthaveragesharepriceto30September2025(249.32pence).
2 Theactualvalueofdividendequivalentsisanestimateandwillbefinalisedatvesting,takingintoaccountanydividendsdeclaredbetween30September2025andthevestingdate.
3 Asthesharepriceatthegrantdateof31January2023(263.0pence)washigherthanthethreemonth-averagesharepriceto30September2025(249.32pence)usedtocalculatethevalueofawardsvesting,noamountofthevalue
disclosedinthesinglefiguretableaboveisattributabletosharepriceappreciation.Theactualvaluethatvests,basedontheclosingpriceonthevestingdate,willbedisclosedinnextyear’sAnnualReport.
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Hollywood Bowl Group plc — Annual Report and Accounts 2025
Strategic
Report
Governance
Report
Financial
Statements
Annual report on remuneration continued
Long-term incentives awarded in FY2025 (audited)
Awards were made under the LTIP scheme on 31 January 2025.Thefollowingshareawardsweregrantedintheformofnil-costoptionsinaccordancewiththeRemunerationPolicy:
Director Position Basis of award Face value
Number of share
awards granted Performance period
Stephen Burns ChiefExecutiveOfficer 150% of salary £719,078 254,451 01/10/2024 to 30/09/2027
Laurence Keen ChiefFinancialOfficer 150% of salary £471,277 166,765 01/10/2024 to 30/09/2027
MelanieDickinson ChiefPeopleOfficer 100% of salary £186,015 65,823 01/10/2024 to 30/09/2027
Afive-dayaveragesharepricepriortograntof282.6 pence was used to calculate the number of awards granted.
Thefollowingperformancetargets,whichweredisclosedintheDirectors’RemunerationReportlastyear,applytotheFY2025 LTIPawards.Vestingforallmeasuresoccursonastraight-line
basisbetweenthresholdandtarget,andtargetandmaximumperformance:
Measure Description Weighting Threshold Target Max
AdjustedEPS
1
AdjustedEPSforthefinalyearoftheperformanceperiod–FY2027 70% 24.78 pence
(25% payout)
26.08 pence
(62.5% payout)
27.39 pence
(100% payout)
Relative Total
Shareholder
Return (TSR)
Percentagechangeinsharepriceplusthevalueofdividendsinvestedontheex-dividenddateover
the performance period compared with the constituents of the FTSE 250 (excluding investment trusts)
10% Ranked at median
based on TSR
performance
(25% payout)
N/A Ranked at or above
upper quartile based
on TSR performance
(100% Payout)
Return on centre
invested capital
20% return on all centre invested capital (refurbs and new centres) 10% 18% return
(25% payout)
20% return
(62.5% payout)
22% return
(100% payout)
UK emissions ratio for
Scope 1 and Scope 2
Intensity ratio (IR) 10% IR at 67
(25% payout)
IR under 65
(62.5% payout)
IR under 60
(100% payout)
1 AdjustedEPSisdefinedasstatedintheGroup’saccountsandissubjecttosuchadjustmentsastheBoard,initsdiscretion,determinesarefairandreasonable.
Payments to past Directors (audited)
No payments were made to past Directors in the year under review.
Payments for loss of office (audited)
Nopaymentsweremadeforlossofofficeintheyearunderreview.
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Governance
Report
Financial
Statements
Annual report on remuneration continued
Statement of Directors’ shareholdings and share interests (audited)
ThenumberofsharesoftheCompanyinwhichcurrentDirectorshadabeneficialinterest,anddetailsoflong-termincentiveinterestsasat30 September 2025 (or the date they stepped
downfromtheBoard,ifearlier),aresetoutinthetablebelow:
Outstanding scheme interests 30 September 2025 Beneficially owned shares
3
Unvested LTIP
interests subject to
performance conditions
Scheme interests not
subject to performance
measures
1
Vested but unexercised
scheme interests
2
Total shares subject to
outstanding scheme
interests As at 1 October 2024
As at 30 September
2025
4
Total of all scheme
interests and
shareholdings at
30 September 2025
Executive Directors
Stephen Burns 748,638 4,380 — 753,018 3,105,709 3,218,099 3,971,117
Laurence Keen 490,650 4,350 — 495,000 1,323,322 1,387,724 1,882,724
MelanieDickinson 193,663 6,704 — 200,367 440,276 328,760 529,127
Non-Executive Directors
Darren Shapland — — — — — 42,500 42,500
Rachel Addison — — — — — 25,000 25,000
Asheeka Hyde — — — — — 1,000 1,000
Julia Porter — — — — — 12,000 12,000
IvanSchofield — — — — 86,691 182,391 182,391
Peter Boddy
5
— — — — 539,839 679,839 679,839
1 Sharesave awards that have not vested.
2 LTIP awards that have vested but remain unexercised.
3 ShareinterestsofStephenBurns,LaurenceKeen,PeterBoddyandIvanSchofieldincludesharesheldbytheirconnectedpersons.
4 OrthedatetheDirectorsteppeddownfromtheBoard,ifearlier.
5 Stepped down from the Board on 30 January 2025.
Asatthedateofapprovalofthisreport,theCompanyhasnotbeenadvisedofanychangestotheinterestsofDirectorsandtheirconnectedpersonsassetoutinthetableabove.
Directors’ share ownership guidelines
Shareholding requirements in operation at the Company are currently 200%ofbasesalary.Non-ExecutiveDirectorsarenotsubjecttoashareholdingrequirement.
Director
Shareholding
requirement
(percentage of salary)
Current shareholding
(percentage of salary)
1
Beneficially owned
shares held as at
30 September 2025
Shareholding
requirement met?
Stephen Burns 200% 1,695% 3,218,099 Yes
Laurence Keen 200% 1,115% 1,387,724 Yes
MelanieDickinson 200% 446% 328,760 Yes
1 The share price of 252.5 pence as at 30 September 2025 has been used to calculate the current shareholding as a percentage of salary. Unvested LTIP shares and options do not count towards satisfaction of the shareholding guidelines.
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Governance
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Financial
Statements
Annual report on remuneration continued
Executive Directors’ share plan interest movements during FY2025 (audited)
The tables below set out the Executive Directors’ interests in the LTIP scheme and the Sharesave scheme.
AwardsundertheSharesaveschemearenotsubjecttoanyperformanceconditions(otherthancontinuedemploymentonthevestingdate).TheLTIPawardsaresubjecttoperformance
conditions as set out in the table on pages 96 and 97.
Face values for LTIP awards are calculated by multiplying the number of shares granted during FY2025bytheaveragesharepriceforthefivebusinessdaysprecedingtheawards.Face
value for the Sharesave scheme is calculated by reference to the exercise price of options granted.
Date of award
Vesting, exercise
or release date
1
No. of shares/awards
held as at 1 October
2024 Awarded
2
Exercised/vested Lapsed
No. of shares/
awards held as at
30 September 2025
Grant/award price
in pence (exercise
price for Sharesave)
Stephen Burns
LTIP 04/02/2022 04/02/2025 164,015 23,955 187,970 — — —
31/01/2023 31/01/2026 255,825 — — — 255,825 —
30/01/2024 30/01/2027 238,362 — — — 238,362
31/01/2025 31/01/2028 — 254,451 — — 254,451 282.6
Sharesave 08/02/2022 01/02/2025 1,265 — — 1,265 — —
08/02/2023 01/02/2026 1,481 — — — 1,481 —
09/02/2024 01/02/2027 1,627 — — — 1,627 —
07/02/2025 01/02/2028 — 1,272 — — 1,272 290.0
Laurence Keen
LTIP 04/02/2022 04/04/2025 106,503 15,555 122,058 — — —
31/01/2023 31/01/2023 167,665 — — — 167,665 —
30/01/2024 30/01/2027 156,220 — — — 156,220 —
31/01/2025 31/01/2028 — 166,765 — — 166,765 282.6
Sharesave 08/02/2022 01/02/2025 1,265 — — 1,265 — —
08/02/2023 01/02/2026 1,777 — — — 1,777 —
09/02/2024 01/02/2027 1,301 — — — 1,301 —
07/02/2025 01/02/2028 — 1,272 — — 1,272 290.0
Melanie Dickinson
LTIP 04/02/2022 04/02/2025 63,643 9,295 72,938 — —
31/01/2023 31/01/2026 66,179 — — — 66,179 —
30/01/2024 30/01/2027 61,661 — — — 61,661 —
31/01/2025 31/01/2028 — 65,823 — — 65,823 282.6
Sharesave 08/02/2022 01/02/2025 1,898 — — 1,898 — —
08/02/2023 01/02/2026 2,222 — — — 2,222 —
09/02/2024 01/02/2027 1,301 — — — 1,301 —
07/02/2025 01/02/2028 — 3,181 — — 3,181 290.0
1 LTIPawardsaresubjecttoapost-vestingholdingperiodpursuanttowhichthesharesacquiredonexercise(otherthananysharessoldtosatisfyanytaxornationalinsuranceliability)mustberetainedforaperiodoftwoyears
following the vesting date.
2 EitherLTIPsawardedintheperiod,orthenumberofdividendequivalentsharesonLTIPsvestedintheperiod.
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Financial
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0
20
40
60
80
100
120
140
160
180
200
220
240
260
280
Sep-16
Sep-17
Sep-18
Sep-19
Sep-20
Sep-21
Sep-22
Sep-23
Sep-24
Sep-25
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
Mar-17
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
Mar-24
Mar-25
Jun-17
Jun-18
Jun-19
Jun-20
Jun-21
Jun-22
Jun-23
Jun-24
Jun-25
Hollywood Bowl
FTSE 250
Annual report on remuneration continued
As noted on page 96,theperformancetargetsfortheLTIP award granted in FY2023 have been partially met. The awards will vest in January 2026. The targets that apply to the award granted
in FY2025 are shown on page 97.
Chief Executive Officer historical remuneration
ThetablebelowsetsoutthetotalremunerationdeliveredtotheChiefExecutiveOfficeroverthelastnineyearssinceIPO,valuedusingthemethodologyappliedtothesingletotalfigureof
remuneration:
Chief Executive Officer 2025 2024 2023 2022 2021 2020 2019 2018 2017
Totalsinglefigure(£’000) 1,719.1 1,521.2 1,524.7 1,225.9 414.8 623.2 1,061.1 536.1 514.6
Annual bonus payment level achieved
(percentage of maximum opportunity) 62.7% 100% 100% 100% 0% 0% 74.3% 68.1% 100%
LTIP vesting level achieved
(percentage of maximum opportunity) 98.6% 100% 100% 100% 0% 81% 100% N/A N/A
Performance graph
The graph below shows the total shareholder return (TSR) performance of an investment of £100 in Hollywood Bowl Group plc’s shares from its listing in September 2016 to the end of the year
underreview,comparedwith£100 invested in the FTSE 250 Index over the same period. The FTSE 250 Index was chosen as the comparator because it represents the broad equity market
index of which the Company was a constituent of during FY2025.
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Financial
Statements
Annual report on remuneration continued
Change in remuneration of Directors compared to Group employees
Thetablebelowsetsoutthepercentagechangeinsalary,taxablebenefitsandannualbonussetoutinthesinglefigureofremunerationtables(onpage94) paid to each Director in respect
of FY2021,FY2022,FY2023,FY2024 and FY2025 compared to that of the average change for employees in the Group as a whole.
Executive Directors Non-Executive Directors
All Group
Employees
1
Steve Burns Laurence Keen Mel Dickinson
Darren Shapland
(from
1 December
2025) Rachel Addison
Asheeka Hyde
(from 23 June
2025) Julia Porter Ivan Schofield
Peter Boddy
(until
30 September
2025)
Salary/fees FY2024–FY2025 3.0 3.0 3.0 N/A 3.0 N/A 3.0 3.0 N/A 8.8
(Change %) FY2023-FY2024 5.0 5.0 5.0 N/A 5.0 N/A 5.0 5.0 5.0 9.6
FY2022–FY2023 7.5 8.5 13.6 N/A N/A N/A N/A 6.5 4.7 7.4
FY2021–FY2022 5.0 5.3 — N/A N/A N/A N/A 11.3 11.3 10.9
FY2020–FY2021 0.2 0.2 — N/A N/A N/A N/A (1.6) (1.6) 4.2
Taxable benefits FY2024–FY2025 5.7 5.5 11.6 N/A N/A N/A N/A N/A N/A 78.0
(Change %) FY2023-FY2024 (6.6) 0.5 35.2 N/A N/A N/A N/A N/A N/A (6.2)
FY2022–FY2023 (1.7) (1.7) 38.2 N/A N/A N/A N/A N/A N/A 50.5
FY2021–FY2022 1,100 1,074 — N/A N/A N/A N/A N/A N/A (25.0)
FY2020–FY2021 (9.1) (2.4) — N/A N/A N/A N/A N/A N/A (2.5)
Annual bonus FY2024–FY2025 (3.1) (3.0) (35.4) N/A N/A N/A N/A N/A N/A (13.3)
(Change %) FY2023-FY2024 5.0 5.0 5.0 N/A N/A N/A N/A N/A N/A (27.8)
FY2022–FY2023 7.5 8.5 7.5 N/A N/A N/A N/A N/A N/A (28.2)
FY2021–FY2022 100 100 — N/A N/A N/A N/A N/A N/A 392.4
FY2020–FY2021 — — — N/A N/A N/A N/A N/A N/A 496.7
1 ForFY2022andFY2021thisreflectsthechangeinaveragepayforallUKGroupemployeesemployedinbothyears.ForFY2023onwardsthisreflectsallUKGroupemployeesemployedduringtherelevantyear.
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Governance
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Financial
Statements
Annual report on remuneration continued
CEO pay ratio
ThetablebelowshowstheratiobetweenthesingletotalfigureofremunerationoftheCEO for FY2025andthelowerquartile,medianandupperquartilepayofUK employees.
Methodology 25th percentile ratio 50th percentile ratio 75th percentile ratio
Year ended 30 September 2025 Option A 75 74 60
Year ended 30 September 2024 Option A 73 71 59
Year ended 30 September 2023 Option A 72 69 55
Year ended 30 September 2022 Option A 68 63 41
Year ended 30 September 2021 Option A 27 25 22
Year ended 30 September 2020 Option A 50 44 38
Total UK employee pay and benefits figures used to calculate the CEO pay ratio
25th percentile pay
£’000
Median pay
£’000
75th percentile pay
£’000
Salary 22.2 22.4 26.8
Totalemployeepayandbenefits 22.8 23.3 28.6
Notes
1 TheGrouphaschosentheOptionAmethodologytopreparetheCEOpayratiocalculation,asthisisthemoststatisticallyrobustmethod,andisinlinewiththegeneralpreferenceofinstitutionalinvestors.
2 Asratioscouldbeundulyimpactedbyjoinersandleaverswhomaynotparticipateinallremunerationarrangementsintheyearofjoiningandleaving,theCommitteehasexcludedanyemployeenotemployedthroughoutthe
financialyear.
3 Employeepaydataisbasedonfull-timeequivalent(FTE)payforUKemployeesasat30September2025.Foreachemployee,totalpayiscalculatedinlinewiththesinglefiguremethodology(i.e.fixedpayaccruedduringthefinancial
yearandthevalueofperformance-basedincentiveawardsvestinginrelationtotheperformanceyear).Leaversandjoinersareexcluded.Employeesonmaternityorotherextendedleaveareincludedpro-ratafortheirFTEsalary,
benefitsandshort-termincentives.Noothercalculationadjustmentsorassumptionshavebeenmade.
4 CEOpayisperthesingletotalfigureofremunerationfor2025,assetoutinthetableonpage94.
Supporting information for the CEO pay ratio
ThecalculationsusedtodeterminethesefiguresarereflectiveoftheGroup’spaypropositionacrosstheworkforce,asallpayelementshavebeenincludedtoensureequalcomparisons.
ThepayratiohasincreasedslightlythisyearprimarilyduetothemajorityoftheCEO’s package being linked to performance related pay with the LTIP value being linked to share price
performance. There has been no trend over the six years being reported with the pay ratio increasing in some years and decreasing in others. The Committee believes that the pay ratio is
consistentwiththepay,reward,andprogressionpoliciesfortheUK employees taken as a whole.
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Governance
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Financial
Statements
Annual report on remuneration continued
Relative importance of the spend on pay
The table below sets out the relative importance of the spend on pay in FY2024 and FY2025comparedwithotherdisbursements.Allfiguresprovidedaretakenfromtherelevant
Company accounts.
Disbursements
from profit in FY2025
£m
Disbursements
from profit in FY2024
£m
Percentage
change
Profitdistributedbywayofdividend 20.83 26.18 (20.4%)
Overall spend on pay including Executive Directors 65.5 59.4 10.3%
Shareholder voting at General Meetings
The following table shows the results of the advisory vote on the Directors’ Remuneration Report and the binding vote on our Remuneration Policy at our 2025 AGM:
Approval of the Directors’
Remuneration Report (2025 AGM)
Approval of the Directors’
Remuneration Policy (2025 AGM)
Total number of votes % of votes cast Total number of votes % of votes cast
For (including discretionary) 135,612,639 94.23 133,973,334 93.10
Against 8,297,119 5.77 9,928,671 6.90
Votes withheld 15,870 N/A 23,623 N/A
External board appointments
WhereBoardapprovalisgivenforanExecutiveDirectortoacceptanoutsidenon-executivedirectorship,theindividualisentitledtoretainanyfeesreceived.StephenBurnsisNon-Executive
Chair of The Inn Collection for which he receives an annual fee of £76,500.
Composition and terms of reference of the Remuneration Committee
TheBoardhasdelegatedtotheRemunerationCommittee,undertheagreedtermsofreference,responsibilityfortheRemunerationPolicyandfordeterminingspecificremuneration
packagesfortheChair,ExecutiveDirectorsandsuchothersenioremployeesoftheGroupastheBoardmaydeterminefromtimetotime.ThetermsofreferencefortheRemuneration
Committeewerereviewedduringtheyear,andareavailableontheCompany’swebsite,www.hollywoodbowlgroup.com,andfromtheCompanySecretaryattheregisteredoffice.
AllmembersoftheRemunerationCommitteeareNon-ExecutiveDirectors.TheRemunerationCommitteereceivesassistancefromtheChair,CEO,CFO,CPOandCompanySecretary,
whoattendmeetingsbyinvitation,exceptwhenissuesrelatingtotheirownremunerationarebeingdiscussed.TheRemunerationCommitteemetfivetimesduringtheyear.Allmembers
attended each meeting.
Advisers to the Remuneration Committee
Duringthefinancialyear,theCommitteereceivedadvicefromDeloitteonallaspectsoftheRemunerationPolicyfortheExecutiveDirectorsandmembersoftheexecutiveteam.
TheRemunerationCommitteeissatisfiedthattheadvicereceivedfromDeloitteduringtheyearwasobjectiveandindependent.DeloitteisamemberoftheRemunerationConsultants
Group,withthevoluntarycodeofconductofthatbodydesignedtoensurethatobjectiveandindependentadviceisgiventoremunerationcommittees.
During the year to 30 September 2025,feesof£36,240 were paid to Deloitte for its advice to the Committee.
Otherthaninitsroleasremunerationadviser,DeloittehasnootherconnectionwiththeCompanyoranyindividualDirectors.
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Report
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Summary of remuneration policy and implementation in FY2026
Summary of Remuneration Policy and Implementation in FY2026
The key features of the Directors’ Remuneration Policy approved by shareholders at our 2025 AGM,andtheintendedimplementationofthepolicyinFY2026,aresummarisedbelow.Thefull
PolicycanbefoundontheCompany’swebsite,www.hollywoodbowlgroup.com,inthe“Investors”section,under“Reportsandpresentations”,inourFY2024 Annual Report.
Element Operation Opportunity Implementation for FY2026
Base salary Base salaries are normally reviewed annually. When determining
anappropriatelevelofbasesalary,theCommitteeconsiders:
remuneration practices within the Company; the Executive
Directorsexperience,responsibilitiesandperformance;thegeneral
performance of the Company; salary levels within companies of a
similarsizeand/orcomplexity;andtheeconomicenvironment.
Base salaries will normally increase with reference to
the wider employee workforce.
Increases above this level may be awarded in
certaincircumstancesincluding,butnotlimited
to: where there has been an expansion in role or
responsibility;toreflectanExecutiveDirector’s
development or performance in role (e.g. to align a
new hire’s salary with the market over time); where
thereisasignificantchangeintheGroup’ssizeand/
or complexity; or where the current salary level has
fallen behind the market over time.
The Executive Director salaries for FY2026 (effective
from 1 October 2025) are set out below. The overall
average pay increase for the wider workforce in
FY2025 (effective from 1 April 2025) was 6.7%.
Executive Director
FY26
salary
FY25
salary % increase
Stephen Burns £488,974 £479,386 2%
Laurence Keen £320,469 £314,185 2%
MelanieDickinson £189,738 £186,018 2%
Antony Smith will be appointed on a base salary of
£320,000 per annum.
Benefits TheExecutiveDirectorsreceivebenefitswhichinclude,butarenot
limitedto,familyprivatehealthcover,deathinservicelifeassurance,
incomeprotection,insurance,carallowance,andtravelexpensesfor
business related travel (including tax if any).
The maximum will be set at the cost of providing the
benefitsdescribed.
NochangestobenefitsprovisionforFY2026.
Pension The Committee retains discretion to provide pension funding in
the form of a salary supplement or a direct contribution to a
pension scheme.
The maximum Company contribution to pension
funding for Executive Directors is aligned with the
contributionavailabletothemajorityofthewider
employee workforce (currently 5 per cent of base
salary).
No changes to pension provision for FY2026. The
Executive Directors will receive a salary supplement or
a direct contribution to a pension scheme equal to 5%
of salary.
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Summary of remuneration policy and implementation in FY2026 continued
Element Operation Opportunity Implementation for FY2026
Annual bonus The Committee will determine the bonus payable after the year end
basedontheachievementofascorecardoffinancialandnon-
financialmetrics,withatleasthalfofthebonusbeingbasedon
financialperformance.
TheCommitteehasdiscretiontoadjustthevestingoutcomeifitisnot
deemedtobeafairandaccuratereflectionofbusinessperformance,
the performance of the individual or the experience of shareholders or
other stakeholders over the performance period.
WhereanExecutiveDirectorhasmettheshareholdingguideline,
normally the amount earned will be paid fully in cash. Where an
ExecutiveDirectorhasnotmettheshareholdingguideline,normally
50% of the amount earned will be paid in cash and 50% deferred into
shares which vest after two years.
The Committee may award dividend equivalents on deferred share
awards to the extent they vest.
Malusandclawbackprovisionswillapply.
The maximum bonus opportunity is up to 150% of
basesalaryinrespectofafinancialyear.
Up to 25% of maximum may be earned for threshold
performance,with100% earned for maximum
performance.
The maximum bonus opportunity for the CEO will be
150percentofsalary,andfortheCPO 100% of salary
respectively.
AntonySmith,asincomingCFO,willnotparticipatein
the FY2026 bonus. Laurence Keen will not be eligible
for a bonus in respect of services provided as CFO
during FY2026.Instead,hewillparticipateinaFY2026
bonus for his role as CEO of our Canadian business.
The agreed measures and weightings for the FY2026
annual bonus are as follows:
• Groupadjustedprofitbeforetax(preIFRS 16)(70%)
• Customersatisfaction,measuredbasedonGroup
Overall Blended Index (10%)
• TeamMemberengagement
• Safety scorecard (10%)
The Committee considers that the detailed
performance targets for the FY2026 annual bonus
awards are commercially sensitive and that
disclosing precise targets for the annual bonus plan in
advance would not be in shareholder interests. Actual
targets,performanceagainstthem,andtheresulting
awards will be disclosed in the FY2026 Annual Report
so that shareholders can fully assess the basis for any
payouts under the annual bonus plan.
Long-term
incentives
Awardsaregrantedannuallyintheformofnil-costoptionsor
conditionalawardsofshares.Thesewillvestattheendofathree-
yearperiodsubjecttotheExecutiveDirectors’continuedemployment
at the date of vesting and the achievement of the performance
metrics. Afurthertwo-yearholdingperiodwillapplypostvesting.
At least half of the LTIPawardswillbesubjecttofinancialperformance
metrics,withthebalancebasedonnon-financialmetrics.
TheCommitteehasdiscretiontoadjustthevestingoutcomeifitisnot
deemedtobeafairandaccuratereflectionofbusinessperformance,
the performance of the individual or the experience of shareholders or
other stakeholders over the performance period.
The Committee may award dividend equivalents on awards to the
extent they vest.
Malusandclawbackprovisionswillapply.
The maximum LTIP opportunity is up to 200% of base
salaryinrespectofafinancialyear.
Up to 25% of maximum may vest for threshold
performance,with100% vesting for maximum
performance.
The maximum opportunity for FY2026 LTIP awards will
be 150% of salary for the CEO,and100% of salary for
the CPO and incoming CFO.
The awards will vest three years after grant and will be
subjecttoafurthertwo-yearholdingperiod.
LTIPawardswillbesubjecttothefollowing
performance metrics:
• AdjustedEPS (70%)
• Relative Total Shareholder Return (10%)
• Return on centre invested capital (10%)
• UK Emissions ratio for Scope 1 and Scope 2 (10%)
The targets for the FY2026 LTIP awards are set out
below.
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Summary of remuneration policy and implementation in FY2026 continued
Long-term incentive performance targets for FY2026
The following performance targets will apply to the FY2026 LTIP awards:
Measure Description Weighting Targets
Adjusted EPS
1
AdjustedEPSforthefinalyearoftheperformanceperiod–FY2028 70% DetailsoftheThreshold,OnTargetandMaximum
targets for each measure will be disclosed in the
announcement to be made when the awards
are granted.
Relative Total Shareholder
Return (TSR)
Percentage change in share price plus the value of dividends invested on the ex dividend date over the
performance period compared with a FTSE 250 comparator group (excluding investment trusts)
10%
Return on centre invested
capital
EBITDApre-IFRS 16returnonallcentreinvestedcapital(refurbsandnewcentres),excludingmaintenance. 10%
Emissions ratio for Scope 1
and Scope 2
UK intensity ratio (IR) 10%
1 AdjustedEPSisdefinedasstatedintheGroup’saccountsandissubjecttosuchadjustmentsastheBoard,initsdiscretion,determinesarefairandreasonable.Vestingoccursonastraight-linebasisbetweenthresholdandtarget,and
target and max performance.
TheCommitteebelievesthesetargetstobestretchinginthecontextofthebusinessplan,analystconsensusforecastsandthewidereconomicenvironment.
Chair and Non-Executive Directors
ThesummarytablebelowsetsouttheremunerationpackagefortheChairandNon-ExecutiveDirectors.
Operation Implementation for FY2026
Chair and Non-
Executive Directors
The remuneration of the Chair is considered by the Remuneration Committee and
recommendedtotheBoard.TheremunerationforNon-ExecutiveDirectorsissetbythe
ExecutiveDirectorsandNon-ExecutiveChair.
TheChairandNon-ExecutiveDirectorsarepaidabasefee.Additionalfeesmaybepaid
foradditionalresponsibilitiesincluding,butnotlimitedto,chairingcommitteesandSenior
Independent Director responsibilities.
Fees are set with reference to the time commitment and responsibilities expected of the
roles and the market rate.
FeeincreasesfortheChairandNon-ExecutiveDirectorswillnormallybeconsidered
taking into account the general rise in salaries across the wider employee workforce.
Increasesabovethislevelmaybeawardedincertaincircumstancesincluding,but
not limited to: where there has been a material change in time commitment and/or
responsibilities;wherethereisasignificantchangeintheGroup’ssizeand/orcomplexity;
or where there has been a material change in market practice.
TheChairandNon-ExecutiveDirectorsmaybeeligibletoreceivebenefitslinkedtothe
performanceoftheirdutiesincluding,butnotlimitedto,travelcosts.
TheChairandNon-ExecutiveDirectorsdonotparticipateinanyvariableremunerationor
benefitsarrangements.
The Committee approved an increase to the Chair’s fee of 2.0% to £156,362 with effect from
1 October 2025.
TheExecutiveDirectorsandNon-ExecutiveChairapprovedtheincreaseoffeesforthe
Non-ExecutiveDirectorsby2.0% with effect from 1 October 2025.
As set out in the Remuneration Policy approved at the 2025 AGM,theBoardintroducedan
additional fee of £5,000 per annum payable to the Chair of the Audit Committee and Chair
of the Remuneration Committee. The additional fees were not implemented in FY2025,but
the Board has determined that they will be implemented from 1 October 2025.
FY2026 FY2025
Chair fee £156,362 £153,296
NED base fee £56,209 £55,106
Senior Independent Director £5,000 £5,000
Audit Committee Chair £5,000 £5,000
Remuneration Committee Chair £5,000 £5,000
On behalf of the Board
Julia Porter
Chair of the Remuneration Committee
15 December 2025
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Directors’ report
The Directors present their report for the year ended 30 September 2025.
AdditionalinformationwhichisincorporatedbyreferenceintothisDirectors’Report,including
information required in accordance with the Companies Act 2006 and UKLR6.6.1 of the
Financial Conduct Authority’s UK Listing Rules (UKLR),canbelocatedasfollows:
Disclosure Location
Future business developments Strategic Report – pages 3 to 55
Greenhouse gas emissions Sustainability – pages 38 to 41
People,cultureandemployeeengagement Sustainability – pages 18 and 31 to 32
Financialriskmanagementobjectivesand
policies (including hedging policy and use of
financialinstruments)
Note 30 to the Financial Statements – pages 149
and 150
Exposuretopricerisk,creditrisk,liquidityrisk
andcashflowrisk
Details can be found on pages 42 to 49 of the
Strategic Report and note 30 to the Financial
Statements
Detailsoflong-termincentiveschemes Annual report on remuneration – pages 94 to 106
Directors’ responsibilities statement Page 110
Directors’ interests Details can be found on page 98 of the Annual
report on remuneration
s172 Statement Details can be found on pages 50 to 53 of the
Strategic Report
Stakeholder engagement in key decisions Details can be found on pages 50 to 53
Directors
TheDirectorsoftheCompanywhoheldofficeduringtheyearare:
Darren Shapland (appointed 1 December 2024,Non-ExecutiveChairfrom30 January 2025)
StephenBurns(ChiefExecutiveOfficer)
LaurenceKeen(ChiefFinancialOfficer)
MelanieDickinson(ChiefPeopleOfficer)
RachelAddison(Non-ExecutiveDirector)
AsheekaHyde(Non-ExecutiveDirector)(appointed23 June 2025)
JuliaPorter(Non-ExecutiveDirector)
IvanSchofield(Non-ExecutiveDirector)
PeterBoddy(Non-ExecutiveChair)(steppeddownon30 January 2025)
TherolesandbiographiesoftheDirectorsinofficeasatthedateofthisreportaresetouton
pages 67 and 68.TherehavebeennochangestotheDirectorsbetweentheyear-endand
the date of this report. The appointment and replacement of Directors is governed by the
Company’sArticlesofAssociation(asdetailedbelow),theUK Corporate Governance Code
and the Companies Act 2006.
Articles of Association
The rules governing the appointment and replacement of Directors are set out in
the Company’s Articles of Association. The Articles of Association may be amended by
a special resolution of the Company’s shareholders. A copy of the Articles of Association
can be found on the Company’s website: www.hollywoodbowlgroup.com/investors/
corporate-governance.
Results and Dividend
The results for the year are set out in the consolidated income statement on page 118.
TheDirectorsrecommendthepaymentofafinaldividendof9.18 pence per share on
20 February 2026 (with a record date of 30 January 2026)subjecttoapprovalattheAGM
on 29 January 2026.
Share Capital
DetailsoftheCompany’ssharecapital,includingchangesduringtheyear,aresetoutin
note 23 to the Financial Statements. As at 30 September 2025,theCompany’ssharecapital
consisted of 166,851,906 ordinary shares of one pence each.
Ordinaryshareholdersareentitledtoreceivenoticeof,andtoattendandspeakat,any
generalmeetingoftheCompany.Onashowofhands,everyshareholderpresentinperson
or by proxy (or being a corporation represented by a duly authorised representative) shall
haveonevote,andonapolleveryshareholderwhoispresentinpersonorbyproxyshall
have one vote for every share of which he or she is the holder. The Notice of Annual General
Meetingspecifiesdeadlinesforexercisingvotingrightsandappointingaproxyorproxies.
OtherthanthegeneralprovisionsoftheArticlesofAssociation(andprevailinglegislation),
therearenospecificrestrictionsonthesizeofaholdingoronthetransferoftheordinary
shares.
The Directors are not aware of any agreements between holders of the Company’s shares
that may result in the restriction of the transfer of securities or of voting rights. No shareholder
holds securities carrying any special rights or control over the Company’s share capital.
SharesheldbytheCompany’sEmployeeBenefitTrustrankparipassuwiththesharesin
issueandhavenospecialrights,butvotingrightsandrightsofacceptanceofanyoffer
relating to the shares rest with the plan’s Trustees and are not exercisable by employees.
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Directors’ report continued
Authority for the company to purchase its own shares
Subjecttoauthorisationbyshareholderresolution,theCompanymaypurchaseitsown
shares in accordance with the Companies Act 2006. Any shares which have been bought
back may be held as treasury shares or cancelled immediately upon completion of
the purchase.
At the Company’s AGM held on 30 January 2025,theCompanywasgenerallyand
unconditionally authorised by its shareholders to make market purchases (within the
meaning of section 693 of the Companies Act 2006) of up to a maximum of 17,208,385
of its Ordinary shares.
On 18 February 2025,theCompanyannouncedaShareBuybackProgrammeofupto£10m
pursuant to which it bought back and cancelled a total of 3,762,176 of its Ordinary shares
(with a nominal value of £37,621.76) for a total consideration of £10m. On 7 July 2025,the
Company announced a further Share Buyback Programme of up to £5m pursuant to which
it bought back and cancelled a total of 2,002,158 of its Ordinary shares (with a nominal value
of £20,021.58) for a total consideration of £5m.
Accordingly,theCompanyhasanunexpiredauthoritytopurchaseupto11,444,051 Ordinary
shares with a nominal value of £114,440.51.
Directors’ interests
ThenumberofOrdinarysharesoftheCompanyinwhichtheDirectorswerebeneficially
interested as at 30 September 2025 are set out in the Annual Report on Remuneration on
page 98.
Directors’ indemnities
TheCompany’sArticlesofAssociationprovide,subjecttotheprovisionsofUKlegislation,an
indemnityforDirectorsandofficersoftheCompanyandtheGroupinrespectofliabilities
they may incur in the discharge of their duties or in the exercise of their powers.
Directors’ and Officers’ Liability Insurance
Directors’andofficers’liabilityinsurancecoverismaintainedbytheCompanyandisinplace
in respect of all the Company’s Directors at the date of this report. The Company reviews its
level of cover on an annual basis.
Compensation for Loss of Office
The Company does not have any agreements with any Executive Director or employee that
wouldprovidecompensationforlossofofficeoremploymentresultingfromatakeover
except that provisions of the Company share schemes may cause options and awards
outstanding under such schemes to vest on a takeover. Further information is provided in our
Directors’ Remuneration Policy on page 104.
Service agreements and letters of appointment
EachoftheExecutiveDirectors’serviceagreementsisforarollingterm,andmaybe
terminated by the Company or the Executive Director by giving six months’ notice.
Name Position Date of service agreement Notice period by Company and Director
Stephen Burns CEO 24 June 2016 6 months
Laurence Keen CFO 24 June 2016 6 months
MelanieDickinson CPO 21 October 2021 6 months
TheNon-ExecutiveDirectorsoftheCompany(includingtheChair)donothaveservice
contracts,rathertheyareappointedbylettersofappointment.
Theirtermsaresubjecttotheirre-electionbytheCompany’sshareholdersattheAGM
scheduled to be held on 29 January 2026andtore-electionatanysubsequentAGM at
whichtheNon-ExecutiveDirectorsstandforre-election.
ThedetailsofeachNon-ExecutiveDirector’scurrenttermsaresetoutbelow:
Name Date of appointment Commencement current term Unexpired term at 16 December 2026
Darren Shapland 1 December 2024 1 December 2024 2years,0 months
Rachel Addison 1 September 2023 1 September 2023 9 months
Asheeka Hyde 23 June 2025 23 June 2025 2years,6 months
Julia Porter 1 September 2022 1 September 2025 2years,9 months
IvanSchofield 1 October 2017 1 October 2023 10 months
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Financial
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Hollywood Bowl Group plc — Annual Report and Accounts 2025
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Governance
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Financial
Statements
Directors’ report continued
Significant Interests
Thetablebelowshowstheinterestsinshares(whetherdirectlyorindirectlyheld)notified
to the Company in accordance with the Disclosure Guidance and Transparency Rules as
at 30 September 2025 and 15 December 2025 (being the latest practicable date prior to
publication of the Annual Report):
At 30 September 2025 At 15 December 2025
Name of shareholder
Number of
ordinary shares
of 1 pence each
held
Percentage
of total voting
rights held
Number of
ordinary shares
of 1 pence each
held
Percentage
of total voting
rights held
Aberdeen Group plc 16,701,684 10.00% 16,701,684 10.00%
FMR LLC 9,438,500 5.66% 9,438,500 5.66%
Schroders plc 9,092,419 5.44% 9,092,419 5.44%
JPMorganAssetManagement
Holdings Inc. 8,732,438 5.23% 8,732,438 5.23%
GreshamHouseAssetManagement 8,682,128 5.20% 8,682,128 5.20%
AmeripriseFinancial,Inc.andits
group (Columbia Threadneedle) 8,546,984 5.12% 8,546,984 5.12%
Slater Investments Limited 8,404,904 5.04% 8,325,580 4.99%
MetronomeCapitalLLP 8,401,730 5.03% 8,401,730 5.03%
Employee involvement and policy regarding disabled persons
The Group actively encourages employee involvement and consultation and places
emphasisonkeepingitsemployeesinformedoftheGroup’sactivitiesandfinancial
performancebysuchmeansasemployeebriefingsandpublication(viatheGroup’s
intranet) to all staff of relevant information and corporate announcements. The Group also
publishes a weekly staff bulletin. Regular updates on team member engagement activity are
providedtotheBoardbytheChiefExecutiveOfficer,ChiefPeopleOfficerandChiefOperating
Officer.Theseincludedfeedbackfromregularteammemberengagementsessions,
operationaltrainingandinductionsessions.Furtherinformationaboutemployees,including
howtheyareincentivised,canbefoundintheSustainabilitysectiononpages31 and 32.
Applicationsforemploymentbydisabledpersonsarealwaysfullyconsidered,bearingin
mind the aptitudes of the applicant concerned. In the event of a member of staff becoming
disabled,everyeffortismadetoensurethattheiremploymentwiththeGroupcontinuesand
thatappropriatetrainingisarranged.ItisthepolicyoftheGroupthatthetraining,career
developmentandpromotionofadisabledmemberofstaffshould,asfaraspossible,be
identical to that of other employees.
Branches Outside the UK
As at 30 September 2025,theCompanyhas15centresandasupportoffice(inToronto)
in Canada.
Political Donations
The Company did not make any political donations during the year.
Change Of Control – Significant Agreements
Thereareanumberofagreementsthatmaytakeeffectafter,orterminateupon,achange
ofcontroloftheCompany,suchascommercialcontracts,bankloanagreementsand
propertyleasearrangements.Noneoftheseareconsideredtobesignificantintermsoftheir
likely impact on the business as a whole.
Audit Information
EachoftheDirectorsatthedateoftheapprovalofthisreportconfirmsthat:
• sofarastheDirectorisaware,thereisnorelevantauditinformationofwhichthe
Company’s auditors are unaware; and
• the Director has taken all the reasonable steps that he/she ought to have taken as a
Director to make himself/herself aware of any relevant audit information and to establish
that the Company’s auditors are aware of the information.
Theconfirmationisgivenandshouldbeinterpretedinaccordancewiththeprovisionsof
section 418 of the Companies Act 2006.
Auditors
KPMGhasindicateditswillingnesstocontinueinofficeandaresolutionseekingto
re-appointKPMG will be proposed at the forthcoming AGM.
Annual General Meeting
The 2026 AGM of the Company will be held on 29 January 2026 at 9.30am. The notice
conveningthemeeting,togetherwithdetailsofthebusinesstobeconsideredand
explanatorynotesforeachresolution,willbepublishedseparatelyandwillbeavailableon
the Company’s website and distributed to shareholders who have elected to receive hard
copies of shareholder information.
The Strategic Report on pages 3 to 64,theCorporategovernancereportonpages65 to
106andthisDirectors’Reporthavebeendrawnupandpresentedinaccordancewith,
andinrelianceupon,applicableEnglishcompanylawandanyliabilityoftheDirectorsin
connectionwiththesereportsshallbesubjecttothelimitationsandrestrictionsprovided
by such law.
By order of the Board
Laurence Keen
Chief Financial Officer
15 December 2025
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Statement of Director’s responsibilities
The Directors are responsible for preparing the Annual Report and the Group and parent
Companyfinancialstatementsinaccordancewithapplicablelawandregulations.
CompanylawrequirestheDirectorstoprepareGroupandparentCompanyfinancial
statementsforeachfinancialyear.UnderthatlawtheyarerequiredtopreparetheGroup
financialstatementsinaccordancewithUK-adoptedinternationalaccountingstandards
andapplicablelawandhaveelectedtopreparetheparentCompanyfinancialstatements
in accordance with UKaccountingstandardsandapplicablelaw,includingFRS 102 The
Financial Reporting Standard applicable in the UK and Republic of Ireland.
UndercompanylawtheDirectorsmustnotapprovethefinancialstatementsunlessthey
aresatisfiedthattheygiveatrueandfairviewofthestateofaffairsoftheGroupandparent
CompanyandoftheGroup’sprofitorlossforthatperiod.InpreparingeachoftheGroupand
parentCompanyfinancialstatements,theDirectorsarerequiredto:
• select suitable accounting policies and then apply them consistently;
• makejudgementsandestimatesthatarereasonable,relevant,andreliableand,in
respectoftheparentCompanyfinancialstatementsonly,prudent;
• fortheGroupFinancialStatements,statewhethertheyhavebeenpreparedinaccordance
with UK-adoptedinternationalaccountingstandards;
• fortheParentCompanyFinancialStatements,statewhetherapplicableUK accounting
standardshavebeenfollowed,subjecttoanymaterialdeparturesdisclosedand
explained in the Parent Company Financial Statements;
• assesstheGroupandParentCompany’sabilitytocontinueasagoingconcern,disclosing,
asapplicable,mattersrelatedtogoingconcern;and
• use the going concern basis of accounting unless they either intend to liquidate the Group
ortheParentCompanyortoceaseoperations,orhavenorealisticalternativebuttodoso.
TheDirectorsareresponsibleforkeepingadequateaccountingrecordsthataresufficient
toshowandexplaintheparentCompany’stransactions,anddisclosewithreasonable
accuracyatanytimethefinancialpositionoftheparentCompanyandenablethem
toensurethatitsfinancialstatementscomplywiththeCompaniesAct2006. They
are responsible for such internal control as they determine is necessary to enable the
preparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherdue
tofraudorerror,andhavegeneralresponsibilityfortakingsuchstepsasarereasonably
open to them to safeguard the assets of the Group and to prevent and detect fraud and
other irregularities.
Underapplicablelawandregulations,theDirectorsarealsoresponsibleforpreparinga
Strategicreport,Directors’report,Directors’remunerationreportandcorporategovernance
statement that comply with that law and those regulations.
The Directors are responsible for the maintenance and integrity of the corporate and
financialinformationincludedontheCompany’swebsite.LegislationintheUK governing
thepreparationanddisseminationoffinancialstatementsmaydifferfromlegislationin
otherjurisdictions.
In accordance with Disclosure Guidance and Transparency Rule (DTR) 4.1.16R,thefinancial
statementswillformpartoftheannualfinancialreportpreparedunderDTR 4.1.17R and 4.1.18R.
Theauditor’sreportonthesefinancialstatementsprovidesnoassuranceoverwhetherthe
annualfinancialreporthasbeenpreparedinaccordancewiththoserequirements.
ResponsibilitystatementoftheDirectorsinrespectoftheannualfinancialreport
Weconfirmthattothebestofourknowledge:
• theFinancialStatements,preparedinaccordancewiththeapplicablesetofaccounting
standards,giveatrueandfairviewoftheassets,liabilities,financialpositionandprofit
or loss of the Company and the undertakings included in the consolidation taken as a
whole; and
• the Strategic report includes a fair review of the development and performance of the
business and the position of the issuer and the undertakings included in the consolidation
takenasawhole,togetherwithadescriptionoftheprincipalrisksanduncertaintiesthat
they face.
WeconsiderthattheAnnualReportandAccounts,takenasawhole,isfair,balancedand
understandable and provides the information necessary for shareholders to assess the
Group’spositionandperformance,businessmodelandstrategy.
By order of the Board
Stephen Burns Laurence Keen
Chief Executive Officer Chief Financial Officer
15 December 2025 15 December 2025
‘abv’
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1. Our opinion is unmodified
WehaveauditedthefinancialstatementsofHollywoodBowlGroupplc(‘theCompany’)for
the year ended 30 September 2025 which comprise the Consolidated income statement
andstatementofcomprehensiveincome,Consolidatedstatementoffinancialposition,
Consolidatedstatementofchangesinequity,Consolidatedstatementofcashflows,
Companystatementoffinancialposition,Companystatementofchangesinequity,
Companystatementofcashflows,andtherelatednotes,includingtheaccountingpolicies
in note 2.
In our opinion:
• thefinancialstatementsgiveatrueandfairviewofthestateoftheGroup’sandofthe
parent Company’s affairs as at 30 September 2025andoftheGroup’sprofitforthe
year then ended;
• theGroupfinancialstatementshavebeenproperlypreparedinaccordancewith
UK-adoptedinternationalaccountingstandards;
• theparentCompanyfinancialstatementshavebeenproperlypreparedinaccordance
with UKaccountingstandards,includingFRS 102,TheFinancialReportingStandard
applicable in the UK and Republic of Ireland; and
• thefinancialstatementshavebeenpreparedinaccordancewiththerequirementsof
the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs
(UK)”)andapplicablelaw.Ourresponsibilitiesaredescribedbelow.Webelievethattheaudit
evidencewehaveobtainedisasufficientandappropriatebasisforouropinion.Ouraudit
opinion is consistent with our report to the audit committee.
Wewerefirstappointedasauditorbythedirectorson2 June 2016. The period of total
uninterruptedengagementisforthetenfinancialyearsended30 September 2025.
Wehavefulfilledourethicalresponsibilitiesunder,andweremainindependentofthe
Groupinaccordancewith,UK ethical requirements including the FRC Ethical Standard as
appliedtolistedpublicinterestentities.Nonon-auditservicesprohibitedbythatstandard
were provided.
Overview
Materiality:groupfinancial
statements as a whole
£2.4m (2024: £2.35m)
5.34% (2024: 4.9%)ofadjustedprofitbeforetax
Key audit matters vs 2024
Recurring risks Valuationofproperty,plantandequipmentand
rightofuseassetsrelatingtothemini-golfand
combined-usecentres
Recoverability of parent company investment
in subsidiaries
2. Key audit matters: our assessment of risks of material misstatement
Keyauditmattersarethosemattersthat,inourprofessionaljudgement,wereofmost
significanceintheauditofthefinancialstatementsandincludethemostsignificant
assessedrisksofmaterialmisstatement(whetherornotduetofraud)identifiedbyus,
including those which had the greatest effect on: the overall audit strategy; the allocation
of resources in the audit; and directing the efforts of the engagement team. We summarise
below the key audit matters (unchanged from 2024),indecreasingorderofaudit
significance,inarrivingatourauditopinionabove,togetherwithourkeyauditprocedures
toaddressthosemattersand,asrequiredforpublicinterestentities,ourresultsfromthose
procedures.Thesematterswereaddressed,andourresultsarebasedonprocedures
undertaken,inthecontextof,andsolelyforthepurposeof,ourauditofthefinancial
statementsasawhole,andinformingouropinionthereon,andconsequentlyareincidental
tothatopinion,andwedonotprovideaseparateopiniononthesematters.
Independent auditor’s report
To the members of Hollywood Bowl Group plc
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2. Key audit matters: our assessment of risks of material misstatement continued
The risk Our
Valuation of property, plant
and equipment and right of use
assets relating to the golfing and
combined-use centres
Carryingamountofmini-golfand
combined-usecentres(the“centres”)
withinproperty,plantandequipment
of £2.158m (2024: £3.156m) and right of
use assets of £4.252m (2024: £8.125m).
Included within impairment charge:
Impairment charge related to the
centres of £1.059mforproperty,plant
and equipment (2024: £2.808m)
and £1.229m for right of use assets
(2024: £2.508m).
Refer to page 86 (Audit Committee
Report),pages127 and 128 (accounting
policy) and page 137(financial
disclosures).
Forecast based assessment:
TheGrouphassignificantproperty,plantandequipment
(PPE),andrightofuseassetsrecognisedonitsconsolidated
balance sheet.
The estimated recoverable amount of these assets is
subjectiveduetotheinherentuncertaintyinvolvedin
forecastinganddiscountingfuturecashflows.Thekey
assumptions used in the value in use (“VIU”)calculationsfor
estimating the recoverable amount are expected revenues
andcostsintheshort-termcashflowforecasts,thelong-term
growth rate and the discount rate.
The centres have performed below budget for four years
resulting in material impairment charges being recorded in the
three previous years.
Followingtheimpairmentchargesrecordedinpreviousyears,
the degree of estimation uncertainty associated with the
value in use of the centres is reduced in the current year. In
conductingourfinalauditwork,wehaveassessedthedegree
of estimation uncertainty to be further reduced because of the
additional impairment charges recorded in the current year.
Assuch,thecarryingamountofthecentresarenolongerat
ahighriskofsignificantmisstatementorsubjecttosignificant
judgement.However,duetotheimpairmentchargesandthe
relativesignificanceofthecarryingamountofthecentresto
thefinancialstatementsandthetimeinvolvedinevaluating
theimpairmentassessments,thisisconsideredtobethearea
that had the greatest effect on our overall group audit.
Thefinancialstatements(note12) disclose the impairment
chargerecognisedforthecentres,alongwiththekey
assumptions applied in the impairment assessment.
We performed the detailed tests below rather than seek to rely on any of the group’s controls because
the nature of the balance is such that we would expect to obtain audit evidence primarily through the
detailed procedures described.
Our procedures included:
• Re-performance:Were-performedthecalculationsthatmanagementperformedindetermining
the VIU of each cash generating unit and compared data used in the model against source
information,whenapplicable.
• Our experience:Forthecentreswhereindicationsofimpairmentexisted,weevaluatedthe
assumptionsusedintheforecastsandplansbymanagement,inparticularthoserelatingtoEBITDA
growth for the centres (revenue and costs). We also challenged management as to the achievability
oftheirforecastsandbusinessplan,takingintoaccountthehistoricalaccuracyofpreviousforecasts,
widermarketfactors(suchasmarketexpectationoftheGroup’sperformance)andotherspecific
evidence to support the assumptions.
• Benchmarking assumptions: We compared management’s assumptions to externally derived data
inrelationtokeyassumptionssuchasrevenuegrowth,longtermgrowthrates,costinflationand
discount rates.
• Sensitivity analysis: We performed sensitivity analysis to stress test the key assumptions noted
above,beingrevenuegrowth,thelongtermgrowthrate,costinflationanddiscountrates.
• Assessing disclosures: We also assessed whether the Group’s disclosures about the sensitivity of the
outcomeoftheimpairmentassessmenttochangesinkeyassumptionsreflectedtherisksinherentin
the carrying amount of PPE and right of use assets for the cash generating units of the centres.
Our results
Wefoundthecarryingamountoftheproperty,plantandequipmentandrightofuseassetsofthe
centrecashgeneratingunits,andtherelatedimpairmentcharge,tobeacceptable(2024: acceptable).
Recoverability of parent Company’s
investment in subsidiaries
Investments of £96.9m (2024: £87.6m).
Refer to page 154 (accounting policy)
and page 156(financialdisclosures).
Low Risk – High value:
The carrying amount of the parent Company investments
in subsidiaries represent 38% (2024: 52%) of the parent
company’s total assets. Their recoverability is not at a high
riskofsignificantmisstatementorsubjecttosignificant
judgement.However,duetotheirmaterialityinthecontextof
theparentCompanyfinancialstatements,thisisconsideredto
be the area that had the greatest effect on our overall parent
Company audit.
We performed the detailed tests below rather than seeking to rely on any of the group’s controls
because the nature of the balance is such that we would expect to obtain audit evidence primarily
through the detailed procedures described.
Our procedures included:
• Tests of detail: Comparing the carrying amount of investments to the net assets of the relevant
subsidiariesincludedwithintheGroupconsolidation,toidentifywhetherthenetassetvalue,being
anapproximationoftheirminimumrecoverableamount,wasinexcessoftheircarryingamountof
investmentsandassessingwhetherthosesubsidiarieshavehistoricallybeenprofit-making.
• Comparing valuations: Where carrying amount of investments exceeded the net asset value of the
relevantsubsidiary,comparingthecarryingamountofinvestmentswiththeexpectedvalueofthe
business based on a value in use model for the subsidiary.
Our results
We found the Group’s assessment of the recoverability of the parent company’s investment in
subsidiaries to be acceptable (2024: acceptable).
Independent auditor’s report continued
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Intotal,weidentifiedninecomponents,havingconsideredtheGroup’soperationalandlegal
structure,geographicallocationsandourabilitytoperformauditprocedurescentrally.
3. Our application of materiality and an overview of the scope of our audit
Our application of materiality
MaterialityfortheGroupfinancialstatementsasawholewassetat£2.4m (2024: £2.35m),
determinedwithreferencetoabenchmarkofprofitbeforetaxadjustedforitemsdescribed
below,of£0.6m of which it represents 5.34% (2024: £5.3m determined with reference to
adjustedprofitbeforetax,ofwhichitrepresents4.9%).Theitemsweadjustedforin2025 were
theimpairmentofproperty,plantandequipmentandrightofuseassetsdisclosedinnotes
12 and 13 respectively and insurance settlement disclosed in note 5.Weadjustedforthese
items because we do not consider they represent the continuing operations of the group.
MaterialityfortheparentCompanyfinancialstatementsasawholewassetat£1.05m
(2024: £1.05m),determinedwithreferencetoabenchmarkofparentCompanytotalassets
(2024: parent company total assets) of which it represents 0.41% (2024: 0.62%).
Inlinewithourauditmethodology,ourproceduresonindividualaccountbalancesand
disclosureswereperformedtoalowerthreshold,performancemateriality,soastoreduceto
an acceptable level the risk that individually immaterial misstatements in individual account
balancesadduptoamaterialamountacrossthefinancialstatementsasawhole.
Performance materiality was set at 75% (2024: 75%)ofmaterialityforthefinancialstatements
asawhole,whichequatesto£1.8m (2024: £1.76m) for the group and £0.79m (2024: £0.79m)
for the parent Company. We applied this percentage in our determination of performance
materiality because we did not identify any factors indicating an elevated level of risk.
WeagreedtoreporttotheAuditCommitteeanycorrectedoruncorrectedidentified
misstatements exceeding £120,000 (2024: £117,500),inadditiontootheridentified
misstatements that warranted reporting on qualitative grounds.
Overview of the scope of our audit
Thisyear,weappliedtherevisedgroupauditingstandardinourauditoftheconsolidated
financialstatements.Therevisedstandardchangeshowanauditorapproachesthe
identificationofcomponents,andhowtheauditproceduresareplannedandexecuted
across components.
Inparticular,thedefinitionofacomponenthaschanged,shiftingthefocusfromhowthe
entitypreparesfinancialinformationtohowwe,asthegroupauditor,plantoperformaudit
procedurestoaddressgrouprisksofmaterialmisstatement.Similarly,thegroupauditorhas
an increased role in designing the audit procedures as well as making decisions on where
these procedures are performed (centrally and/or at component level) and how these
procedures are executed and supervised. Asaresult,weassessscopingandcoverageina
differentwayandcomparisonstopriorperiodcoveragefiguresarenotmeaningful.Inthis
report we provide an indication of scope coverage on the new basis.
We performed risk assessment procedures to determine which of the Group’s components
arelikelytoincluderisksofmaterialmisstatementtotheGroupfinancialstatementsand
which procedures to perform at these components to address those risks.
Independent auditor’s report continued
Adjusted Group profit before tax
£44.9m (2024: £48.1m)
Group materiality
£2.4m (2024: £2.35m)
£2.4m
Wholefinancialstatementsmateriality(2024: £2.35m)
£1.8m
Wholefinancialstatementsperformancemateriality
(2024: £1.76m)
£2.16m
Range of materiality at 2 components (£0.96m–£2.16m)
(2024: £0.94m to £2.115m)
£120,000
Misstatementsreportedtotheauditcommittee
(2024: £117,500)
AdjustedPBT
Group materiality
Ofthose,weidentifiedtwoquantitativelysignificantcomponentswhichcontainedthe
largestpercentagesofeithertotalrevenueortotalassetsoftheGroup,forwhichwe
performed audit procedures.
The Group audit team performed audit procedures on one component. We involved
component auditors on one component. We performed audit procedures on the items
excludedfromtheadjustedprofitbeforetaxusedasthebenchmarkforourmateriality.We
setthecomponentmaterialities,rangingfrom£0.96m to £2.16m,havingregardtosizeand
riskprofile.
Our audit procedures covered 98% of Group revenue.
We performed audit procedures in relation to components that accounted for 93% of Group
totalprofitsandlossesthatmakeupGroupprofitbeforetaxand99% of Group total assets.
The Group auditor performed the audit of the parent Company.
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4. The impact of climate change on our audit
Inplanningouraudit,wehaveconsideredthepotentialimpactofrisksarisingfromclimate
changeontheGroup’sbusinessanditsfinancialstatements.TheGrouphassetoutits
ambitionforreducingtheenvironmentalimpactofitsoperations,includingincreasingon
sitegenerationofrenewableelectricityanddrivingenergyuseefficiencythroughoutits
operations. Further information is provided in the Group’s Sustainability Overview on pages
27 to 37andtheTaskForceandClimate-relatedFinancialDisclosureStatementonpages56
to 64.
ClimatechangeriskscouldhaveanimpactontheGroup’sbusinessandoperations,
includingchangingcustomerbehaviours,businessinterruption,introductionofcostsof
carbontaxes,transitioningtoreducedenergyusageandchangingenergysources.
Aspartofouraudit,wehavemadeenquiriesofmanagementtounderstandthepotential
impactofclimatechangeriskontheGroup’sfinancialstatementsandtheGroup’s
preparedness for this. We have performed a risk assessment of how the impact of climate
changemayaffectthefinancialstatementsandouraudit.Therewasnosignificantimpact
ofthisonourkeyauditmatters.Basedontheproceduresperformed,wedidnotidentify
anysignificantriskofclimatechangehavingamaterialimpactontheGroup’saccounting
estimates in this period.
We have also read the Group’s disclosures of climate related information in the front half
oftheannualreport,assetoutonpages27 to 64. We have not been engaged to provide
assurance over the accuracy of these disclosures.
5. Going concern
Thedirectorshavepreparedthefinancialstatementsonthegoingconcernbasisastheydo
notintendtoliquidatetheGrouportheparentCompanyortoceasetheiroperations,andas
theyhaveconcludedthattheGroup’sandtheparentCompany’sfinancialpositionmeans
that this is realistic. They have also concluded that there are no material uncertainties that
couldhavecastsignificantdoubtovertheirabilitytocontinueasagoingconcernforatleast
ayearfromthedateofapprovalofthefinancialstatements(“thegoingconcernperiod”).
WeusedourknowledgeoftheGroup,itsindustry,andthegeneraleconomicenvironmentto
identify the inherent risks to its business model and analysed how those risks might affect the
Group’sandparentCompany’sfinancialresourcesorabilitytocontinueoperationsoverthe
going concern period. The risk that we considered most likely to adversely affect the Group’s
andparentCompany’savailablefinancialresourcesisthedemandfortheGroup’sservices
beingadverselyimpactedbycurrenteconomicforecasts,andthepotentialconsequent
erosion of real disposable incomes.
We considered whether these risks could plausibly affect the liquidity in the going concern
periodbyassessingthedegreeofdownsideassumptionthat,individuallyandcollectively,
couldresultinaliquidityissue,takingintoaccounttheGroup’scurrentandprojectedcash
and facilities (a reverse stress test).
3. Our application of materiality and an overview of the scope of our audit continued
Impact of controls on our group audit
WeidentifiedthecentralfinancesystemtobethemainIT system relevant to our audit.
We used our IT auditors to assist us in obtaining an understanding of this IT system.
Wetookapredominantlysubstantiveapproachinallareasoftheaudit,includinginrelation
tojournals,consideringtheefficiencyandeffectivenessofapproachestogainingthe
appropriateauditevidence,aswellasinformalitiesrelatedtoITcontrolsthatweidentified
as part of our risk assessment procedures.
Givenwedidnotrelyuponcontrolsintheseareas,weperformedadditionalsubstantive
testingtorespondtocertainrisksidentified.Thisincludeddirectmanualtestingoverthe
completenessandreliabilityofdatausedinourdata-orientatedapproachovertesting
journalsandrevenueandexpandedthescopeofoursubstantivetestingtorespondtothe
riskofmanagementoverrideofcontrolstoconsiderbothautomatedandmanualjournals.
Group auditor oversight
AspartofestablishingtheoverallGroupauditstrategyandplan,weconductedtherisk
assessment and planning discussion meetings with component auditors to discuss Group
audit risks relevant to the component.
Video and telephone conference meetings was also held with the component auditor.
Atthesemeetings,theresultsoftheplanningproceduresandfurtherauditprocedures
communicatedtouswasdiscussedinmoredetail,andanyfurtherworkrequiredbyuswas
then performed by the component auditor.
We inspected the work performed by the component auditor for the purpose of the Group
audit and evaluated the appropriateness of conclusions drawn from the audit evidence
obtainedandconsistenciesbetweencommunicatedfindingsandworkperformed,witha
particular focus on revenue and management override of controls.
Independent auditor’s report continued
Group revenue
98%
Our audit procedures
covered the following
percentage of
Group revenue:
We performed audit procedures in relation to components
that accounted for the following percentages of Group total
profitsandlossesthatmakeupGroupprofitbeforetaxand
Group total assets:
Group total assets
99%
Group total profits and losses that
make up Group profit before tax
93%
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We considered whether the going concern disclosure in note 2tothefinancialstatements
givesafullandaccuratedescriptionoftheDirectors’assessmentofgoingconcern,including
theidentifiedrisksand,dependencies,andrelatedsensitivities.
Our conclusions based on this work:
• we consider that the directors’ use of the going concern basis of accounting in the
preparationofthefinancialstatementsisappropriate;
• wehavenotidentified,andconcurwiththedirectors’assessmentthatthereisnot,a
materialuncertaintyrelatedtoeventsorconditionsthat,individuallyorcollectively,may
castsignificantdoubtontheGroup’sorparentCompany’sabilitytocontinueasagoing
concern for the going concern period;
• we have nothing material to add or draw attention to in relation to the directors’
statement in note 2tothefinancialstatementsontheuseofthegoingconcernbasis
ofaccountingwithnomaterialuncertaintiesthatmaycastsignificantdoubtoverthe
GroupandparentCompany’suseofthatbasisforthegoingconcernperiod,andwe
found the going concern disclosure in note 2 to be acceptable; and
• the related statement under the Listing Rules set out on page 54 is materially consistent
withthefinancialstatementsandourauditknowledge.
However,aswecannotpredictallfutureeventsorconditionsandassubsequenteventsmay
resultinoutcomesthatareinconsistentwithjudgementsthatwerereasonableatthetime
theyweremade,theaboveconclusionsarenotaguaranteethattheGrouportheparent
company will continue in operation.
6. Fraud and breaches of laws and regulations – ability to detect
Identifying and responding to risks of material misstatement due to fraud
Toidentifyrisksofmaterialmisstatementduetofraud(“fraudrisks”)weassessedevents
or conditions that could indicate an incentive or pressure to commit fraud or provide an
opportunity to commit fraud. Our risk assessment procedures included:
• Enquiringofdirectors,theauditcommittee,internalauditandinspectionofpolicy
documentationastotheGroupandtheparentCompany’shigh-levelpoliciesand
procedurestopreventanddetectfraud,includingtheinternalauditfunction,andthe
GroupandtheparentCompany’schannelfor“whistleblowing”,aswellaswhetherthey
haveknowledgeofanyactual,suspectedorallegedfraud.
• Reading Board minutes.
• Considering remuneration incentive schemes and performance targets for
management including the EPS target for management remuneration under the
Long Term Investment Plan scheme.
• Using analytical procedures to identify any unusual or unexpected relationships.
Wecommunicatedidentifiedfraudrisksthroughouttheauditteamandremainedalert
to any indications of fraud throughout the audit. This included communication from the
GroupauditortocomponentauditorofrelevantfraudrisksidentifiedattheGroupleveland
requestingcomponentauditortoreporttotheGroupauditoranyidentifiedfraudriskfactors
oridentifiedorsuspectedinstancesoffraud.
Asrequiredbyauditingstandards,andtakingintoaccountpossiblepressurestomeetprofit
targetsandouroverallknowledgeofthecontrolenvironment,weperformproceduresto
addresstheriskofmanagementoverrideofcontrols,inparticulartheriskthatGroupand
component management may be in a position to make inappropriate accounting entries.
On this audit we do not believe there is a fraud risk related to revenue recognition because
of the limited opportunity due to the high correlation to cash.
We did not identify any additional fraud risks.
We also performed procedures including:
• Identifyingjournalentriesandotheradjustmentstotestforallfullscopecomponentsbased
onriskcriteriaandcomparingtheidentifiedentriestosupportingdocumentation.These
included those posted by senior management and those posted to unusual accounts.
• Assessingwhetherthejudgementsmadeinmakingaccountingestimatesareindicative
of a potential bias.
Identifying and responding to risks of material misstatement due to non-compliance
with laws and regulations
Weidentifiedareasoflawsandregulationsthatcouldreasonablybeexpectedtohave
amaterialeffectonthefinancialstatementsfromourgeneralcommercialandsector
experience and through discussion with the directors and other management (as required
byauditingstandards),anddiscussedwiththedirectorsandothermanagementthe
policies and procedures regarding compliance with laws and regulations.
AstheGroupisregulated,ourassessmentofrisksinvolvedgaininganunderstanding
of the control environment including the entity’s procedures for complying with
regulatory requirements.
Wecommunicatedidentifiedlawsandregulationsthroughoutourteamandremainedalert
toanyindicationsofnon-compliancethroughouttheaudit.Thisincludedcommunication
fromtheGroupauditortothecomponentauditorofrelevantlawsandregulationsidentified
attheGrouplevel,andarequestforcomponentauditorstoreporttotheGroupauditteam
anyinstancesofnon-compliancewithlawsandregulationsthatcouldgiverisetoamaterial
misstatement at the Group level.
Thepotentialeffectoftheselawsandregulationsonthefinancialstatements
varies considerably.
Independent auditor’s report continued
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Ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhether,based
onourfinancialstatementsauditwork,theinformationthereinismateriallymisstatedor
inconsistentwiththefinancialstatementsorourauditknowledge.Basedsolelyonthat
workwehavenotidentifiedmaterialmisstatementsintheotherinformation.
Strategic report and directors’ report
Based solely on our work on the other information:
• wehavenotidentifiedmaterialmisstatementsinthestrategicreportandthe
directors’ report;
• inouropiniontheinformationgiveninthosereportsforthefinancialyearisconsistent
withthefinancialstatements;and
• in our opinion those reports have been prepared in accordance with the Companies
Act 2006.
Directors’ remuneration report
In our opinion the part of the Directors’ Remuneration Report to be audited has been properly
prepared in accordance with the Companies Act 2006.
Disclosures of emerging and principal risks and longer-term viability
We are required to perform procedures to identify whether there is a material inconsistency
between the directors’ disclosures in respect of emerging and principal risks and the viability
statement,andthefinancialstatementsandourauditknowledge.
Basedonthoseprocedures,wehavenothingmaterialtoaddordrawattentiontoin
relation to:
• thedirectors’confirmationwithintheviabilitystatementonpages54 and 55 that they
have carried out a robust assessment of the emerging and principal risks facing the
Group,includingthosethatwouldthreatenitsbusinessmodel,futureperformance,
solvency and liquidity;
• the principal risks disclosures describing these risks and how emerging risks are
identified,andexplaininghowtheyarebeingmanagedandmitigated;and
• the directors’ explanation in the viability statement of how they have assessed the
prospectsoftheGroup,overwhatperiodtheyhavedonesoandwhytheyconsidered
thatperiodtobeappropriate,andtheirstatementastowhethertheyhaveareasonable
expectation that the Group will be able to continue in operation and meet its liabilities
astheyfalldueovertheperiodoftheirassessment,includinganyrelateddisclosures
drawingattentiontoanynecessaryqualificationsorassumptions.
Wearealsorequiredtoreviewtheviabilitystatement,setoutonpages54 and 55 under the
ListingRules.Basedontheaboveprocedures,wehaveconcludedthattheabovedisclosures
aremateriallyconsistentwiththefinancialstatementsandourauditknowledge.
6. Fraud and breaches of laws and regulations – ability to detect continued
Identifying and responding to risks of material misstatement due to non-compliance
with laws and regulations continued
Firstly,theGroupissubjecttolawsandregulationsthatdirectlyaffectthefinancialstatements
includingfinancialreportinglegislation(includingrelatedcompanieslegislation),distributable
profitslegislationandtaxationlegislationandweassessedtheextentofcompliancewith
theselawsandregulationsaspartofourproceduresontherelatedfinancialstatementitems.
Secondly,theGroupissubjecttomanyotherlawsandregulationswheretheconsequences
ofnon-compliancecouldhaveamaterialeffectonamountsordisclosuresinthefinancial
statements,forinstancethroughtheimpositionoffines,litigationorthelossoftheGroup’s
licensetooperate.Weidentifiedthefollowingareasasthosemostlikelytohavesuch
aneffect:dataprotection,healthandsafety,employmentlaw,foodsafetyandlicensing
(Licensing Act and Gaming Act) recognising the nature of the Group’s activities.
Auditingstandardslimittherequiredauditprocedurestoidentifynon-compliancewith
these laws and regulations to enquiry of the directors and inspection of regulatory and legal
correspondence,ifany.
Therefore,ifabreachofoperationalregulationsisnotdisclosedtousorevidentfrom
relevantcorrespondence,anauditwillnotdetectthatbreach.
We assessed the disclosures in note 10oftheparentCompanyfinancialstatementsrelated
to a technical issue in respect of a dividend payment and compared to our knowledge
based on our discussion with company’s legal advisors.
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owingtotheinherentlimitationsofanaudit,thereisanunavoidableriskthatwemaynot
havedetectedsomematerialmisstatementsinthefinancialstatements,eventhoughwe
have properly planned and performed our audit in accordance with auditing standards. For
example,thefurtherremovednon-compliancewithlawsandregulationsisfromtheevents
andtransactionsreflectedinthefinancialstatements,thelesslikelytheinherentlylimited
procedures required by auditing standards would identify it.
Inaddition,aswithanyaudit,thereremainedahigherriskofnon-detectionoffraud,asthese
mayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideof
internal controls. Our audit procedures are designed to detect material misstatement. We
arenotresponsibleforpreventingnon-complianceorfraudandcannotbeexpectedto
detectnon-compliancewithalllawsandregulations.
7. We have nothing to report on the other information in the Annual Report
The directors are responsible for the other information presented in the Annual Report
togetherwiththefinancialstatements.Ouropiniononthefinancialstatementsdoesnot
covertheotherinformationand,accordingly,wedonotexpressanauditopinionor,except
asexplicitlystatedbelow,anyformofassuranceconclusionthereon.
Independent auditor’s report continued
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9. Respective responsibilities
Directors’ responsibilities
As explained more fully in their statement set out on page 110,theDirectorsareresponsible
for:thepreparationofthefinancialstatementsincludingbeingsatisfiedthattheygiveatrue
and fair view; such internal control as they determine is necessary to enable the preparation
offinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudor
error;assessingtheGroupandparentCompany’sabilitytocontinueasagoingconcern,
disclosing,asapplicable,mattersrelatedtogoingconcern;andusingthegoingconcern
basis of accounting unless they either intend to liquidate the Group or the parent Company
ortoceaseoperations,orhavenorealisticalternativebuttodoso.
Auditor’s responsibilities
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatements
asawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissue
ouropinioninanauditor’sreport.Reasonableassuranceisahighlevelofassurance,but
does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect
amaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandare
consideredmaterialif,individuallyorinaggregate,theycouldreasonablybeexpectedto
influencetheeconomicdecisionsofuserstakenonthebasisofthefinancialstatements.
A fuller description of our responsibilities is provided on the FRC’s website at
www.frc.org.uk/auditorsresponsibilities.
TheCompanyisrequiredtoincludethesefinancialstatementsinanannualfinancialreport
prepared under Disclosure Guidance and Transparency Rule 4.1.17R and 4.1.18R. This auditor’s
reportprovidesnoassuranceoverwhethertheannualfinancialreporthasbeenpreparedin
accordance with those requirements.
10. The purpose of our audit work and to whom we owe our responsibilities
ThisreportismadesolelytotheCompany’smembers,asabody,inaccordancewith
Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that
we might state to the Company’s members those matters we are required to state to them
inanauditor’sreportandfornootherpurpose.Tothefullestextentpermittedbylaw,wedo
not accept or assume responsibility to anyone other than the Company and the Company’s
members,asabody,forourauditwork,forthisreport,orfortheopinionswehaveformed.
Matthew Radwell (Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants
20 Station Road,
Cambridge,
CB1 2JD
15 December 2025
Our work is limited to assessing these matters in the context of only the knowledge
acquiredduringourfinancialstatementsaudit.As we cannot predict all future events or
conditions and as subsequent events may result in outcomes that are inconsistent with
judgementsthatwerereasonableatthetimetheyweremade,theabsenceofanythingto
report on these statements is not a guarantee as to the Group’s and parent company’s
longer-termviability.
Corporate governance disclosures
We are required to perform procedures to identify whether there is a material inconsistency
betweenthedirectors’corporategovernancedisclosuresandthefinancialstatementsand
our audit knowledge.
Basedonthoseprocedures,wehaveconcludedthateachofthefollowingismaterially
consistentwiththefinancialstatementsandourauditknowledge:
• thedirectors’statementthattheyconsiderthattheannualreportandfinancial
statementstakenasawholeisfair,balancedandunderstandable,andprovidesthe
informationnecessaryforshareholderstoassesstheGroup’spositionandperformance,
business model and strategy;
• thesectionoftheannualreportdescribingtheworkoftheAuditCommittee,including
thesignificantissuesthattheAuditCommitteeconsideredinrelationtothefinancial
statements,andhowtheseissueswereaddressed;and
• the section of the annual report that describes the review of the effectiveness of the
Group’s risk management and internal control systems.
We are required to review the part of the Corporate Governance Compliance Statement
relating to the Group’s compliance with the provisions of the UK Corporate Governance Code
specifiedbytheListingRulesforourreview.Wehavenothingtoreportintheserespects.
8. We have nothing to report on the other matters on which we are required to report
by exception
Under the Companies Act 2006,wearerequiredtoreporttoyouif,inouropinion:
• adequateaccountingrecordshavenotbeenkeptbytheparentCompany,orreturns
adequate for our audit have not been received from branches not visited by us; or
• theparentCompanyfinancialstatementsandthepartoftheDirectors’Remuneration
Report to be audited are not in agreement with the accounting records and returns; or
• certaindisclosuresofdirectors’remunerationspecifiedbylawarenotmade;or
• we have not received all the information and explanations we require for our audit.
We have nothing to report in these respects.
Independent auditor’s report continued
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Hollywood Bowl Group plc — Annual Report and Accounts 2025118Strategic Governance Financial
ReportReportStatements
Consolidated income statement and statement of comprehensive income
Year ended 30 September 2025
Adjusting items
1
Before adjusting items Adjusting items (note 5) Total
Before adjusting items
1
(note 5) Total
30 September 2025 30 September 2025 30 September 2025 30 September 2024 30 September 2024 30 September 2024
Note£’000£’000£’000 £’000£’000£’000
Revenue
3
250,662
—
250,662
230, 399
—
23 0,399
Cost of goods sold
(4 1 , 8 5 1)
—
(4 1 , 8 5 1)
(3 9 , 1 7 8)
—
(3 9 , 17 8)
Centre staff costs
(5 1 , 8 4 3)
—
(5 1 , 8 4 3)
(4 5 , 7 2 3)
—
(4 5 , 7 2 3)
Gross profit
156,9 68
—
156,968
145,498
—
1 45,498
Other income
—
1 ,613
1 ,613
—
607
607
Administrative expenses
6
(97,616)
(2 , 74 1)
(1 0 0, 3 57)
(84,853)
(7, 74 6)
(9 2 , 5 9 9)
Operating profit
59,3 52
(1 , 1 2 8)
58, 224
60,64 5
(7, 1 3 9)
53 ,506
Finance income
9
827
—
827
1 ,722
—
1,72 2
Finance expenses
9
(14 , 1 87)
(5 8 0)
(1 4 ,7 67)
(1 2 , 0 4 0)
(4 3 0)
(1 2 , 4 70)
Profit before tax
45,992
(1 , 7 0 8)
44, 284
50, 327
(7, 5 6 9)
42 ,758
Tax charge
10
(9 , 2 8 3)
(3 9 2)
(9,675)
(1 2 , 7 0 0)
(14 8)
(1 2 , 8 4 8)
Profit for the year attributable to equity shareholders
3 6,709
(2 , 1 0 0)
34,609
3 7, 6 2 7
(7, 7 1 7)
29,91 0
Other comprehensive income
Retranslation loss of foreign currency denominated operations
(1 , 2 6 1)
—
(1 , 2 6 1)
(1 , 0 5 7)
—
(1 , 0 57)
Total comprehensive income for the year attributable to
equity shareholders
35,448
(2 , 1 0 0)
3 3,348
36,57 0
(7, 7 1 7)
28 ,853
Basic earnings per share (pence)
11
20. 28
1 7. 4 2
Diluted earnings per share (pence)
11
2 0.14
17 .31
1
TheDirectorshavereviewedtheirdefinitionofadjustingitemsintheFinancialStatementsandhavenowdisclosedimpairmentwithinadjustingitems.Comparativeshavealsobeenre-presented.Seenote5.
The accompanying notes on pages 122 to 150 form an integral part of these Financial Statements.
Consolidated statement of financial position
As at 30 September 2025
30 September 2025 30 September 2024
Note£’000£’000
ASSETS
Non-current assets
Property,plantandequipment
12
121 ,737
101, 936
Right-of-useassets
13
186,7 17
172 ,767
Goodwill and intangible assets
14
99,336
100, 323
Deferred tax asset
22
849
51 8
408 ,639
375 ,54 4
Current assets
Cash and cash equivalents
16
15,1 89
28 ,702
Trade and other receivables
17
9,6 33
9 ,420
Corporation tax receivable
2 ,208
1, 268
Inventories
18
3 ,553
2 ,897
3 0,583
42 , 287
Total assets
439,22 2
417,831
LIABILITIES
Current liabilities
Trade and other payables
19
35,063
30 ,427
Lease liabilities
13
15 ,131
14 ,231
50,194
44 ,658
Non-current liabilities
Other payables
19
5, 706
7, 1 1 6
Lease liabilities
13
22 0,662
204 ,011
Deferred tax liability
22
5 ,552
3 ,993
Provisions
20
5,820
5,84 8
2 3 7, 74 0
220, 968
Total liabilities
2 8 7, 9 3 4
265, 626
NET ASSETS
151, 28 8
152 , 20 5
Equity attributable to shareholders
Share capital
23
1 ,668
1,72 1
Share premium
24
39,7 16
39,716
Capital redemption reserve
24
59
1
Mergerreserve
24
(4 9 , 8 9 7)
(4 9 , 8 9 7)
Foreign currency translation reserve
24
(2 , 4 51)
(1 , 1 9 0)
Retained earnings
24
162 ,193
161 ,8 54
TOTAL EQUITY
151, 28 8
152 , 20 5
The accompanying notes on pages 122
to 150 form an integral part of these
Financial Statements.
These Financial Statements were
approved by the Board of Directors
on 15 December 2025.
Signed on behalf of the Board by:
Laurence Keen
Chief Financial Officer
Company registration number 10229630
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Statements
Capital
Share redemption Share Merger Foreign currency Retained
capital reserve premium reserve translation reserve earnings Total
£’000£’000£’000£’000£’000£’000£’000
Equity at 30 September 2023
1,7 17
—
39,716
(4 9 , 8 9 7)
(1 3 3)
156, 537
1 4 7, 9 4 0
Shares issued during the year
5
—
—
—
—
—
5
Share buy back
(1)
1
—
—
—
(3 79)
(3 7 9)
Dividends paid (note 31)
—
—
—
—
—
(26,180)
(26,180)
Share-basedpayments(note28)
—
—
—
—
—
1 ,782
1 ,782
Deferredtaxonshare-basedpayments
—
—
—
—
—
184
184
Retranslation of foreign currency denominated
operations
—
—
—
—
(1 , 0 5 7)
—
(1 ,0 5 7)
Profitfortheyear
—
—
—
—
—
29,910
29, 910
Equity at 30 September 2024
1,721
1
39,716
(4 9 , 8 9 7)
(1 , 1 9 0)
1 61, 854
152 , 20 5
Shares issued during the year
5
—
—
—
—
—
5
Share buy back
(5 8)
58
—
—
—
(15,151)
(15,151)
Dividends paid (note 31)
—
—
—
—
—
(20,827)
(20,827)
Share-basedpayments(note28)
—
—
—
—
—
1 ,798
1 ,798
Deferredtaxonshare-basedpayments
—
—
—
—
—
(9 0)
(9 0)
Retranslation of foreign currency denominated
operations
—
—
—
—
(1 , 2 6 1)
—
(1 , 2 6 1)
Profitfortheyear
—
—
—
—
—
34,609
34 ,609
Equity at 30 September 2025
1,668
59
39,716
(4 9 , 8 9 7)
(2 , 4 5 1)
162 ,193
151 ,2 88
The accompanying notes on pages 122 to 150 form an integral part of these Financial Statements.
Consolidated statement of changes in equity
For the year ended 30 September 2025
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30 September 30 September
2025 2024
Note£’000£’000
Cash flows from operating activities
Profitbeforetax
44, 284
42 ,758
Adjusted by:
Depreciationofproperty,plantandequipment(PPE)
12
1 3,455
11 ,1 67
Depreciationofright-of-use(ROU) assets
13
17 ,050
14 ,752
Amortisation of intangible assets
14
1 ,155
935
Impairment of PPE and ROU assets
12,13
2, 288
5,316
Net interest expense
9
13,94 0
1 0 , 74 8
Lossondisposalofproperty,plantandequipment
and software
223
88
Landlord settlement
5
—
(6 07)
Insurance settlement
5
(1 , 61 3)
—
Share-basedpayments
28
1 ,798
1 ,782
Operating profit before working capital changes
92 ,580
86,939
Increase in inventories
(6 5 6)
(2 9 4)
Increase in trade and other receivables
(2 7 5)
(1 , 1 8 3)
Increase in payables and provisions
2 , 74 0
2, 495
Cash inflow generated from operations
94,3 89
87 ,957
Interest received
879
1 ,782
Income tax paid – corporation tax
(9 , 4 4 5)
(1 0 , 5 3 6)
Bank interest paid
(1 5 9)
(1 6 6)
Lease interest paid
(1 3 , 73 1)
(1 1 , 6 1 5)
Landlord settlement
5
—
6 07
Insurance settlement
5
1,613
—
Net cash inflow from operating activities
73,546
68,029
30 September 30 September
2025 2024
Note£’000£’000
Cash flows from investing activities
Acquisition of subsidiaries
—
(1 3 , 75 7)
Subsidiary cash acquired
—
78
Purchaseofproperty,plantandequipment
(3 5 , 8 1 5)
(3 7, 9 7 9)
Purchase of intangible assets
(7 1 4)
(9 4 6)
Proceeds from sale of assets
80
—
Net cash used in investing activities
(3 6 , 4 4 9)
(52 , 6 0 4)
Cash flows from financing activities
Payment of capital elements of leases
(1 4 , 5 6 0)
(1 2 , 3 0 5)
Share buy back
(15,151)
(3 7 9)
Dividends paid
(2 0 , 8 27)
(26,180)
Net cash used in financing activities
(5 0 , 5 3 8)
(3 8 , 8 6 4)
Net change in cash and cash equivalents for the year
(1 3 , 4 4 1)
(23,439)
Effect of foreign exchange rates on cash and cash
equivalents
(7 2)
(3 1 4)
Cash and cash equivalents at the beginning of the year
2 8,702
52 , 455
Cash and cash equivalents at the end of the year
16
15,189
28 ,702
The accompanying notes on pages 122 to 150 form an integral part of these Financial
Statements.
Consolidated statement of cash flows
For the year ended 30 September 2025
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Statements
Notes to the financial statements
For the year ended 30 September 2025
1. General information
Hollywood Bowl Group plc (together with its subsidiaries, the Group) is a public limited
company whose shares are publicly traded on the London Stock Exchange and is
incorporated and domiciled in England and Wales. The registered office of the Parent
Company is Focus 31, West Wing, Cleveland Road, Hemel Hempstead, HP2 7BW,
United Kingdom. The registered company number is 10229630. A list of the Company’s
subsidiaries is presented in note 15.
The Group’s principal activities are that of the operation of ten-pin bowling and mini-golf
centres, and a supplier and installer of bowling equipment as well as the development of
new centres and other associated activities.
The Directors of the Group are responsible for the consolidated Financial Statements,
which comprise the Financial Statements of the Company and its subsidiaries as at
30 September 2025.
2. Material accounting policies
The material accounting policies applied in the consolidated Financial Statements are set
out below. These accounting policies have been applied consistently to all periods presented
in these consolidated Financial Statements. The financial information presented is as at and
for the financial years ended 30 September 2025 and 30 September 2024.
Statement of compliance
The consolidated Financial Statements have been prepared in accordance with UK-adopted
International Accounting Standards (IFRS Accounting standards) and the requirements
of the Companies Act 2006. The functional currencies of entities in the Group are Pounds
Sterling and Canadian Dollars. The consolidated Financial Statements are presented in
Pounds Sterling and all values are rounded to the nearest thousand, except where
otherwise indicated.
Basis of preparation
The consolidated Financial Statements have been prepared on a going concern basis under
the historical cost convention, except for fair value items on acquisition.
The Company has elected to prepare its Financial Statements in accordance with FRS
102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. On
publishing the Parent Company Financial Statements here together with the Group Financial
Statements, the Company has taken advantage of the exemption in s408 of the Companies
Act 2006 not to present its individual income statement and statement of comprehensive
income and related notes that form a part of these approved Financial Statements.
Judgements made by the Directors, in the application of these accounting policies, that
have significant effect on the Financial Statements and estimates with a significant risk of
material adjustment in the next year are discussed on page 131.
Basis of consolidation
The consolidated financial information incorporates the Financial Statements of the
Company and all of its subsidiary undertakings. The Financial Statements of all Group
companies are adjusted, where necessary, to ensure the use of consistent accounting
policies. Acquisitions are accounted for under the acquisition method from the date control
passes to the Group. On acquisition, the assets, liabilities and contingent liabilities of a
subsidiary are measured at their fair values at the date of acquisition. Any excess of the
cost of acquisition over the fair values of the identifiable net assets acquired is recognised
as goodwill, or a gain on bargain purchase if the fair values of the identifiable net assets are
below the cost of acquisition. Intragroup balances and any unrealised gains and losses or
income and expenses arising from intragroup transactions are eliminated in preparing the
consolidated financial statements.
Earnings per share
The calculation of earnings per ordinary share is based on earnings after tax and the
weighted average number of ordinary shares in issue during the year.
For diluted earnings per share, the weighted average number of ordinary shares in issue is
adjusted to assume conversion of all dilutive potential ordinary shares. The Group has two
types of dilutive potential ordinary shares, being those unvested shares granted under the
Long-Term Incentive Plans and Save-As-You-Earn plans.
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Statements
Notes to the financial statements continued
For the year ended 30 September 2025
2. Material accounting policies continued
Standards issued not yet effective
At the date of authorisation of this financial information, certain new standards,
amendments and interpretations to existing standards applicable to the Group have been
published but are not yet effective, and have not been adopted early by the Group. These
are listed below:
Applicable for
Standard/ financial years
interpretation
Content
beginning on/after
IAS 21 Lack of An entity is impacted by the amendments when it has a 1 October 2025
exchangeability transaction or an operation in a foreign currency that is not
exchangeable into another currency at a measurement date
for a specified purpose. A currency is exchangeable when
there is an ability to obtain the other currency (with a normal
administrative delay), and the transaction would take place
through a market or exchange mechanism that creates
enforceable rights and obligations.
This amendment is not expected to have a material impact on
the Group.
Amendments to On 30 May 2024, the IASB issued targeted amendments to IFRS 1 October 2026
IFRS 9 and IFRS 7 9 and IFRS 7 to respond to recent questions arising in practice,
Classification and and to include new requirements not only for financial
measurement institutions but also for corporate entities. These amendments:
of financial
•
clarify the date of recognition and derecognition of some
instruments financial assets and liabilities, with a new exception for
some financial liabilities settled through an electronic cash
transfer system;
•
clarify and add further guidance for assessing whether a
financial asset meets the solely payments of principal and
interest (SPPI) criterion;
•
add new disclosures for certain instruments with
contractual terms that can change cash flows (such as
some financial instruments with features linked to the
achievement of environment, social and governance
targets); and
•
update the disclosures for equity instruments designated
at fair value through other comprehensive income (FVOCI).
It is not yet determined if this amendment is expected to have
a material impact on the Group.
Applicable for
Standard/ financial years
interpretation
Content
beginning on/after
IFRS 19 IFRS 19 is a new, voluntary International Accounting Standards 1 October 2027
Subsidiaries Board (IASB) standard that allows eligible subsidiaries with no
without Public public accountability to apply IFRS accounting standards with
Accountability: reduced disclosure requirements. To be eligible, a subsidiary
Disclosures must not have public accountability and its parent must
produce publicly available consolidated financial statements
under IFRS.
This amendment is not expected to have a material impact on
the Group.
IFRS 18 IFRS 18 will replace IAS 1 Presentation of financial statements 1 October 2027
Presentation and introduces the following key requirements:
and disclosure Entities are required to classify all income and expenses into
in financials five categories in the statement of profit or loss, namely the
statements operating, investing, financing, discontinued operations and
income tax categories. Entities are also required to present a
newly-defined operating profit subtotal. Entities’ net profit will
not change.
Management-defined performance measures (MPMs) are
disclosed in a single note in the financial statements.
Enhanced guidance is provided on how to group information
in the financial statements.
In addition, all entities are required to use the operating profit
subtotal as the starting point for the statement of cash flows
when presenting operating cash flows under the indirect
method.
The Group is still in the process of assessing the impact of the
new standard, particularly with respect to the structure of the
Group’s statement of profit or loss, the statement of cash flows
and the additional disclosures required for MPMs.
It is not yet determined if this amendment is expected to have
a material impact on the Group.
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Notes to the financial statements continued
For the year ended 30 September 2025
2. Material accounting policies continued
Climate change
In preparing the consolidated financial statements, management has considered the
impact of climate change, taking into account the relevant disclosures in the strategic
report, including those made in accordance with the recommendations of the Task Force
on Climate-related Financial Disclosures (TCFD) and the Companies (Strategic Report)
(Climate-related Financial Disclosure) Regulation 2022 set out on pages 56 to 64 and our
sustainability targets.
The expected environmental impact on the business has been modelled. The current
available information and assessment did not identify any risks that would require the
useful economic life of assets to be reduced in the year or identify the need for impairment
that would impact the carrying values of such assets or have any other impact on the
financial statements.
For many years, Hollywood Bowl Group plc has placed sustainability at the centre of its
strategy and has been working on becoming a more sustainable business. A number of
actions have been implemented to help mitigate and adapt against climate-related risks.
The cost and benefits of such actions are embedded into the cost structure of the business
and are included in our five-year plan. This includes the roll-out of Pins on Strings technology,
solar panels and the move to 100% renewable energy. The five-year plan has been used to
support our impairment reviews and going concern and viability assessment (see viability
statement on pages 54 to 55).
Our TCFD disclosures on pages 56 to 64 include climate-related risks and opportunities
based on various scenarios. When considering climate scenario analysis, and modelling
severe but plausible downside scenarios, we have used the NGFS “early action” scenario as
the most severe case for climate transition risks, and the IPCC’s SSP5-8.5 as the most severe
case for physical climate risk. Whilst these represent situations where climate could have a
significant effect on the operations, these do not include our future mitigating actions which
we would adopt as part of our strategy. The climate transition plan to net zero outlines that
it may not be feasible to completely abate Scope 1, 2 and 3 emissions by 2050. In this
instance, the Group will offset residual emissions through actions like carbon removals
or ecosystem restoration.
The assessment with respect to the impact of climate change will be kept under review
by management, as the future impacts depend on factors outside of the Group’s control,
which are not all currently known.
Going concern
In assessing the going concern position of the Group for the Consolidated Financial
Statements for the year ended 30 September 2025, the Directors have considered the
Group’s cash flow, liquidity, and business activities, as well as the principal risks identified
in the Group’s Risk Register.
As at 30 September 2025, the Group had cash balances of £15.2m, no outstanding loan
balances and an undrawn RCF of £25m.
The Group has undertaken a review of its liquidity using a base case and a severe but
plausible downside scenario.
The base case is the Board-approved budget for FY2026 as well as the first three months of
FY2027 which forms part of the Board-approved five-year plan. As noted above, the costs
and benefits of our actions on climate change are embedded into the cost structure of the
business and included in our five-year plan. Under this scenario there would be positive
cash flow, strong profit performance and all covenants would be passed. It should also be
noted that the RCF remains undrawn. Furthermore, it is assumed that the Group adheres to
its capital allocation policy. The most severe downside scenario stress tests for reasonably
adverse variations in the economic environment leading to a deterioration in trading
conditions and performance.
Under this severe but plausible downside scenario, the Group has modelled revenues
dropping by 3 and 4% from the assumed base case for FY2026 and FY2027 respectively and
inflation continues at an even higher rate than in the base case across all costs.
The model still assumes that investments into new centres would continue, whilst
refurbishments in the early part of FY2027 would be reduced. These are all mitigating actions
that the Group has in its control. Under this scenario, the Group will still be profitable and
have sufficient liquidity within its cash position to not draw down the RCF, with all financial
covenants passed.
Taking the above and the principal risks faced by the Group into consideration, the Directors
are satisfied that the Group and Company have adequate resources to continue in
operation and meet their liabilities as they fall due for the foreseeable future, a period
of at least 12 months from the date of this report.
Accordingly, the Group and Company continue to adopt the going concern basis in
preparing these Financial Statements.
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Statements
Notes to the financial statements continued
For the year ended 30 September 2025
2. Material accounting policies continued
Revenue
Revenue from customers is the total amount receivable by the Group for goods and services
supplied, excluding VAT, other sales taxes and discounts, and excludes amounts collected on
behalf of third parties. The Group’s performance obligations in respect of individual revenue
streams are outlined below.
Revenue arising from bowling and mini-golf is recognised when the customer actually plays,
with deposits paid in advance being held on the balance sheet until that time and then
recognised as income.
Revenue for food and drink is recognised when the product has been transferred to the
buyer at the point of sale, which is generally when payment is received.
Revenue for amusements is recognised when the customer plays the amusement machine.
Revenue from installation of bowling equipment contracts is recognised over time using
costs incurred to date relative to total estimated costs at completion to measure progress.
Incurred costs represent work performed, which corresponds with and best depicts transfer
of control or the enhancement of the customer’s assets. Contract costs included in the
calculation are comprised of materials and subcontracts’ costs. This is not considered to be
material revenue for the Group and is not therefore a significant area of judgement.
Revenue from customers is disaggregated by major product and service lines, being
bowling, food and drink, amusements, installation of bowling equipment and other.
Disaggregated revenue from contracts with customers is disclosed in note 3 on page 132.
Given the nature of the Group’s revenue streams, recognition of revenue is not considered to
be a significant area of judgement.
Operating segments
Operating segments are reported in a manner consistent with the internal reporting
provided to the chief operating decision-makers. The chief operating decision-makers
have been identified as the management team including the Chief Executive Officer and
Chief Financial Officer.
An operating segment is a component of the Group that engages in business activities
from which it may earn revenues and incur expenses. The Board considers that the Group’s
activity constitutes two operating and two reporting segments, being the provision of ten-pin
bowling and mini-golf centres in the United Kingdom and the provision of ten-pin bowling
and mini-golf centres and the installation of bowling equipment in Canada, as defined
under IFRS 8. Management reviews the performance of the Group by reference to total
results against budget.
The total profit measures are operating profit and profit before tax for the period,
both disclosed on the face of the consolidated income statement and statement of
comprehensive income. No differences exist between the basis of preparation of the
performance measures used by management and the figures in the Group’s financial
information, as adjusted where appropriate.
Employee benefits
(i) Short-term benefits
Wages, salaries, paid annual leave and sick leave, bonuses and non-monetary benefits
are accrued in the period in which the associated services are rendered by employees
of the Group.
(ii) Defined contribution plans
The Group operates a defined contribution pension scheme for employees. The assets of the
scheme are held separately from those of the Group. The annual contributions payable are
charged to the income statement. The Group also contributes to the personal pension plans
of the Directors.
(iii) Share-based payments
The Group operates equity-settled share-based payment plans for its employees, under
which the employees are granted equity instruments of Hollywood Bowl Group plc. The fair
value of services received in exchange for the equity instruments is determined by reference
to the fair value of the instruments granted at grant date. The fair value of the instruments
includes any market performance conditions and non-vesting conditions. The expense
is recognised over the vesting period of the award taking into account any non-market
performance and service conditions.
The cost of equity-settled transactions is recognised together with a corresponding increase
in equity, over the period in which the performance conditions are fulfilled, ending on the
date on which the relevant employees become fully entitled to the award.
(iv) Save-As-You-Earn plans
The Group operates equity-settled SAYE plans. The fair value is calculated at the grant date
using the Black-Scholes pricing model. The resulting cost is charged to the Group income
statement over the vesting period. The value of the charge is adjusted to reflect expected
and actual levels of vesting.
Cash and cash equivalents
Cash and cash equivalents includes cash at bank and on hand, short-term deposits with
banks and other financial institutions, and credit and debit card receivables.
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Statements
Notes to the financial statements continued
For the year ended 30 September 2025
2. Material accounting policies continued
Leases
The Group as lessee
The Group assesses whether a contract is, or contains, a lease, at inception of the contract.
The Group recognises a right-of-use asset and a corresponding lease liability with respect
to all lease arrangements in which it is the lessee from the date at which the leased asset
becomes available for use by the Group, except for short-term leases (defined as leases
with a lease term of 12 months or less) and leases of low-value assets. For these leases, the
Group recognises the lease payments as an operating expense on a straight-line basis over
the term of the lease unless another systematic basis is more representative of the time
pattern in which economic benefits from the leased assets are consumed.
Right-of-use assets are measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of
right-of-use assets includes the amount of lease liabilities recognised, less any lease
incentives received. Right-of-use assets are depreciated on a straight-line basis over the
shorter of the lease term and the estimated useful lives of the assets. The lease term is the
non-cancellable period for which the lessee has the right to use an underlying asset plus
periods covered by an extension option if an extension is reasonably certain. The majority of
property leases are covered by the Landlord and Tenant Act 1985 (LTA) which gives the right
to extend the lease beyond the termination date. The Group expects to extend the property
leases covered by the LTA. This extension period is not included within the lease term as a
termination date cannot be determined as the Group is not reasonably certain to extend the
lease given the contractual rights of the landlord under certain circumstances.
Lease liabilities are measured at the present value of lease payments to be made over
the lease term. The lease payments include fixed payments (including in-substance fixed
payments) less any lease incentives receivable and variable lease payments that depend
on an index or a rate. Variable lease payments that do not depend on an index or a rate
are recognised as expenses in the period in which the event or condition that triggers the
payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing
rate at the lease commencement date because the interest rate implicit in the lease is
not readily determinable. After the commencement date, the amount of lease liabilities is
increased to reflect the accretion of interest and reduced for the lease payments made.
In addition, the carrying amount of lease liabilities is remeasured if there is a modification,
a change in the lease term or a change in the lease payments (e.g. changes to future
payments resulting from a change in an index or rate used to determine such lease
payments).
The Group applies IAS 36 to determine whether a right-of-use asset is impaired and
accounts for any identified impairment loss as described in the “impairment” policy.
As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components,
and instead account for any lease and associated non-lease components as a single
arrangement. The Group has not used this practical expedient. For contracts that contain
a lease component and one or more additional lease or non-lease components, the Group
allocates the consideration in the contract to each lease component on the basis of the
relative stand-alone price of the lease component and the aggregate stand-alone price
of the non-lease components.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of
machinery and equipment (i.e. those leases that have a lease term of 12 months or less from
the commencement date and do not contain a purchase option). It also applies the lease of
low-value assets recognition exemption to leases of office equipment that are considered
to be low value. Lease payments on short-term leases and leases of low-value assets are
recognised as expenses on a straight-line basis over the lease term.
Provisions
Provisions are recognised when the Group has a present obligation as a result of a past
event, and it is probable that the Group will be required to settle that obligation. Provisions
are measured at the best estimate of the expenditure required to settle the obligation at the
end of the reporting period, and are discounted to present value where the effect is material.
Dilapidation provision
A provision will be recorded if, as lessee, the Group has a commitment to make good the
property at the end of the lease, which would be for the cost of returning the leased property
to its original state. Changes to the dilapidation provision are recorded in property, plant
and equipment.
Property, plant and equipment
Freehold land and building assets were included at fair value on the acquisition of Teaquinn
in FY2022. Subsequent additions are recorded at cost less accumulated depreciation and
impairment charges. Freehold land is not depreciated.
All other property, plant and equipment is stated at historic cost, including expenditure
that is directly attributable to the acquired item, less accumulated depreciation and
impairment losses.
Depreciation is provided to write off the cost of all property, plant and equipment evenly over
their expected useful lives, calculated at the following rates:
Freehold property over 50 years
Leasehold improvements lesser of lease period and 25 years
Lanes and Pins on Strings over 30–40 years
Plant and machinery and fixtures,
fittings and equipment over 3–25 years
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Financial
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Notes to the financial statements continued
For the year ended 30 September 2025
2. Material accounting policies continued
Property, plant and equipment continued
The carrying value of the property, plant and equipment is compared to the higher of value-
in-use and the fair value less costs to sell. If the carrying value exceeds the higher of the
value-in-use and fair value less the costs to sell the asset, then the asset is impaired and its
value reduced by recognising an impairment provision. New centre landlord contributions
are offset against leasehold property expenditure where the related assets remain the
property of the landlord. Refurbishment costs are included within plant and machinery and
fixtures, fittings and equipment and are depreciated over the relevant useful economic life.
Residual values, remaining useful economic lives and depreciation periods and methods are
reviewed annually and adjusted if appropriate.
Assets under construction represents the construction of centres and are included in
property, plant and equipment. No depreciation is provided on assets under construction
until the asset is available for use.
Goodwill and intangible assets
Goodwill arising on the acquisition of a subsidiary undertaking is the difference between the
fair value of the consideration paid and the fair value of the assets and liabilities acquired.
Negative goodwill is recognised in the consolidated income statement immediately as
a gain on bargain purchase. Positive goodwill is capitalised and stated at cost less any
impairment losses. Impairment tests on the carrying value of goodwill are undertaken:
• at the end of the first full financial period following acquisition and at the end of every
subsequent financial period; and
• in other periods if events or changes in circumstances indicate that the carrying value
may not be recoverable.
Software which is not an integral part of hardware assets is stated at historic cost, including
expenditure that is directly attributable to the acquired item, less accumulated amortisation
and impairment losses.
Other intangible assets include assets acquired in a business combination and are
capitalised at fair value at the date of acquisition. Following initial recognition, finite life
intangible assets are amortised on a straight-line basis over their estimated useful lives, with
the expense charged to the income statement through administrative expenses.
Amortisation is provided to write off the cost of all intangible assets, except for goodwill,
evenly over their expected useful lives, calculated at the following rates:
Software over 3–5 years
Customer relationships over 10–15 years
Brand names over 5–20 years
Trademark over 20 years
The amortisation charge is recognised in administrative expenses in the income statement.
Inventories
Inventories are carried at the lower of cost or net realisable value. Net realisable value is
calculated based on the revenue from sale in the normal course of business less any costs
to sell. Due allowance is made for obsolete and slow-moving items.
Impairment
(i) Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) on financial assets
measured at amortised cost. The financial assets comprises trade and other receivables.
These are always measured at an amount equal to lifetime ECL as these relate to trade
and other receivables and a simplified approach can be adopted. The maximum period
considered when estimating ECLs is the maximum contractual period over which the Group
is exposed to credit risk. There is limited exposure to ECLs due to the business model.
ECLs are a probability weighted estimate of credit losses. Credit losses are measured as
the present value of all cash shortfalls (i.e. the difference between the cash flows due to the
entity in accordance with the contract and the cash flows that the Group expects to receive).
ECLs are discounted at the effective interest rate of the financial asset.
Loss allowances for financial assets measured at amortised cost are deducted from the
gross carrying amount of the assets.
The gross carrying amount of a financial asset is written off (either partially or in full) to
the extent that there is no realistic prospect of recovery. This is generally the case when
the Group determines that the debtor does not have the assets or sources of income that
could generate sufficient cash flows to repay the amounts subject to the write-off. However,
financial assets that are written off could still be subject to enforcement activities in order to
comply with the Group’s procedures for recovery of amounts due.
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Notes to the financial statements continued
For the year ended 30 September 2025
2. Material accounting policies continued
Impairment continued
(ii) Impairment of non-financial assets
The carrying values of goodwill and intangible assets are reviewed at the end of each
reporting period for impairment. Impairment is measured by comparing the carrying values
of the assets with their recoverable amounts.
The recoverable amount of the assets is the higher of the assets’ fair value less costs to sell
and their value-in-use, which is measured by reference to discounted future cash flows.
These assets are grouped together into Cash Generating Units to assess impairment.
A sensitivity analysis is also performed (see note 14). An impairment loss is recognised in
the income statement immediately.
In respect of assets other than goodwill, and when there is a change in the estimates used to
determine the recoverable amount, a subsequent increase in the recoverable amount of an
asset is treated as a reversal of the previous impairment loss and is recognised to the extent
of the carrying amount of the asset that would have been determined (net of amortisation
and depreciation) had no impairment loss been recognised. The reversal is recognised in
the income statement immediately.
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised
in the income statement except to the extent that it relates to items recognised directly in
equity or other comprehensive income, in which case it is recognised directly in equity or
other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the
year, using tax rates enacted or substantively enacted at the balance sheet date, and any
adjustment to tax payable in respect of previous years.
Deferred taxation
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or
liability in the consolidated statement of financial position differs from its tax base, except for
differences arising on:
• the initial recognition of goodwill;
• the initial recognition of an asset or liability in a transaction which is not a business
combination and at the time of the transaction affects neither accounting nor taxable
profit; and
• investments in subsidiaries where the Group is able to control the timing of the reversal
of the difference and it is probable that the difference will not reverse in the foreseeable
future.
Recognition of deferred tax assets is restricted to those instances where it is probable that
future taxable profit will be available against which the asset can be utilised.
The amount of the asset or liability is determined using tax rates that have been enacted
or substantively enacted by the balance sheet date and are expected to apply when the
deferred tax liabilities or assets are settled or recovered. Deferred tax balances are not
discounted.
Deferred tax assets and liabilities are offset when the Group has a legally enforceable right
to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to
taxes levied by the same tax authority on either:
• the same taxable Group company; or
• different entities which intend either to settle current tax assets and liabilities on a net
basis, or to realise the assets and settle the liabilities simultaneously, in each future
period in which significant amounts of deferred tax assets and liabilities are expected
to be settled or recovered.
Equity
The following describes the nature and purpose of each reserve within equity:
• share capital: the nominal value of equity shares;
• share premium account: proceeds received in excess of the nominal value of shares
issued, net of any transaction costs;
• retained earnings: all other net gains and losses and transactions with owners
(e.g. dividends) not recognised elsewhere;
• capital redemption reserve: the capital redemption reserve represents the ordinary
shares of £0.01 each repurchased by the Group under the share buy back;
• merger reserve: represents the excess over nominal value of the fair value consideration
for the business combination which arose during the Company’s IPO listing. This was
satisfied by the issue of shares in accordance with s612 of the Companies Act 2006; and
• foreign currency translation reserve: retranslation gains and losses of foreign currency
denominated operations.
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Notes to the financial statements continued
For the year ended 30 September 2025
2. Material accounting policies continued
Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equity instrument of another entity.
(i) Recognition and initial measurement
Trade receivables are initially recognised when they are originated. All other financial assets
and financial liabilities are initially recognised when the Group becomes a party to the
contractual provisions of the instrument.
On initial recognition, a financial asset is classified as measured at amortised cost, fair value
through other comprehensive income (FVOCI) or fair value through profit or loss (FVTPL).
A financial liability is classified as measured at either amortised cost or FVTPL.
(ii) Classification and subsequent measurement
Financial assets
Financial assets are not reclassified subsequent to their initial recognition unless the Group
changes its business model for managing financial assets, in which case all affected
financial assets are reclassified on the first day of the first reporting period following the
change in the business model.
A financial asset is measured at amortised cost if it meets both of the following conditions
and is not designated as FVTPL:
• it is held within a business model whose objective is to hold assets to collect contractual
cash flows; and
• its contractual terms give rise on specified dates to cash flows that are “solely payments
of principal and interest” (SPPI) on the principal amount outstanding. This assessment is
referred to as the SPPI test and is performed at an instrument level.
All financial assets not measured at amortised cost or FVOCI are measured at FVTPL,
irrespective of the business model. On initial recognition, the Group may irrevocably
designate a financial asset that otherwise meets the requirements to be measured at
amortised cost or at FVOCI as FVTPL if doing so eliminates or significantly reduces an
accounting mismatch that would otherwise arise.
Financial assets: business model assessment
The Group’s business model for managing financial assets refers to how it manages its
financial assets in order to generate cash flows. The business model determines whether
cash flows will result from collecting contractual cash flows, selling the financial assets, or
both. Financial assets classified and measured at amortised cost are held within a business
model with the objective to hold financial assets in order to collect contractual cash flows,
while financial assets classified and measured at FVOCI are held within a business model
with the objective of both holding to collect contractual cash flows and selling.
Financial assets that are held for trading or are managed and whose performance is
evaluated on a fair value basis are measured at FVTPL.
Financial assets: assessment whether contractual cash flows are solely payments of
principal and interest
For the purposes of this assessment, “principal” is defined as the fair value of the financial
asset on initial recognition. “Interest” is defined as consideration for the time value of
money and for the credit risk associated with the principal amount outstanding during a
particular period of time and for other basic lending risks and costs (e.g. liquidity risk and
administrative costs), as well as profit margin.
In assessing whether contractual cash flows are solely payments of principal and interest,
the Group considers the contractual terms of the instrument. This includes assessing
whether the financial asset contains a contractual term that could change the timing or
amount of contractual cash flows such that it would not meet this condition. In making this
assessment, the Group considers:
• contingent events that would change the amount or timing of cash flows;
• terms that may adjust the contractual coupon rate, including variable rate features;
• prepayment and extension features; and
• terms that limit the Group’s claim to cash flows from specified assets
(e.g. non-recourse features).
Financial assets: subsequent measurement and gains and losses
Financial assets These assets are subsequently measured at fair value. Net gains and losses,
at FVTPL including any interest or dividend income, are recognised in profit or loss.
Financial assets These assets are subsequently measured at amortised cost using the
at amortised cost effective interest rate (EIR) method. The amortised cost is reduced by
impairment losses. Interest income, foreign exchange gains and losses
and impairment are recognised in profit or loss. Any gain or loss on
derecognition is recognised in profit or loss.
The Group’s financial assets at amortised cost include trade receivables.
Debt instruments These assets are subsequently measured at fair value. Interest income,
at FVOCI calculated using the effective interest method, foreign exchange
revaluation and impairment losses or reversals are recognised in profit or
loss and computed in the same manner as for financial assets measured
at amortised cost. The remaining fair value changes are recognised in OCI.
Upon derecognition, the cumulative fair value change recognised in OCI is
recycled to profit or loss.
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Notes to the financial statements continued
For the year ended 30 September 2025
2. Material accounting policies continued
Financial instruments continued
Financial liabilities: classification, subsequent measurement and gains and losses
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability
is classified as FVTPL if it is classified as held for trading, it is a derivative or it is designated
as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net
gains and losses, including any interest expense, are recognised in profit or loss. All other
financial liabilities are recognised initially at their fair value and subsequently measured
at amortised cost using the effective interest method.
(iii) Derecognition
Financial assets
The Group derecognises a financial asset when the contractual rights to the cash flows from
the financial asset expire, or it transfers the rights to receive the contractual cash flows in a
transaction in which substantially all of the risks and rewards of ownership of the financial
asset are transferred or in which the Group neither transfers nor retains substantially all of
the risks and rewards of ownership and it does not retain control of the financial asset.
Financial liabilities
The Group derecognises a financial liability when its contractual obligations are discharged
or cancelled, or expire. The Group also derecognises a financial liability when its terms are
modified and the cash flows of the modified liability are substantially different, in which case
a new financial liability based on the modified terms is recognised at fair value.
On derecognition of a financial liability, the difference between the carrying amount
extinguished and the consideration paid (including any non-cash assets transferred or
liabilities assumed) is recognised in profit or loss.
(iv) Offsetting
Financial assets and financial liabilities are offset and the net position presented in the
statement of financial position when, and only when, the Group currently has a legally
enforceable right to set off the amounts and it intends either to settle them on a net basis
or to realise the asset and settle the liability simultaneously.
Foreign currency transactions
(i) Functional and presentation currency
Items included in the financial statements of each of the Group’s subsidiaries are measured
using the currency of the primary economic environment in which the entity operates
(the functional currency). The consolidated financial statements are presented in
Pounds Sterling, which is the ultimate Parent Company’s functional currency.
(ii) Transactions and balances
Transactions in foreign currencies are translated into the functional currency at the
exchange rate at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated into the
functional currency at the exchange rate at the reporting date.
Exchange gains and losses are included within administrative expenses in the income
statement.
(iii) Group companies
The results and financial position of foreign operations (none of which have the currency
of a hyper-inflationary economy) that have a functional currency different from the
presentation currency are translated into the presentation currency as follows:
• assets and liabilities are translated at the closing rate at the balance sheet date;
• income and expenses for each income statement and statement of comprehensive
income are translated at average exchange rates (unless this is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates, in
which case income and expenses are translated at the dates of the transactions); and
• all resulting exchange differences are recognised in other comprehensive income.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are
treated as assets and liabilities of the foreign operation and translated at the closing rate.
Adjusting items
Adjusting items are those that in management’s judgement need to be disclosed by virtue
of their size, nature and incidence, in order to draw the attention of the reader and to show
the underlying business performance of the Group more accurately. Such items are included
within the income statement caption to which they relate and are separately disclosed
on the face of the consolidated income statement and in the notes to the consolidated
Financial Statements.
Adjusted measures
The Group uses a number of non-Generally Accepted Accounting Principles (non-GAAP)
financial measures in addition to those reported in accordance with IFRS. The Directors
believe that these non-GAAP measures, listed below, are important when assessing the
underlying financial and operating performance of the Group by investors and shareholders.
These non-GAAP measures comprise of like-for-like revenue growth, adjusted profit after
tax, adjusted earnings per share, net cash, Group adjusted operating cash flow, revenue
generating capex, total average spend per game, free cash flow, gross profit on costs of
good sold, Group adjusted EBITDA and Group adjusted EBITDA margin.
A reconciliation between key adjusted and statutory measures, as well as notes on
alternative performance measures, is provided in the Chief Financial Officer’s review on
pages 22 to 26. This also details the impact of adjusting items when comparing to the
non-GAAP financial measures in addition to those reported in accordance with IFRS.
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Notes to the financial statements continued
For the year ended 30 September 2025
2. Material accounting policies continued
Summary of other estimates and judgements
The preparation of the consolidated Group Financial Statements requires management to
make judgements, estimates and assumptions in applying the Group’s accounting policies
to determine the reported amounts of assets, liabilities, income and expenditure. Actual
results may differ from these estimates. The estimates and underlying assumptions are
reviewed on an ongoing basis, with revisions applied prospectively. Judgements made by
the Directors in the application of these accounting policies that have a significant effect on
the consolidated Group Financial Statements are discussed below.
Key sources of estimation uncertainty
There are no estimates that have a significant risk of resulting in a material adjustment
to carrying amounts of assets and liabilities in the next financial year. Set out below are
certain areas of estimation uncertainty in the financial statements. There are also no key
judgements other than those related to an area of estimation uncertainty:
Property, plant and equipment and right-of-use asset impairment reviews
Property, plant and equipment and right-of-use assets are assessed for impairment when
there is an indication that the assets might be impaired by comparing the carrying value of
the assets with their recoverable amounts. The recoverable amount is determined as being
the highest of the value-in-use and fair value less costs to sell. The recoverable amount of
an asset or a CGU is typically determined based on value-in-use calculations prepared on
the basis of management’s assumptions and estimates, but if a potential impairment is
identified then the recoverable amount is also determined using fair value less costs to sell.
The key assumptions in the value-in-use calculations include growth rates of revenue and
costs during the five year forecast period, discount rates and the long term growth rate.
Following the impairment charge recorded in the year of £2,288,000 for four mini-golf and
one combined centre , the estimation uncertainty associated with the remaining carrying
amounts is significantly reduced, and whilst estimation uncertainty remains, this is not
assessed as being material. As such, reasonably possible changes to the assumptions in the
future in four mini-golf and one combined centre would not lead to material adjustments
to the carrying values in the next financial year. The remaining carrying amount of property,
plant and equipment is £2,158,000 and right-of-use assets is £4,252,000 at these centres.
Further information in respect of the Group’s property, plant and equipment and right-of-use
assets is included in notes 12 and 13 respectively.
The key assumption in the fair value less costs to sell calculation, under the market
approach, is the EBITDA multiple.
Contingent consideration
Non-current other payables includes contingent consideration in respect of the acquisition
of Teaquinn Holdings Inc. in FY2022. The additional consideration to be paid is contingent
on the future financial performance of Teaquinn Holdings Inc. in FY2026. This is based on
a multiple of 9.2x Teaquinn’s EBITDA pre-IFRS 16 in the financial period of settlement and
is capped at CAD 17m. The contingent consideration has been accounted for as post-
acquisition employee remuneration and recognised over the duration of the employment
contract to FY2026. The key assumptions include a range of possible outcomes for the value
of the contingent consideration based on Teaquinn’s forecasted EBITDA pre-IFRS 16 and the
year of payment. Further information in respect of the Group’s contingent consideration is
included in note 19.
Dilapidations provision
A provision is made for future expected dilapidation costs on the opening of leasehold
properties not covered by the LTA and is expected to be utilised on lease expiry. This
also includes properties covered by the LTA where we may not extend the lease, after
consideration of the long-term trading and viability of the centre. Properties covered by
the LTA provide security of tenure and we intend to occupy these premises indefinitely
until the landlord serves notice that the centre is to be redeveloped. As such, no charge for
dilapidations can be imposed and no dilapidation provision is considered necessary as the
outflow of economic benefit is not considered to be probable.
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Notes to the financial statements continued
For the year ended 30 September 2025
3. Segmental reporting
Management consider that the Group consists of two operating segments, as it operates
within the UK and Canada. No single customer provides more than ten per cent of the
Group’s revenue. Within these two operating segments there are multiple revenue streams
which consist of the following:
UK Canada Total
30 September 30 September 30 September
2025 2025 2025
£’000 £’000 £’000
Bowling
94,902
16,496
111,398
Food and drink
53,111
10,179
63,290
Amusements
61,991
5,877
67,868
Installation of
bowling equipment
—
4,726
4,726
Other
2,406
974
3,380
212,410
38,252
250,662
UK Canada Total
30 September 30 September 30 September
2024 2024 2024
£’000 £’000 £’000
Bowling
89,347
14,370
103,717
Food and drink
52,316
7,554
59,870
Amusements
55,587
3,691
59,278
Mini-golf
2,360
189
2,549
Installation of
bowling equipment
—
4,456
4,456
Other
86
443
529
199,696
30,703
230,399
The UK operating segment includes the Hollywood Bowl and Putt&Play brands. The Canada
operating segment includes the Splitsville and Striker Bowling Solutions brands.
Following a review of revenue volumes, materiality thresholds, as well as paragraph 23 of IFRS
8, it has been determined that mini-golf revenue does not warrant separate disclosure and
is now included within other revenue.
Year ended 30 September 2025
Year ended 30 September 2024
UK Canada Total UK Canada Total
£’000 £’000 £’000 £’000 £’000 £’000
Revenue
212,410
38,252
250,662
199,696
30,703
230,399
Group adjusted EBITDA
1
pre-IFRS 16
62,418
5,937
68,355
62,308
5,441
67,749
Group adjusted EBITDA
1
81,336
9,899
91,235
79,715
7,872
87,587
Depreciation and amortisation
26,055
5,605
31,660
23,490
3,364
26,854
Impairment of PPE and
ROU assets
2,288
—
2,288
5,316
—
5,316
Loss/(gain) on property,
right-of-use assets, plant
and equipment and software
disposals
245
(22)
223
88
—
88
Adjusting items excluding
interest and impairment
(1,548)
388
(1,160)
(591)
2,414
1,823
Operating profit
54,296
3,928
58,224
51,412
2,094
53,506
Finance income
(766)
(61)
(827)
(1,580)
(142)
(1,722)
Finance expense
11,759
3,008
14,767
10,425
2,045
12,470
Profit before tax
43,303
981
44,284
42,567
191
42,758
Non-current asset additions –
Property, plant and equipment
22,956
12,554
35,510
26,855
11,675
38,530
Non-current asset additions –
Intangible assets
665
49
714
946
—
946
Total assets
341,648
97,574
439,222
338,654
79,177
417,831
Total liabilities
232,212
55,722
287,934
218,814
46,812
265,626
1 Group adjusted EBITDA is defined in note 4.
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Notes to the financial statements continued
For the year ended 30 September 2025
4. Reconciliation of operating profit to Group adjusted EBITDA
Group adjusted EBITDA (earnings before interest, tax, depreciation and amortisation)
reflects the underlying trade of the overall business. It is calculated as operating profit
plus depreciation, amortisation, impairment losses, loss on disposal of property, plant and
equipment, right-of-use assets and software and adjusting items.
Management use Group adjusted EBITDA as a key performance measure of the business
and it is considered by management to be a measure investors look at to reflect the
underlying business.
30 September 2025 30 September 2024
£’000 £’000
Operating profit
58,224
53,506
Depreciation of property, plant and equipment (note 12)
13,455
11,167
Depreciation of right-of-use assets (note 13)
17,050
14,752
Amortisation of intangible assets (note 14)
1,155
935
Impairment of property, plant and equipment (note 12)
1,059
2,808
Impairment of right-of-use assets (note 13)
1,229
2,508
Loss on disposal of property, plant and equipment,
right-of-use assets and software (notes 12–14)
223
88
Adjusting items excluding interest (note 5) and
impairment (notes 12 and 13)
(1,160)
1,823
Group adjusted EBITDA
91,235
87,587
Adjustment for IFRS 16 (Property costs)
(22,880)
(19,838)
Group adjusted EBITDA pre-IFRS 16
68,355
67,749
5. Adjusting items
Adjusting items are disclosed separately in the Financial Statements where the Directors
consider it necessary to do so to provide further understanding of the financial performance
of the Group. They are material items or expenses that have been shown separately due to,
in the Directors judgement, their size, nature and incidence:
30 September 2025 30 September 2024
Adjusting items: £’000 £’000
Insurance settlement
1
1,613
—
Administrative expenses
2
(202)
(15)
Acquisition fees
3
(83)
(921)
Landlord settlement
4
—
607
Contingent consideration
5
(748)
(1,924)
Impairment of PPE and ROU Assets
6, 7
(2,288)
(5,316)
Adjusting items before tax
(1,708)
(7,569)
Tax charge
(392)
(148)
Adjusting items after tax
(2,100)
(7,717)
1 During the year, the Group received a business interruption insurance settlement.
2 30 September 2025 relates to expenses associated with the closure of the Surrey Quays centre (£50,000) and
legal fees relating to the amusement contract in Canada (£152,000). 30 September 2024 related to expenses
associated with the closure of the Surrey Quays centre.
3 Both years relate to legal and professional fees relating to the acquisition of Lincoln Bowl, Woodlawn Bowl Inc.,
Lucky 9 Bowling Centre Limited and Stoked Entertainment Centre Limited.
4 Settlement payment from the landlord resulting from the closure of Hollywood Bowl Surrey Quays.
5 Contingent consideration of £168,000 (30 September 2024: £1,494,000) in administrative expenses and £580,000
(30 September 2024: £430,000) of interest expense in relation to the acquisition of Teaquinn in May 2022.
6 Impairment of PPE of £1,059,000 (30 September 2024: £2,808,000) and ROU Assets of £1,229,000 (30 September
2024: £2,508,000) (See notes 12 and 13).
7 Following shareholder feedback on our FY2024 results, the Audit Committee has reviewed the treatment of
impairment costs during the year and has agreed the proposal to treat impairment costs or income as an
adjusting item. The comparatives have also been re-presented.
6. Expenses and auditor’s remuneration
Included in profit from operations are the following:
30 September 2025 30 September 2024
£’000 £’000
Amortisation of intangible assets
1,155
935
Depreciation of property, plant and equipment
13,455
11,167
Depreciation of right-of-use assets
17,050
14,752
Impairment of property, plant and equipment
1,059
2,808
Impairment of right-of-use assets
1,229
2,508
Operating leases
80
80
Loss on disposal of property, plant and equipment,
right-of-use assets and software
223
88
Adjusting items excluding impairment (note 5)
(580)
2,253
Loss on foreign exchange
162
486
Auditor’s remuneration:
•
Fees payable for audit of these Financial Statements
395
350
Fees payable for other services:
•
Audit of subsidiaries
160
140
•
Other non-audit assurance services
6
8
561
498
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Notes to the financial statements continued
For the year ended 30 September 2025
7. Staff numbers and costs
The average number of employees (including Directors) during the year was as follows:
30 September 2025
30 September 2024
Directors
9
7
Administration
130
118
Operations
2,743
2,701
Total staff
2,882
2,826
The cost of employees (including Directors) during the year was as follows:
30 September 2025 30 September 2024
£’000 £’000
Wages and salaries
57,582
52,824
Social security costs
4,811
4,217
Pension costs
1,312
607
Share-based payments (note 28)
1,798
1,782
Total staff cost
65,503
59,430
Staff costs included within cost of sales are £51,843,000 (30 September 2024: £45,723,000).
The balance of staff costs are recorded within administrative expenses.
Wages and salaries includes £685,000 (30 September 2024: £1,494,000) of contingent
consideration in relation to the acquisition of Teaquinn in May 2022, which is recorded within
adjusting items (note 5).
8. Remuneration of Directors and key management personnel
A) Directors’ emoluments
The Directors’ emoluments and benefits were as follows:
30 September 2025
1
30 September 2024
1
£’000 £’000
Salaries and bonuses
2,205
2,279
Pension contributions
49
48
Share-based payments (note 28)
1,400
1,319
Total
3,654
3,646
1 This includes three (30 September 2024: three) Executive Directors and six (30 September 2024: four) Non-
Executive Directors.
The aggregate of emoluments of the highest paid Director was £1,695,000 (30 September
2024: £1,615,000) and Company pension contributions of £24,000 (30 September 2024:
£23,000) were made to a defined contribution scheme on their behalf. More detail is on
page 94 of the Annual Report.
The aggregate gains made by Executive Directors on the exercise of share options during
FY2025 was £1,413,365 (30 September 2024: £1,144,832). The aggregate gains made by the
highest paid Director was £738,405 (30 September 2024: £572,419).
B) Key management personnel
The Directors and the executive committee of the Group are considered to be the key
management personnel of the Group. The remuneration of all key management (including
Directors) was as follows:
30 September 2025 30 September 2024
£’000 £’000
Salaries and bonuses
2,996
3,023
Pension contributions
69
66
Share-based payments (note 28)
1,789
1,749
Total
4,854
4,838
9. Finance income and expenses
30 September 2025 30 September 2024
£’000 £’000
Interest on bank deposits
827
1,722
Finance income
827
1,722
Interest on bank borrowings
223
190
Other interest
21
22
Finance costs on lease liabilities
13,731
11,615
Unwinding of discount on contingent consideration
580
430
Unwinding of discount on provisions
212
213
Finance expense
14,767
12,470
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Notes to the financial statements continued
For the year ended 30 September 2025
10. Taxation
30 September 2025 30 September 2024
£’000 £’000
The tax expense is as follows:
•
UK corporation tax
8,488
8,495
•
Adjustment in respect of prior years
(687)
—
•
Foreign tax suffered
575
1,252
Total current tax
8,376
9,747
Deferred tax:
Origination and reversal of temporary differences
2,393
1,967
Effect of changes in tax rates
3
(17)
Adjustment in respect of prior years
(1,097)
1,151
Total deferred tax
1,299
3,101
Total tax expense
9,675
12,848
Factors affecting current tax charge:
The tax assessed on the profit for the period is different to the standard rate of corporation
tax in the UK of 25% (30 September 2024: 25%). The differences are explained below:
30 September 2025 30 September 2024
£’000 £’000
Profit excluding taxation
44,284
42,758
Tax using the UK corporation tax rate of 25% (2024: 25%)
11,071
10,690
Change in tax rate on deferred tax balances
3
(17)
Non-deductible expenses
302
508
Non-deductible acquisition related adjusting costs
—
510
Effects of overseas tax rates
22
34
Share-based payments
61
(28)
Adjustment in respect of prior years
(1,784)
1,151
Total tax expense included in profit or loss
9,675
12,848
The Group’s standard tax rate for the year ended 30 September 2025 was 25%
(30 September 2024: 25%).
11. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of
Hollywood Bowl Group plc by the weighted average number of shares outstanding during
the year.
Diluted earnings per share is calculated by adjusting the weighted average number of
ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
During the years ended 30 September 2025 and 30 September 2024, the Group had
potentially dilutive ordinary shares in the form of unvested shares pursuant to LTIPs and
SAYE schemes (note 28).
30 September 2025
30 September 2024
Basic and diluted
Profit for the year after tax (£’000)
34,609
29,910
Basic weighted average number of shares in issue for
the period (number)
170,629,123
171,647,892
Adjustment for share awards
1,216,015
1,154,221
Diluted weighted average number of shares
171,845,138
172,802,113
Basic earnings per share (pence)
20.28
17.42
Diluted earnings per share (pence)
20.14
17.31
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Notes to the financial statements continued
For the year ended 30 September 2025
12. Property, plant and equipment
Freehold Long leasehold Short leasehold Lanes and Plant and machinery,
property property improvements pins on strings fixtures and fittings Total
£’000 £’000 £’000 £’000 £’000 £’000
Cost
At 1 October 2023
6,889
1,240
49,764
22,163
54,868
134,924
Additions
—
—
23,723
3,900
10,907
38,530
Acquisition
—
—
189
448
545
1,182
Disposals
—
—
(846)
(648)
(2,343)
(3,837)
Transfer to right-of-use assets1
—
(1,240)
—
—
—
(1,240)
Effects of movement in foreign exchange
(615)
—
(249)
(170)
(141)
(1,175)
At 30 September 2024
6,274
—
72,581
25,693
63,836
168,384
Additions
—
—
19,756
6,824
8,930
35,510
Disposals
—
—
(1,622)
(396)
(1,365)
(3,383)
Effects of movement in foreign exchange
(204)
—
(521)
(139)
(95)
(959)
At 30 September 2025
6,070
—
90,194
31,982
71,306
199,552
Accumulated depreciation
At 1 October 2023
86
417
21,819
5,112
29,211
56,645
Depreciation charge
64
—
3,810
932
6,361
11,167
Impairment charge
—
—
1,605
—
1,203
2,808
Disposals
—
—
(834)
(589)
(2,245)
(3,668)
Transfer to right-of-use assets1
—
(417)
—
—
—
(417)
Effects of movement in foreign exchange
(10)
—
(27)
(22)
(28)
(87)
At 30 September 2024
140
—
26,373
5,433
34,502
66,448
Depreciation charge
147
—
5,318
1,203
6,787
13,455
Impairment charge
—
—
235
—
824
1,059
Disposals
—
—
(1,572)
(332)
(1,144)
(3,048)
Effects of movement in foreign exchange
(8)
—
(40)
(24)
(27)
(99)
At 30 September 2025
279
—
30,314
6,280
40,942
77,815
Net book value
At 30 September 2025
5,791
—
59,880
25,702
30,364
121,737
At 30 September 2024
6,134
—
46,208
20,260
29,334
101,936
1 During the prior year, management reviewed the classification of long leasehold property. Subsequently, the long leasehold property previously classified as property, plant and equipment was reclassified as right-of-use assets
(see note 13).
Short leasehold property includes £1,660,000 (30 September 2024: £7,721,000) of assets in the course of construction, relating to the development of new centres.
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Notes to the financial statements continued
For the year ended 30 September 2025
12. Property, plant and equipment continued
Impairment
Impairment testing is carried out at the CGU level on an annual basis at the balance sheet
date, or more frequently if events or changes in circumstances indicate that the carrying
value may be impaired. A CGU is the smallest identifiable group of assets that generates
cash inflows that are largely independent of the cash inflows from other assets or groups
of assets. Each individual centre is considered to be a CGU. The carrying value of the CGU is
compared to its recoverable amount. The recoverable amount is determined as being the
highest of the value-in-use and fair value less costs to sell.
An initial impairment test was performed on all ninety-two centres assessing for indicators
of impairment. A detailed impairment test based on a base case was then performed on
twelve centres, where the excess of value-in-use over the carrying value calculation was
sensitive to changes in the key assumptions.
Property, plant and equipment and right-of-use assets for twelve centres have been tested
for impairment by comparing the carrying value of each CGU with its recoverable amount
determined from value-in-use calculations using cash flow projections based on financial
budgets approved by the Board covering a five-year period. For two centres, the recoverable
amount has also been determined from a fair value less costs to sell calculation by applying
an EBITDA multiple to the financial budget approved by the Board for FY2026. If the carrying
value exceeds the higher of the value-in-use and fair value less the costs to sell the asset,
then the asset is impaired, and its value reduced by recognising an impairment provision.
The key assumptions used in the value-in-use calculations are revenue growth, cost
inflation during the five-year forecast period, the long-term growth rate and discount rate
assumptions. The key risks to those assumptions are the potential adverse variations in the
economic environment leading to a deterioration in trading conditions and performance
during FY2026 and FY2027. Cash flows beyond this two-year period are included in the Board-
approved five-year plan and assume a recovery in the economy and the performance of our
centres. The other assumptions used in the value-in-use calculations were:
2025
2024
Revenue growth rate (within five years) – UK & Canada
3.0%
3.0%
Cost inflation (within five years) – UK
3.0%
3.2%
Cost inflation (within five years) – Canada
3.7%
3.7%
Discount rate (pre-tax) – UK
13.5%
12.4%
Discount rate (pre-tax) – Canada
10.3%
10.6%
Growth rate (beyond five years) – UK and Canada
1.75%
2.5%
Discount rates reflect current market assessments of the time value of money and the risks
specific to the industry. This is the benchmark used by management to assess operating
performance and to evaluate future capital investment proposals. These discount rates are
derived from the weighted average cost of capital for the UK and Canada. Changes in the
discount rates over the years are calculated with reference to latest market assumptions for
the risk-free rate, equity risk premium and the cost of debt.
Where fair value less costs to sell has been used, the key assumption used in the fair value
less costs to sell model is the EBITDA multiple. The valuations are derived using an EBITDA
multiple in comparable market transactions.
New CGUs in operation in the UK for less than two years are not subjected to routine
impairment testing under IAS 36 unless impairment indicators are present. The two-year
period reflects the typical stabilisation phase of new locations. For CGUs in operation in
Canada, this period is three years as the Splitsville brand is still developing its marketing
presence. This policy does not override IAS 36 requirements for immediate testing when
indicators exist.
Detailed impairment testing, due to the financial performance of certain centres, resulted
in the recognition of an impairment charge in the year of £1,059,000 (30 September 2024:
£2,808,000) against property, plant and equipment assets and £1,229,000 (30 September
2024: £2,508,000) against right-of-use assets for four mini-golf centres and one combined
centre (30 September 2024: four mini-golf centres and one combined centre)(note 13),
which form part of the UK operating segment. Following the recognition of the impairment
charge, the carrying value of property, plant and equipment is £2,158,000 (30 September
2024: £3,156,000) and right-of-use assets is £4,252,000 (30 September 2024: £5,086,000)
for these four (30 September 2024: four) UK mini-golf centres and one combined centre
(30 September 2024: one) (note 13).
Sensitivity to changes in assumptions
The estimate of the recoverable amounts for seven centres affords reasonable headroom
over the carrying value of the property, plant and equipment and right-of-use asset, and
an impairment charge of £2,288,000 (30 September 2024: £5,316,000) for five centres under
the base case. Management have sensitised the key assumptions in the impairment tests of
these twelve centres under the base case.
For five centres where the value-in-use was determined to provide a higher recoverable
amount than fair value less costs to sell, a reduction in revenue of four and six percentage
points down on the base case for FY2026 and FY2027 respectively and a one and two
percentage points increase in operating costs on the base case for FY2026 and FY2027
respectively to reflect higher inflation, would not cause the carrying value to exceed its
recoverable amount for five centres, which include both bowling and mini-golf centres.
Therefore, management believe that any reasonable possible changes in the key
assumptions would not result in an impairment charge for these five centres. However, a
further impairment of £1,504,000 would arise under this sensitised case in relation to three
centres where we have already recognised an impairment charge in the year, and four
centres where we have not recognised an impairment charge for the year.
For two centres where the fair value less costs to sell provided a higher recoverable amount
than value-in-use, a reduction in the recoverable amount of £739,755 would lead to a
potential impairment charge of £1,061,000.
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Notes to the financial statements continued
For the year ended 30 September 2025
13. Leases
Group as a lessee
The Group has lease contracts for property and amusement machines used in its
operations. There are thirteen (30 September 2024: eight) lease contracts that include
variable lease payments in the form of revenue-based rent top-ups. The Group also has
certain leases of equipment with lease terms of 12 months or less and leases of office
equipment with low value. The Group applies the “short-term lease” and “lease of low-value
assets” recognition exemptions for these leases.
Set out below are the carrying amounts of right-of-use assets:
Amusement
Property machines Total
Right-of-use assets £’000 £’000 £’000
Cost
At 1 October 2023
185,971
15,690
201,661
Lease additions
13,405
5,029
18,434
Acquisition
17,641
—
17,641
Lease surrenders
—
(1,391)
(1,391)
Lease modifications and remeasurements
4,890
—
4,890
Transfer from property, plant and equipment1
1,240
—
1,240
Effects of movement in foreign exchange
(2,338)
—
(2,338)
At 30 September 2024
220,809
19,328
240,137
Lease additions
24,254
4,452
28,706
Lease surrenders
—
(1,068)
(1.068)
Lease modifications and remeasurements
4,968
—
4,968
Effects of movement in foreign exchange
(1,236)
—
(1,236)
At 30 September 2025
248,795
22,712
271,507
Accumulated depreciation
At 1 October 2023
42,546
8,304
50,850
Depreciation charge
11,577
3,175
14,752
Impairment charge
2,508
—
2,508
Transfer from property, plant and equipment1
417
—
417
Lease surrenders
—
(1,157)
(1,157)
At 30 September 2024
57,048
10,322
67,370
Depreciation charge
13,044
4,006
17,050
Impairment charge
1,229
—
1,229
Lease surrenders
—
(859)
(859)
At 30 September 2025
71,321
13,469
84,790
Net book value
At 30 September 2025
177,474
9,243
186,717
At 30 September 2024
163,761
9,006
172,767
1 During the prior year, management reviewed the classification of long leasehold property. Subsequently, the
long leasehold property previously classified as property, plant and equipment was reclassified as right-of-use
assets (see note 12).
Set out below are the carrying amounts of lease liabilities and the movements during
the year:
Amusement
Property machines Total
Lease liabilities £’000 £’000 £’000
At 1 October 2023
185,936
8,269
194,205
Lease additions
13,405
5,029
18,434
Acquisition
15,641
—
15,641
Accretion of interest
11,144
471
11,615
Lease modifications and remeasurements
4,890
—
4,890
Lease surrenders
—
(322)
(322)
Payments
(19,962)
(3,805)
(23,767)
Effects of movement in foreign exchange
(2,454)
—
(2,454)
At 30 September 2024
208,600
9,642
218,242
Lease additions
24,254
4,452
28,706
Accretion of interest
13,113
618
13,731
Lease modifications and remeasurements
4,968
—
4,968
Lease surrenders
—
(241)
(241)
Payments
(23,816)
(4,475)
(28,291)
Effects of movement in foreign exchange
(1,322)
—
(1,322)
At 30 September 2025
225,797
9,996
235,793
Current
10,645
4,486
15,131
Non-current
215,152
5,510
220,662
At 30 September 2025
225,797
9,996
235,793
Current
10,349
3,882
14,231
Non-current
198,251
5,760
204,011
At 30 September 2024
208,600
9,642
218,242
The maturity analysis of the future undiscounted payments due under the above lease
liabilities is disclosed in note 30.
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Notes to the financial statements continued
For the year ended 30 September 2025
13. Leases continued
The following are the amounts recognised in profit or loss:
2025 2024
£’000 £’000
Depreciation expense of right-of-use assets
17,050
14,752
Impairment charge of right-of-use assets
1,229
2,508
Interest expense on lease liabilities
13,731
11,615
Expense relating to leases of low-value assets
(included in administrative expenses)
80
80
Variable lease payments, net of rent credits
(included in administrative expenses)
1,093
1,285
Total amount recognised in profit or loss
33,183
30,240
The Group has contingent lease contracts for thirteen (30 September 2024: eight) sites.
There is a revenue-based rent top-up on these sites. Gross variable lease payments
include revenue-based rent top-ups at eleven (30 September 2024: eight) centres totalling
£1,406,000 (30 September 2024: £897,000). It is anticipated that top-ups totalling £1,675,000
will be payable in the year to 30 September 2026 based on current expectations.
Impairment testing is carried out as outlined in note 12. Detailed impairment testing resulted
in the recognition of an impairment charge in the year of £1,229,000 (30 September 2024:
£2,508,000) against right-of-use assets for two UK mini-golf centres and one combined
centre (30 September 2024: four UK mini-golf centres and one combined centre).
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Notes to the financial statements continued
For the year ended 30 September 2025
14. Goodwill and intangible assets
Goodwill
Brands
1
Trademark
2
Customer relationships Software Total
£’000 £’000 £’000 £’000 £’000 £’000
Cost
At 1 October 2023
82,048
7,248
798
805
3,277
94,176
Additions
—
—
—
—
946
946
Acquisition
10,668
—
—
306
—
10,974
Disposals
—
—
—
(1,320)
(1,320)
Effects of movement in foreign exchange
(3)
(19)
—
(6)
—
(28)
At 30 September 2024
92,713
7,229
798
1,105
2,903
104,748
Additions
—
—
—
—
714
714
Effects of movement in foreign exchange
(5)
(548)
—
(37)
—
(590)
At 30 September 2025
92,708
6,681
798
1,068
3,617
104,872
Accumulated amortisation
At 1 October 2023
—
2,091
466
53
2,190
4,800
Amortisation charge
—
568
50
73
244
935
Disposals
—
—
—
—
(1,313)
(1,313)
Effects of movement in foreign exchange
—
3
—
—
—
3
At 30 September 2024
—
2,662
516
126
1,121
4,425
Amortisation charge
—
569
50
79
457
1,155
Effects of movement in foreign exchange
—
(33)
—
(11)
—
(44)
At 30 September 2025
—
3,198
566
194
1,578
5,536
Net book value
At 30 September 2025
92,708
3,483
232
874
2,039
99,336
At 30 September 2024
92,713
4,567
282
979
1,782
100,323
1 This relates to the Hollywood Bowl, Splitsville and Striker Bowling Solutions brands.
2 This relates to the Hollywood Bowl trademark only.
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Notes to the financial statements continued
For the year ended 30 September 2025
14. Goodwill and intangible assets continued
The components of goodwill comprise the following businesses:
30 September 30 September
2025 2024
UK
77,174
77,174
Canada
15,534
15,539
92,708
92,713
At the acquisition date, goodwill is allocated to each group of CGUs expected to benefit from
the combination.
Impairment testing is carried out at the CGU level on an annual basis. A CGU is the smallest
identifiable group of assets that generates cash inflows that are largely independent of
the cash inflows from other assets or groups of assets. Each individual centre is considered
to be a CGU. However, for the purposes of testing goodwill for impairment, it is acceptable
under IAS 36 to group CGUs, in order to reflect the level at which goodwill is monitored by
management. The UK and Canada are each considered to be a CGU, for the purposes
of goodwill impairment testing. These CGUs form part of the UK and Canada operating
segments respectively.
The recoverable amount of each of the CGUs is determined based on the higher of fair
value less costs to sell and a value-in-use calculation using cash flow projections based on
financial budgets approved by the Board covering a five-year period. Cash flows beyond
this period are extrapolated using the estimated growth rates stated in the key assumptions.
The key assumptions are disclosed in note 12.
Sensitivity to changes in assumptions
Management believe that any reasonable change in the key assumptions would not result
in an impairment charge of the goodwill.
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For the year ended 30 September 2025
15. Investment in subsidiaries
Hollywood Bowl Group plc’s operating subsidiaries as at 30 September 2025 are as follows:
Company Percentage of ordinary
Name
number
Principal activity
Country of incorporation
shares owned
Direct holdings
Kanyeco Limited
1, 2
09164276
Investment holding
England and Wales
100%
Hollywood Bowl EBT Limited
1, 2
10246573
Dormant
England and Wales
100%
Teaquinn Holdings Inc.
1, 4
725118608
Investment holding
Canada
100%
Indirect holdings
Kendallco Limited
1, 2
09176418
Investment holding
England and Wales
100%
The Original Bowling Company Limited
2
05163827
Ten-pin bowling
England and Wales
100%
Original Bowling Company (NI) Limited
3
NI679991
Dormant
Northern Ireland
100%
AMF Bowling (Eastleigh) Limited
2
06998390
Dormant
England and Wales
100%
MABLE Entertainment Limited
2
01094660
Dormant
England and Wales
100%
Milton Keynes Entertainment Limited
2
01807080
Dormant
England and Wales
100%
Bowlplex Limited
2
01250332
Dormant
England and Wales
100%
Bowlplex European Leisure Limited
2
05539281
Dormant
England and Wales
100%
Wessex Support Services Limited
2
01513727
Dormant
England and Wales
100%
Wessex Superbowl (Germany) Limited
2
03253033
Dormant
England and Wales
100%
Bowlplex Properties Limited
2
05506380
Dormant
England and Wales
100%
Xtreme Bowling Entertainment Corporation
4
840672380
Ten-pin bowling
Canada
100%
Striker Installations Inc.
4
853701399
Ten-pin bowling installations
Canada
100%
Striker Bowling Solutions Inc.
4
889559019
Ten-pin bowling supplier
Canada
100%
1 These subsidiaries are controlled and consolidated by the Group and are exempt from the Companies Act 2006 requirements relating to the audit of their individual
accounts by virtue of Section 479A of the Act as this company has guaranteed the subsidiary companies under Section 479C of the Act.
2 The registered office of these subsidiaries is Focus 31, West Wing, Cleveland Road, Hemel Hempstead, Hertfordshire, HP2 7BW.
3 The registered office of this subsidiary is Cleaver Fulton Rankin, 50 Bedford Street, Belfast, BT2 7FW, Northern Ireland.
4 These subsidiaries are controlled and consolidated by the Group. The registered office of these subsidiaries is 505 Iroquois Shore Road, Suite 9, Oakville, Ontario,
L6H 2R3, Canada.
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16. Cash and cash equivalents
A) Reconciliation of cash and cash equivalents at the end of the reporting period
For the purpose of the statement of cash flows, cash and cash equivalents comprise the following:
30 September 2025 30 September 2024
£’000 £’000
Cash and cash equivalents
15,189
28,702
Cash and cash equivalents include £1,728,000 (2024: £4,310,000) of credit and debit card payments.
B) Changes in liabilities arising from financing activities
The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes.
Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s
consolidated cash flow statement as cash flows from financing activities.
Lease additions,
modifications,
Financing remeasurements Accruals and Foreign Interest Interest 30 September
1 October 2024 cash flows and disposals prepayments exchange expense paid 2025
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Loans and borrowings (note 21)
—
—
—
(52)
—
223
(159)
12
Lease liabilities (note 13)
218,242
(14,065)
33,433
(495)
(1,322)
13,731
(13,731)
235,793
Total liabilities from financing activities
218,242
(14,065)
33,433
(547)
(1,322)
13,954
(13,890)
235,805
Lease additions,
modifications,
Financing remeasurements Accruals and Foreign Interest Interest 30 September
1 October 2023 cash flows and disposals prepayments exchange expense paid 2024
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Loans and borrowings (note 21)
—
—
—
(41)
—
190
(149)
—
Lease liabilities (note 13)
194,205
(12,305)
38,643
153
(2,454)
11,615
(11,615)
218,242
Total liabilities from financing activities
194,205
(12,305)
38,643
112
(2,454)
11,805
(11,764)
218,242
17. Trade and other receivables
30 September 2025 30 September 2024
£’000 £’000
Trade receivables
1,815
1,537
Other receivables
155
95
Prepayments
7,663
7,788
9,633
9,420
Trade receivables have an ECL against them that is immaterial. There were no overdue receivables at the end of either year.
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For the year ended 30 September 2025
18. Inventories
30 September 2025 30 September 2024
£’000 £’000
Goods for resale
3,553
2,897
Goods bought for resale recognised as a cost of sale amounted to £26,856,000
(30 September 2024: £25,634,000).
19. Trade and other payables
30 September 2025 30 September 2024
£’000 £’000
Current
Trade payables
7,166
5,494
Other payables
4,927
3,658
Accruals and deferred income
16,832
16,162
Taxation and social security
6,138
5,113
Total trade and other payables
35,063
30,427
30 September 2025 30 September 2024
£’000 £’000
Non-current
Other payables
5,706
7,116
Accruals and deferred income includes a staff bonus accrual of £3,903,000 (30 September
2024: £3,950,000). Deferred income includes £1,814,000 (30 September 2024: £983,000) of
customer deposits received in advance and £2,885,000 (30 September 2024: £2,628,000)
relating to bowling equipment installations, all of which will be recognised in the income
statement during the following financial year.
Current other payables includes £1,764,000 (30 September 2024: non-current other payables
£1,759,000) of deferred consideration in respect of the acquisition of Teaquinn Holdings Inc.
Non-current other payables includes £4,475,000 (30 September 2024: £3,928,000) of
contingent consideration in respect of the acquisition of Teaquinn Holdings Inc. The
additional consideration to be paid is contingent on the future financial performance
of Teaquinn Holdings Inc. in FY2026. This is based on a multiple of 9.2x Teaquinn’s EBITDA
pre-IFRS 16 in the financial period of settlement and is capped at CAD 17m. The contingent
consideration has been accounted for as post-acquisition employee remuneration
in accordance with IFRS 3 paragraph B55 and recognised over the duration of the
employment contract to FY2026.
The present value of the contingent consideration has been discounted using a WACC of
13% (30 September 2024: 13%). There is a range of possible outcomes for the value of the
contingent consideration based on Teaquinn’s forecasted EBITDA pre-IFRS 16.
The FY2025 provision is based on a payment (undiscounted) of £5,293,000, using the FY2025
year-end exchange rate. The fair value of the contingent consideration will be re-assessed
at every financial reporting date, with changes recognised in the income statement. In
FY2025, this re-assessment resulted in an increase in the charge of £168,000 (30 September
2024: reduction of £261,000) based on the current expectation of the final consideration
payment, which has been recognised in adjusting administrative expenses (note 5).
20. Provisions
30 September 2025 30 September 2024
£’000 £’000
Lease dilapidations provision
5,820
5,848
The dilapidations provision relates to potential rectification costs expected should the Group
vacate any of its centres. There are no onerous leases within the estate. The movements in
the dilapidations provision are summarised below:
Dilapidations
£’000
As at 30 September 2023
5,084
Change in discount rate
1
326
Provided during the year
225
Unwind of discounted amount
213
As at 30 September 2024
5,848
Change in discount rate
1
(413)
Provided during the year
446
Released during the year
(273)
Unwind of discounted amount
212
As at 30 September 2025
5,820
1 There was an increase in the discount rate from 4.11% at 30 September 2024 to 4.80% at 30 September 2025
(30 September 2024: a decrease in the discount rate from 4.64% at 30 September 2023 to 4.11% at 30 September
2024), used in preparing the dilapidations provision for the year ended 30 September 2025. This resulted in a
decrease in the provision of £413,000 (30 September 2024: an increase of £326,000), and will unwind over the term
of the property leases. Movements in the discount rate are driven by the yield on UK government bonds with a
maturity comparable to the remaining property lease term.
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For the year ended 30 September 2025
20. Provisions continued
In the UK, a provision is made for future expected dilapidation costs on the opening of
leasehold properties not covered by the Landlord and Tenant Act 1985 (LTA), and is expected
to be utilised on lease expiry. This also includes properties covered by the LTA where we
may not extend the lease, after consideration of the long-term trading and viability of the
centre. The amount provided in the year relates to two new centres (30 September 2024:
one new centre). Properties covered by the LTA provide security of tenure and we intend
to occupy these premises indefinitely until the landlord serves notice that the centre is to
be redeveloped. As such, no charge for dilapidations can be imposed and no dilapidation
provision is considered necessary as the outflow of economic benefit on these centres is not
considered to be probable. As at 30 September 2025, 26 UK centres (30 September 2024:
24 centres) had a dilapidations provision. No Canadian property leases have a dilapidations
provision as the lease agreements do not contain a related dilapidation clause.
It is anticipated that £40,000 of the provision will be utilised within the next 12 months as
the landlord at one UK centre has earmarked the site for closure and redevelopment. The
provision released in the year relates to this site as the full dilapidations provision will not be
utilised due to the landlord redevelopment of the site.
21. Loans and borrowings
On 29 September 2021, the Group entered into a £25m revolving credit facility (RCF)
with Barclays Bank plc. The RCF had an original termination date of 31 December 2024.
On 22 March 2024, the RCF had the termination date extended to 31 December 2025.
On 8 May 2025, the RCF was cancelled and the Group entered into a new £25m RCF with
Barclays Bank plc. The RCF was undrawn at the date of cancellation. The new RCF has a
termination date of 7 May 2028.
Interest is charged on any drawn balance based on the reference rate (SONIA), plus a
margin of 1.30% (30 September 2024: 1.65%).
A commitment fee equal to 35%of the drawn margin is payable on the undrawn facility
balance. The commitment fee rate as at 30 September 2025 was therefore 0.4550%
(30 September 2024: 0.5775%).
Issue costs of £135,000 were paid to Barclays Bank plc on commencement of the original
RCF and a further £35,000 on extension of the RCF. Issue costs of £125,000 were paid to
Barclays Bank plc on commencement of the new RCF on 8 May 2025. These costs are being
amortised over the term of the facility and are included within prepayments (note 17).
The terms of the Barclays Bank plc facility include a Group financial covenants that each
quarter the ratio of total net debt to Group adjusted EBITDA pre-IFRS 16 shall not exceed 1.75:1.
The Group operated within the covenant during the year and the previous year.
22. Deferred tax assets and liabilities
30 September 2025 30 September 2024
£’000 £’000
Deferred tax assets and liabilities
Deferred tax assets – UK
5,409
5,934
Deferred tax assets – Canada
849
518
Deferred tax liabilities – UK
(9,320)
(7,247)
Deferred tax liabilities – Canada
(1,641)
(2,680)
(4,703)
(3,475)
30 September 2025 30 September 2024
£’000 £’000
Reconciliation of deferred tax balances
Balance at the beginning of the year
(3,475)
(651)
Deferred tax credit for the year – in profit or loss
(2,393)
(1,950)
Deferred tax (charge)/credit for the year – in equity
(108)
101
On acquisition
—
(20)
Effects of changes in tax rates
3
(17)
Effects of foreign exchange
173
213
Adjustment in respect of prior years
1,097
(1,151)
Balance at the end of the year
(4,703)
(3,475)
The components of deferred tax are:
30 September 2025 30 September 2024
£’000 £’000
Deferred tax assets
Fixed assets
5,548
5,192
Trading losses
88
29
Other temporary differences
937
895
6,573
6,116
Deferred tax liabilities
Property, plant and equipment
(10,178)
(8,205)
Intangible assets
(1,098)
(1,386)
(11,276)
(9,591)
Deferred tax assets and liabilities are measured using the tax rates that are expected to
apply to the periods when the assets are realised or liabilities settled, based on tax rates
enacted or substantively enacted at 30 September 2025.
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For the year ended 30 September 2025
23. Share capital
30 September 2025
30 September 2024
Shares
£’000
Shares
£’000
Ordinary shares of £0.01 each
166,851,906
1,668
172,083,853
1,721
The share capital of the Group is represented by the share capital of the Parent Company,
Hollywood Bowl Group plc.
During the year 531,122 ordinary shares of £0.01 each were issued under the Group’s LTIP
scheme and 1,265 ordinary shares of £0.01 each were issued under the Group’s SAYE scheme
(note 28). In addition, 5,764,334 ordinary shares of £0.01 each were repurchased and
cancelled under the Group’s share buy back programme at a total cost of £15,150,591.
The ordinary shares are entitled to dividends. The Group only has one class of share.
24. Reserves
Share premium
The amount subscribed for share capital in excess of nominal value.
Retained earnings
The accumulated net profits and losses of the Group.
Merger reserve
The merger reserve represents the excess over nominal value of the fair value consideration
for the business combination which arose during the Company’s IPO listing; this was satisfied
by the issue of shares in accordance with Section 612 of the Companies Act 2006.
Capital redemption reserve
The capital redemption reserve represents the value of the ordinary shares of £0.01 each
repurchased by the Group under the share buy back.
Foreign currency translation reserve
The foreign currency translation reserve represents the retranslation gains and losses of
foreign currency denominated operations.
25. Lease commitments
The Group had total commitments under non-cancellable operating leases set out below:
30 September 2025 30 September 2024
Other Other
£’000 £’000
Within 1 year
80
80
In 2 to 5 years
20
100
100
180
These operating leases are not included as IFRS 16 assets as the Group applies the low-value
assets recognition exemption to leases of office equipment.
26. Capital commitments
As at 30 September 2025, the Group had entered into contracts to fit out new and refurbish
existing sites for £345,000 (30 September 2024: £5,312,000). These commitments are
expected to be settled in the year to 30 September 2026.
27. Related party transactions
30 September 2025 and 30 September 2024
During the year, and the previous year, there were no transactions with related parties.
28. Share-based payments
Long-term employee incentive costs
The Group operates LTIPs for certain key management. In accordance with IFRS 2 Share-
based payment, the values of the awards are measured at fair value at the date of grant.
The exercise price of the LTIPs is equal to the nominal price of the underlying shares on
the date of grant. The fair value is determined based on the exercise price and number of
shares granted, and is written off on a straight-line basis over the vesting period, based on
management’s estimate of the number of shares that will eventually vest.
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For the year ended 30 September 2025
28. Share-based payments continued
Long-term employee incentive costs continued
A summary of the movement in the LTIPs is outlined below:
Method of settlement Outstanding at Granted Lapsed/cancelled Exercised Outstanding at Exercisable at
Scheme name
Year of grant
accounting 1 October 2024 during the year1 during the year during the year 30 September 2025 30 September 2025
LTIP 2022
2022
Equity
463,436
67,686
—
(531,122)
—
—
LTIP 2023
2023
Equity
627,678
—
—
—
627,678
—
LTIP 2024
2024
Equity
584,831
—
—
—
584,831
—
LTIP 2025
2025
Equity
—
572,104
—
—
572,104
—
In accordance with the LTIP schemes outlined in the Group’s Remuneration Policy, the vesting
of these awards is conditional upon the achievement of an EPS target set at the time of
grant, measured at the end of a three-year period ending 30 September 2025, 30 September
2026 and 30 September 2027, and the Executive Directors’ continued employment at the
date of vesting. The LTIP 2023, 2024 and 2025 also have performance targets based on
return on centre invested capital, emissions ratio for Scope 1 and Scope 2 and (except for
LTIP 2025) team member development. LTIP 2025 also has a market based performance
condition linked to relative Total shareholder Return (TSR). Subject to performance against
the targets, the awards will vest three years after grant and will be subject to a further 2 year
holding period. Further details on LTIP 2023, 2024 and 2025 are available on the Hollywood
Bowl Group corporate website at www.hollywoodbowlgroup.com/investors/regulatory-news
dated 16 February 2023, 30 January 2024 and 3 February 2025.
The awards will vest based on the following adjusted EPS targets:
LTIP 2023
LTIP 2024
LTIP 2025
Vesting
18.11
23.10
24.78
25%
Vesting determined on
18.11–20.01
23.10–25.54
24.78–27.39
a straight-line basis
20.01
25.54
27.39
100%
1
During the year ended 30 September 2025, 572,104 (30 September 2024: 584,831)
share awards were granted under the LTIPs and an additional 67,686
(30 September 2024: 46,261) shares were issued to cover the LTIP 2022 dividend
equivalents (30 September 2024: LTIP 2021 dividend equivalents).
During the year ended 30 September 2025, 531,122 share awards were exercised under LTIP
2022 (30 September 2024: 499,254 share awards under LTIP 2021) and a total of 531,122 shares
were issued pursuant to an existing block listing in order to satisfy the exercise of the nil-cost
options (see note 23).
For all LTIPs, the Group recognised a charge of £1,789,439 (30 September 2024: £1,749,237)
and related employer National Insurance of £268,416 (30 September 2024: £241,395).
The following assumptions were used to determine the fair value of the LTIPs granted:
Financial year LTIP granted
2025
2024
2023
Share price at date of grant
2.826
2.930
2.600
Discount rate/dividend yield
3%
3%
3%
The cumulative total charge recognised in retained earnings for all LTIPs as at 30 September
2025 is £7,528,174 (30 September 2024: £5,738,735).
The weighted average remaining contractual life of share options outstanding at
30 September 2025 was 478 days (30 September 2024: 515 days).
The shares are dilutive for the purposes of calculating diluted earnings per share.
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For the year ended 30 September 2025
28. Share-based payments continued
Long-term employee incentive costs continued
Save-As-You-Earn (SAYE) schemes
The Group currently operates three SAYE schemes, available to all employees of the Group.
The SAYE schemes permit the grant to employees of options in respect of ordinary shares
linked to a bank SAYE contract for a term of three years with contributions from employees
of an amount between £5 and £500 per month. During the year, a new SAYE scheme (SAYE
2025) was launched with 130 employees taking up 174,839 options with an exercise date of
1 February 2028 and an exercise price of £2.90, being equal to the market price of the shares
on the date of grant. In the prior year, 109 employees took up 100,887 options with an exercise
date of 1 February 2027 and an exercise price of £2.85. The options vest if the employee
remains in employment by the Group on the exercise date; otherwise, the options lapse on
the date the employee leaves. The options are exercisable for a period of six months from the
date of vesting. Employees can opt to leave the SAYE at any time, at which point their options
will lapse.
The shares are dilutive for the purposes of calculating diluted earnings per share.
In accordance with IFRS 2 Share-based payment, the values of the awards are measured
at fair value at the date of the grant. The fair value is expensed on a straight-line basis over
the vesting period, based on management’s estimate of the number of shares that will
eventually vest.
The fair value at grant date is estimated using a Black-Scholes pricing model, taking into
account the terms and conditions upon which the options were granted. The contractual
life of each option granted is three years. The fair value of options granted during the years
ended 30 September 2025, 30 September 2024 and 30 September 2023 was estimated on
the date of grant using the following assumptions:
SAYE SAYE SAYE
2025 2024 2023
Exercise price
£2.900
£2.850
£2.430
Dividend yield
3.0%
3.0%
3.0%
Expected volatility
30.4%
32.9%
35.4%
Risk-free interest rate
3.96%
4.10%
3.14%
Life of option
3 years
3 years
3 years
Anticipated number of options
to vest
50%
20%
35%
The expected volatility is based on the annualised standard deviation of the continuously
compounded rates of return on the share over a period of time. A summary of the
movement in the SAYE schemes is outlined below:
Lapsed/
Outstanding Granted cancelled Exercised
Outstanding at
Exercisable at
Year of at 1 October during the during the during the
30 September
30 September
Scheme name award 2024 year year
year
2025
2025
SAYE 2022
2022
42,564
—
(38,136)
(1,265)
3,163
3,163
SAYE 2023
2023
102,203
—
(22,966)
—
79,237
—
SAYE 2024
2024
85,343
—
(37,401)
—
47,942
—
SAYE 2025
2025
—
174,839
(42,483)
—
132,356
—
The assessed fair value of the options granted during the year ended 30 September 2025
was £0.58 (30 September 2024: £0.62).
For the year ended 30 September 2025, the Group has recognised £8,871 of share-based
payment charge in the income statement (30 September 2024: charge of £32,579).
During the year one of the SAYE schemes became exercisable and 1,265 ordinary shares of
£0.01 each were issued under the SAYE 2022 at an exercise price of £2.845. During the prior
year, 456 options were exercised under the SAYE 2020 and 456 ordinary shares of £0.01 each
were issued at an exercise price of £2.880.
The weighted average remaining contractual life of share options outstanding at
30 September 2025 was 557 days (30 September 2024: 557 days).
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Notes to the financial statements continued
For the year ended 30 September 2025
29. Financial instruments
Fair value hierarchy
IFRS 7 requires fair value measurements to be recognised using a fair value hierarchy that
reflects the significance of the inputs used in the value measurements:
Level 1: inputs are quoted prices in active markets.
Level 2: a valuation that uses observable inputs for the asset or liability other than quoted
prices in active markets.
Level 3: a valuation using unobservable inputs (i.e. a valuation technique).
There were no transfers between levels throughout the periods under review.
Fair value
All financial assets held at the balance sheet date, which comprise trade and other
receivables and cash and cash equivalents, are classified as financial assets held at
amortised cost. All financial liabilities, which comprise trade and other payables and
borrowings, are classified as financial liabilities held at amortised cost. The following table
shows the fair value of financial assets and financial liabilities within the Group at the
balance sheet date. The fair value of all financial assets and liabilities are categorised
as Level 2.
30 September 2025 30 September 2024
£’000 £’000
Financial assets – measured at amortised cost
Cash and cash equivalents
15,189
28,702
Trade and other receivables
1,970
1,632
Financial liabilities – measured at amortised cost
Trade and other payables
34,632
32,429
There is no difference between the carrying value and fair value of any of the above financial
assets and financial liabilities.
30. Financial risk management
The Group’s activities expose it to a variety of financial risks: credit risk, liquidity risk and
market risk (fair value interest rate and price risk).
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations
resulting in financial loss to the Group. In order to minimise this risk the Group endeavours
to deal only with companies which are demonstrably creditworthy. In addition, a significant
proportion of revenue results from cash transactions. The aggregate financial exposure is
continuously monitored. The maximum exposure to credit risk is the value of the outstanding
amount of trade receivables. Management does not consider that there is any concentration
of risk within either trade or other receivables.
The Group held cash and cash equivalents with banks which are rated AA- to AA+ of
£12,987,000 at 30 September 2025 (30 September 2024: £26,785,000).
The Group considers that its cash and cash equivalents have low credit risk based on the
external credit ratings of the counterparties.
Trade receivables have not been impaired as any ECL is deemed to be insignificant.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they
fall due. The Group’s approach to managing liquidity is to ensure, as far as is possible, that
it will always have sufficient liquidity to meet its liabilities when due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the Group’s
reputation.
Cash flow and fair value interest rate risk
The Group’s borrowings are variable rate bank loans. As at 30 September 2025, £nil
(30 September 2024: £nil) of the available facility has been drawn down. The Directors
monitor the Group’s funding requirements and external debt markets to ensure that
the Group’s borrowings are appropriate to its requirements in terms of quantum, rate
and duration.
The Group currently holds cash balances to provide funding for normal trading activity. The
Group also has access to both short-term and long-term borrowings to finance individual
projects. Trade and other payables are monitored as part of normal management routine.
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Notes to the financial statements continued
For the year ended 30 September 2025
30. Financial risk management continued
Cash flow and fair value interest rate risk continued
The table below summarises the maturity profile of the Group’s financial liabilities:
Within 1 5 to 10 More than
year 1 to 2 years 2 to 5 years years 10 years Total
£’000 £’000 £’000 £’000 £’000 £’000
2025
Trade and other payables
27,112
692
6,388
577
3,829
38,598
Lease liabilities
28,783
48,693
76,253
109,918
102,215
365,862
55,895
49,385
82,641
110,495
106,044
404,460
2024
Trade and other payables
24,226
676
6,994
801
3,867
36,564
Lease liabilities
25,626
25,395
69,523
102,559
108,691
331,794
49,852
26,071
76,517
103,360
112,558
368,358
Capital risk management
The Group’s capital management objectives are:
(i) to ensure the Group’s ability to continue as a going concern so that it can continue to
provide returns for shareholders and benefits for other stakeholders; and
(ii) to provide an adequate return to shareholders by pricing products and services
commensurate with the level of risk.
To meet these objectives, the Group reviews the budgets and forecasts on a regular basis to
ensure there is sufficient capital to meet the needs of the Group through to profitability and
positive cash flow.
The capital structure of the Group consists of shareholders’ equity as set out in the
consolidated statement of changes in equity. All working capital requirements are financed
from existing cash resources and borrowings.
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest
rates and equity prices, will affect the Group’s income or the value of its holdings of financial
instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimising the return on risk.
Foreign currency risk
Operating across two territories increases the Group’s exposure to currency risk. Wherever
possible, overseas operations will fund their day to day working capital requirements in local
currency with cash generated from operations, naturally hedging the currency risk exposure
to the Group. Management will continually monitor the level of currency risk exposure, and
consider hedging where appropriate. Currently the Group considers the currency risk on
consolidation of the assets and liabilities of its foreign entities to be of low materiality.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. The Group’s exposure to the risk of
changes in market interest rates relates primarily to the Group’s long-term debt obligations
with floating interest rates.
The Group manages its interest rate risk by entering into interest rate derivatives when it is
considered appropriate to do so by management. At 30 September 2025 and 30 September
2024, none of the Group’s borrowings were at fixed rates of interest.
The effect on the profit after tax of a notional one per cent increase or decrease in SONIA is
£nil (30 September 2024: £nil).
31. Dividends paid and proposed
30 September 30 September
2025 2024
£’000 £’000
The following dividends were declared and paid by the Group:
Final dividend year ended 30 September 2023
– 8.54 pence per ordinary share
—
14,664
Special dividend year ended 30 September 2023
– 2.73 pence per ordinary share
—
4,688
Interim dividend year ended 30 September 2024
– 3.98 pence per ordinary share
—
6,828
Final dividend year ended 30 September 2024
– 8.08 pence per ordinary share
13,904
13,904
Interim dividend year ended 30 September 2025
– 4.10 pence per ordinary share
6,923
—
Proposed for the approval by shareholders at AGM
(not recognised as a liability at 30 September 2025):
Final dividend year ended 30 September 2025
– 9.18 pence per ordinary share
15,317
—
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Note
30 September 2025
£’000
30 September 2024
£’000
ASSETS
Non-current assets
Investments 5 96,959 87,561
Trade and other receivables 8 158,716 73,742
Deferred tax asset 7 429 355
256,104 161,658
Current assets
Cash and cash equivalents 6 191 8,119
Trade and other receivables 8 260 191
451 8,310
Total assets 256,555 169,968
LIABILITIES
Current liabilities
Trade and other payables 9 158,259 121,180
Total liabilities 158,259 121,180
NET ASSETS 98,296 48,788
Equity attributable to shareholders
Share capital 10 1,668 1,721
Share premium 10 39,716 39,716
Capital redemption reserve 10 59 1
Retained earnings 56,853 7,350
TOTAL EQUITY 98,296 48,788
Thecompanyreportedaprofitfortheyearended30 September 2025 of £83,692,000 (30 September 2024: a loss of £1,834,000).
ThesefinancialstatementswereapprovedbytheBoardofDirectorson15 December 2025.
The accompanying notes on pages 154 to 158formanintegralpartofthesefinancialstatements.
Signed on behalf of the Board
Laurence Keen
Chief Financial Officer
Company registration number: 10229630
Company statement of financial position
As at 30 September 2025
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Share capital
£’000
Share premium
£’000
Capital redemption
reserve
£’000
Retained earnings
£’000
Total
£’000
Equity as at 30 September 2023 1,717 39,716 — 33,994 75,427
Shares issued during the year 5 — — — 5
Share buy back (1) — 1 (379) (379)
Share-basedpayments(note5,11) — — — 1,749 1,749
Dividends paid — — — (26,180) (26,180)
Total comprehensive loss for the year — — — (1,834) (1,834)
Equity as at 30 September 2024 1,721 39,716 1 7,350 48,788
Shares issued during the year 5 — — — 5
Share buy back (58) — 58 (15,151) (15,151)
Share-basedpayments(note5,11) — — — 1,789 1,789
Dividends paid — — — (20,827) (20,827)
Totalcomprehensiveprofitfortheyear — — — 83,692 83,692
Equity as at 30 September 2025 1,668 39,716 59 56,853 98,296
The accompanying notes on pages 154 to 158formanintegralpartofthesefinancialstatements.
Company statement of changes in equity
For the year ended 30 September 2025
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30 September 2025
£’000
30 September 2024
£’000
Cash flows from operating activities
Profit/(loss)beforetax 83,317 (2,532)
Adjusted by:
Net interest expense/(income) 106 (650)
Share-basedpayments(note11) 1,236 1,110
Operating profit/(loss) before working capital changes 84,659 (2,072)
Decrease in trade and other receivables 142 567
Increase in trade and other payables 262 222
Cash outflow generated from operations 85,063 (1,283)
Interest received 145 883
Bank interest paid (138) (149)
Net cash outflow from operating activities 85,070 (549)
Cash flows from investing activities
Investment in existing subsidiary (8,845) (17,695)
Net cash used in investing activities (8,845) (17,695)
Cash flows from financing activities
Share buy back (15,151) (379)
Dividends paid (20,827) (26,180)
(Repayment of loan to subsidiary) / loan from subsidiary (48,175) 28,046
Net cash flows generated from financing activities (84,153) 1,487
Net change in cash and cash equivalents for the year (7,928) (16,757)
Cash and cash equivalents at the beginning of the year 8,119 24,876
Cash and cash equivalents at the end of the year 191 8,119
The accompanying notes on pages 154 to 158formanintegralpartofthesefinancialstatements.
Company statement of cash flows
For the year ended 30 September 2025
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1. General information
Hollywood Bowl Group plc is a public limited company whose shares are publicly traded
on the London Stock Exchange and is incorporated and domiciled in England under the
Companies Act 2006. The Company was incorporated on 13 June 2016,registerednumber
10229630.TheregisteredofficeoftheParentCompanyisFocus31,WestWing,Cleveland
Road,HemelHempstead,HP2 7BW,UnitedKingdom.
2. Material accounting policies
The material accounting policies are set out below. These accounting policies have been
appliedconsistentlythroughouttheyearandprioryear.Thefinancialinformationpresented
isasatandforthefinancialyearsended30 September 2025 and 30 September 2024.
Basis of preparation
ThefinancialstatementshavebeenpreparedinaccordancewithapplicableUnited
Kingdomaccountingstandards,includingFinancialReportingStandard102 – ‘The Financial
Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (FRS 102) and
the Companies Act 2006. The functional and presentational currency of the Company is
PoundsSterling.ThefinancialstatementsarepresentedinPoundsSterlingandallvaluesare
roundedtothenearestthousand,exceptwhereotherwiseindicated.
Thefinancialstatementshavebeenpreparedonagoingconcernbasisunderthehistorical
cost convention.
Thefinancialinformationpresentedisatandfortheyearsended30 September 2025 and
30 September 2024.
AstheconsolidatedfinancialstatementsoftheCompanyincludetheequivalentdisclosures,
the Company has taken the exemptions under FRS 102 available in respect of the following
disclosures:
• certain disclosures required by FRS 102.26Share-basedpayment;and
• certain disclosures required by FRS 102.11 Basic Financial Instruments and FRS 102.12 Other
FinancialInstrumentIssuesinrespectoffinancialinstrumentsnotfallingwithinthefair
value accounting rules of paragraph 36(4) of Schedule 1.
As permitted by Section 408 of the Companies Act 2006,anentityincomestatementand
statement of comprehensive income are not included as part of the published consolidated
financialstatementsofHollywoodBowlGroupplc.Theprofitforthefinancialyeardealtwith
inthefinancialstatementsoftheParentCompanyis£83,692,000 (30 September 2024: loss
£1,834,000).Theprofitforthefinancialyearincludesdividendsreceivedfromasubsidiaryof
£85,000,000 (30 September 2024: £nil).
Investments in subsidiaries
Investmentsinsubsidiaryundertakingsareinitiallyrecordedatcost,beingthefairvalue
of the consideration paid. Subsequently investments are reviewed for impairment on an
individual basis annually or if events or changes in circumstances indicate that the carrying
value may not be fully recoverable with any impairment charged to the income statement.
Receivables due from subsidiary undertakings
Amountsowedbysubsidiariesareclassifiedandrecordedatamortisedcostandreduced
by allowances for ECLs.Estimatedfuturecreditlossesarefirstrecordedoninitialrecognition
of a receivable and are based on estimated probability of default. Individual balances are
written off when management deems them not to be collectible.
Employee benefits
Share-based payments
TheCompanyoperatesanequity-settledshare-basedpaymentplanforitsDirectors,under
which the Directors are granted equity instruments of Hollywood Bowl Group plc. The fair
value of services received in exchange for the equity instruments is determined by reference
to the fair value of the instruments granted at grant date. The fair value of the instruments
includesanymarketperformanceconditionsandnon-vestingconditions.
The expense is recognised over the vesting period of the award taking into account any
non-marketperformanceandserviceconditions.
Thecostofequity-settledtransactionsisrecognisedtogetherwithacorrespondingincrease
inequity,overtheperiodinwhichtheperformanceconditionsarefulfilled,endingonthe
date on which the relevant employees become fully entitled to the award.
Financial instruments
The Company has elected to apply the recognition and measurement provisions of IFRS 9
Financial Instruments together with the disclosure and presentation requirements of sections
11 and 12 of FRS 102.
Cash and cash equivalents
Cashandcashequivalentsincludescashheldinshort-termdepositswithUK banks.
Foreign currency transactions
Transactions in foreign currencies are translated into the functional currency at the
exchange rate at the date of the transaction.
Monetaryassetsandliabilitiesdenominatedinforeigncurrenciesaretranslatedintothe
functional currency at the exchange rate at the reporting date. Exchange gains and losses
are included within administrative expenses in the income statement.
Notes to the Company financial statements
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2. Material accounting policies continued
Taxation
Taxontheprofitorlossfortheyearcomprisescurrentanddeferredtax.Taxisrecognisedin
theprofitandlossaccountexcepttotheextentthatitrelatestoitemsrecogniseddirectly
inequityorothercomprehensiveincome,inwhichcaseitisrecogniseddirectlyinequityor
other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the
year,usingtaxratesenactedorsubstantivelyenactedatthebalancesheetdate,andany
adjustmenttotaxpayableinrespectofpreviousyears.
Deferred taxation
Deferred tax is provided on timing differences which arise from the inclusion of income and
expenses in tax assessments in periods different from those in which they are recognised in
thefinancialstatements.Thefollowingtimingdifferencesarenotprovidedfor:differences
betweenaccumulateddepreciationandtaxallowancesforthecostofafixedassetifand
when all conditions for retaining the tax allowances have been met; and differences relating
toinvestmentsinsubsidiaries,totheextentthatitisnotprobablethattheywillreverse
in the foreseeable future and the reporting entity is able to control the reversal of the
timing difference.
Deferred tax is not recognised on permanent differences arising because certain types
ofincomeorexpensearenon-taxableoraredisallowablefortaxorbecausecertaintax
charges or allowances are greater or smaller than the corresponding income or expense.
Deferred tax is provided in respect of the additional tax that will be paid or avoided on
differences between the amount at which an asset (other than goodwill) or liability is
recognised in a business combination and the corresponding amount that can be deducted
orassessedfortax.Goodwillisadjustedbytheamountofsuchdeferredtax.
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the
relateddifference,usingtaxratesenactedorsubstantivelyenactedatthebalancesheet
date. Deferred tax balances are not discounted.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is
it probable that they will be recovered against the reversal of deferred tax liabilities or other
futuretaxableprofits.
3. Directors’ remuneration
The Company has no employees other than the Directors.
TheDirectors’emolumentsandbenefitswereasfollows:
30 September 2025
1
£’000
30 September 2024
1
£’000
Salaries and bonuses 2,205 2,279
Pension contributions 49 48
Share-basedpayments(note11) 1,236 1,111
Total 3,490 3,438
1 This includes three (30 September 2024: three) Executive Directors and six (30 September 2024: four)
Non-ExecutiveDirectors.
The aggregate of emoluments of the highest paid Director was £1,695,000 (30 September
2024: £1,615,000) and Company pension contributions of £24,000 (30 September 2024:
£23,000)weremadetoadefinedcontributionschemeontheirbehalf.
The aggregate gains made by Executive Directors on the exercise of share options during
FY2025 was £1,413,365 (FY2024: £1,144,832). The aggregate gains made by the highest paid
Director was £738,405 (FY2024: £572,419).
4. Taxation
30 September 2025
£’000
30 September 2024
£’000
The tax credit is as follows:
• UK corporation tax (301) (587)
Total current tax credit (301) (587)
Deferred tax:
Origination and reversal of temporary differences (74) (115)
Adjustmentinrespectofprioryears — 4
Total deferred tax credit (74) (111)
Total tax credit (375) (698)
Notes to the Company financial statements continued
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4. Taxation continued
Factors affecting current credit
The tax assessed on the loss for the period is different to the standard rate of corporation tax
in the UK of 25% (30 September 2024: 25%). The differences are explained below:
30 September 2025
£’000
30 September 2024
£’000
Profit/(loss)excludingtaxation 83,317 (2,532)
Tax using the UK corporation tax rate of 25%
(2024: 25%) 20,829 (633)
Share-basedpayments 26 (73)
Non-deductibleexpenses 20 4
Non-taxableincome (21,250) —
Adjustmentsinrespectofprioryears — 4
Total tax (credit)/expense included in profit or loss (375) (698)
The Group’s standard tax rate for the year ended 30 September 2025 was 25%
(30 September 2024: 25%).
5. Investments
Investments in subsidiary undertakings are as follows:
30 September 2025
£’000
30 September 2024
£’000
At the beginning of the year 87,561 69,745
Additions 9,398 17,816
At the end of the year 96,959 87,561
Additions during the year include additional investments made in the existing Canadian
entitiesandcapitalcontributiononshare-basedpaymentawardsgrantedtosubsidiary
employees.
Details of the investments in subsidiary undertakings are outlined in note 15 to the
consolidatedfinancialstatements.
6. Cash and cash equivalents
Forthepurposeofthestatementofcashflows,cashandcashequivalentscomprise
the following:
30 September 2025
£’000
30 September 2024
£’000
Cash and cash equivalents 191 8,119
7. Deferred tax asset
30 September 2025
£’000
30 September 2024
£’000
Deferred tax asset
Deferred tax asset 429 355
429 355
30 September 2025
£’000
30 September 2024
£’000
Reconciliation of deferred tax balances
Balance at beginning of year 355 244
Deferred tax credit/(charge) for the year
–inprofitorloss 74 115
Adjustmentsinrespectofpriorperiods — (4)
Balance at end of year 429 355
The components of deferred tax are:
30 September 2025
£’000
30 September 2024
£’000
Deferred tax asset
Temporary differences 429 355
429 355
The Group has a policy in relation to the payment for tax losses surrendered between Group
companies under the Group relief provisions. The Company has recognised a deferred tax
assetinrespectofitsshare-basedpaymentsonthebasisitexpectstoreceiveeconomic
benefitsintheformofpaymentsforamountssurrenderedasGroupreliefinfuture
accounting periods.
Notes to the Company financial statements continued
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8. Trade and other receivables
Current
30 September 2025
£’000
30 September 2024
£’000
Other receivables 90 79
Prepayments 170 112
260 191
Non-current
30 September 2025
£’000
30 September 2024
£’000
Amounts owed by Group companies 158,716 73,742
AmountsowedbyandtoGroupcompaniesarenon-interestbearing,arerepayableon
demand and are not expected to be recovered within the next 12 months.
9. Trade and other payables
Current
30 September 2025
£’000
30 September 2024
£’000
Amounts owed to Group companies 156,049 119,250
Trade and other payables 327 330
Accruals 1,883 1,600
158,259 121,180
10. Share capital
30 September 2025 30 September 2024
Shares £’000 Shares £’000
Allotted, called up and fully paid
Ordinary shares of £0.01 each 166,851,906 1,668 172,083,853 1,721
During the year 531,122 ordinary shares of £0.01 each were issued under the Group’s LTIP
scheme and 1,265 ordinary shares of £0.01 each were issued under the Group’s SAYE scheme
(note 28oftheconsolidatedfinancialstatements).Inaddition,5,764,334 ordinary shares of
£0.01 each were repurchased and cancelled under the Group’s share buy back programme
at a total cost of £15,150,591.
The ordinary shares are entitled to dividends. The Group only has one class of share.
In January 2025,theCompanydeclaredandpaidadividend.Followingthepaymentthe
Board became aware of a technical issue in respect of this dividend. Whilst the Company
hadsufficientdistributablereservestopaythisdividend,ithadnotfiledtherequiredinterim
accountsatCompaniesHousetodemonstratethisatthetimethatthedividendwaspaid,
as mandated by the Companies Act 2006.
StepstorectifythesituationhavebeentakenandtheCompanyhaspreparedandfiled
the necessary interim accounts at Companies House. This was completed before the
30 September 2025financialstatementswereapproved.A deed of release has been
agreeduponbyallrelevantparties,ensuringthatnofurtherlegalactionwillbetakenin
relation to this matter.
11. Share-based payments
Long-term employee incentive costs
The Company operates LTIPs for the Directors. In accordance with IFRS 2Share-based
payment,thevaluesoftheawardsaremeasuredatfairvalueatthedateofgrant.The
exercise price of the LTIPs is equal to the nominal price of the underlying shares on the
date of grant. The fair value is determined based on the exercise price and number of
sharesgranted,andiswrittenoffonastraight-linebasisoverthevestingperiod,based
on management’s estimate of the number of shares that will eventually vest.
In accordance with the LTIPschemesoutlinedintheGroup’sRemunerationPolicy,thevesting
of these awards is conditional upon the achievement of an EPS target set at the time of
grant,measuredattheendofathree-yearperiodending30 September 2025,30 September
2026 and 30 September 2027,andtheExecutiveDirectors’continuedemploymentatthe
date of vesting. The LTIP 2023,2024 and 2025 also have performance targets based on
returnoncentreinvestedcapital,emissionsratioforScope1 and Scope 2 and (except for
LTIP 2025) team member development. LTIP 2025 also has a market based performance
condition linked to relative Total shareholder Return (TSR).Subjecttoperformanceagainst
thetargets,theawardswillvestthreeyearsaftergrantandwillbesubjecttoafurther2 year
holding period. Further details on LTIP 2023,2024 and 2025 are available on the Hollywood
Bowl Group corporate website at www.hollywoodbowlgroup.com/investors/regulatory-news
dated 16 February 2023,30 January 2024 and 3 February 2025.
TheawardswillvestbasedonthefollowingadjustedEPS targets:
LTIP 2023 LTIP 2024 LTIP 2025 Vesting
18.11 23.10 24.78 25%
18.11–20.01 23.10–25.54 24.78-27.39 Vestingdeterminedonastraight-linebasis
20.01 25.54 27.39 100%
Notes to the Company financial statements continued
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11. Share-based payments continued
Long-term employee incentive costs continued
A summary of the movement in the LTIPs is outlined below:
Scheme
name
Year of
grant
Method of
settlement
accounting
Outstanding
at 1 October
2024
Granted
during
the year
1
Lapsed/
cancelled
during the
year
Exercised
during the
year
Outstanding at
30 September
2025
Exercisable at
30 September
2025
LTIP 2022 2022 Equity 270,518 39,510 – (310,028) – –
LTIP 2023 2023 Equity 423,490 – – – 423,490 –
LTIP 2024 2024 Equity 394,582 – – – 394,582 –
LTIP 2025 2025 Equity – 487,039 – – 487,039 –
1
During the year ended 30 September 2025,487,039 (30 September 2024: 394,582) share
awards were granted under the LTIPs and an additional 39,510 (30 September 2024: 27,910)
shares were issued to cover the LTIP 2022 dividend equivalents (30 September 2024: LTIP 2021
dividend equivalents).
During the year ended 30 September 2025,531,122 (30 September 2024: 499,254) share
awards were exercised under LTIP 2022 (30 September 2024: LTIP 2021) and a total of 531,122
shares were issued pursuant to an existing block listing in order to satisfy the exercise of the
nil-costoptions(seenote23oftheconsolidatedfinancialstatements).
For all LTIPs,theCompanyrecognisedachargeof£1,235,728 (30 September 2024: £1,110,482)
and related employer National Insurance charge of £185,359 (30 September 2024: £153,247).
The following assumptions were used to determine the fair value of the LTIPs granted:
Financial year LTIP granted 2025 2024 2023
Share price at date of grant 2.826 2.930 2.600
Discount rate/dividend yield 3% 3% 3%
The cumulative total charge recognised in retained earnings for all LTIPs as at 30 September
2025 is £4,807,884 (30 September 2024: £3,572,156).
The weighted average remaining contractual life of share options outstanding at
30 September 2025 was 507 days (30 September 2024: 531 days).
12. Loans and borrowings
On 29 September 2021,theGroupenteredintoa£25mrevolvingcreditfacility(RCF)
with Barclays Bank plc. The RCF had an original termination date of 31 December 2024.
On 22March2024,theRCF had the termination date extended to 31 December 2025.
On 8May2025,theRCF was cancelled and the Group entered into a new £25m RCF with
Barclays Bank plc. The RCF was undrawn at the date of cancellation. The new RCF has a
termination date of 7May2028.
Interest is charged on any drawn balance based on the reference rate (SONIA),plusa
margin of 1.30 per cent (30 September 2024: 1.65 per cent).
A commitment fee equal to 35% of the drawn margin is payable on the undrawn facility
balance. The commitment fee rate as at 30 September 2025 was therefore 0.4550%
(30 September 2024: 0.5775%).
Issue costs of £135,000 were paid to Barclays Bank plc on commencement of the original
RCF and a further £35,000 on extension of the RCF. Issue costs of £125,000 were paid to
Barclays Bank plc on commencement of the new RCF on 8May2025. These costs are being
amortised over the term of the facility and are included within prepayments (note 17).
ThetermsoftheBarclaysBankplcfacilityincludeaGroupfinancialcovenantsthateach
quartertheratiooftotalnetdebttoGroupadjustedEBITDApre-IFRS 16 shall not exceed 1.75:1.
The Group operated within the covenant during the year and the previous year.
13. Guarantee
The Company has given a guarantee over certain subsidiaries under Section 479A of
the Companies Act 2006suchthatthefinancialstatementsofthesesubsidiariesfor
the year ended 30 September 2025 will be exempt from audit (note 15 of the consolidated
financialstatements).
Notes to the Company financial statements continued
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Financial
Statements
Hollywood Bowl Group plc
Focus 31,WestWing
Cleveland Road
Hemel Hempstead
Hertfordshire
HP2 7BW
Company number
10229630
Company website
hollywoodbowlgroup.com
Company Secretary
Bernwood Cosec Limited
E: hollywoodbowl@bernwoodcosec.co.uk
Investor relations
Headland Consultancy
Floor 3 (North East)
One New Change
London
EC4M 9AF
T: +44 (0)20 3805 4822
E: hollywoodbowl@headlandconsultancy.com
Registrar
Link Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
T: 0871 664 0300
E: enquiries@linkgroup.co.uk
Auditor
KPMG LLP
20 Station Road
Cambridge
CB1 2JD
Financial adviser and broker
Investec
30 Gresham Street
London
EC2V 7QN
Berenberg
60 Threadneedle Street
London
EC2R 8HP
Company information
CBP034047
PrintedbyaCarbonNeutralOperation(certified:CarbonQuota)underthePAS2060standard.
Printedonmaterialfromwell-managed,FSC™certifiedforestsandothercontrolledsources.
ThispublicationwasprintedbyanFSC™certifiedprinterthatholdsanISO14001certification.
100% of the inks used are HP Indigo ElectroInk which complies with RoHS legislation and meets the chemical
requirementsoftheNordicEcolabel(NordicSwan)forprintingcompanies,95%ofpresschemicalsare
recycledforfurtheruseand,onaverage99%ofanywasteassociatedwiththisproductionwillberecycled
and the remaining 1% used to generate energy.
ThepaperisCarbonBalancedwithWorldLandTrust,aninternationalconservationcharity,whooffsetcarbon
emissions through the purchase and preservation of high conservation value land. Through protecting
standingforestsunderthreatofclearance,carbonislocked-inthatwouldotherwisebereleased.
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Hollywood Bowl Group plc — Annual Report and Accounts 2025
Strategic
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Financial
Statements
hollywoodbowlgroup.com
Hollywood Bowl Group plc Annual Report and Accounts 2025