City News: Hollywood Bowl, Menzies, Phoenix, and Whisky
BRITAIN’S biggest tenpin bowling operator, Hollywood Bowl, is striking out for a £240million stock market flotation.
Its private equity backer Electra Partners had been targeting a £280million valuation before shelving float plans earlier this year amid uncertainty surrounding Brexit.
Electra will hold nearly 18 per cent of the company when shares begin trading at 160p next week, raising £181.3million.
Hollywood, which operates 54 centres including the AMF and Bowlplex brands, posted half-year adjusted pre-tax earnings of £16.8million on £55million revenue.
Chief executive Stephen Burns said: “We have exciting plans in STRIKING: Shares will trade next week place to grow further.”
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John Menzies sealed a “transformational” deal for its aviation services arm after agreeing to buy BBA Aviation’s plane refuelling business for £153million.
Edinburgh-based Menzies, which also runs a distribution business, is funding the acquisition of ASIG with new debt and a £75million equity rights issue.
Buying ASIG, with its HQ in Florida and about 8,000 employees across seven countries, will double the size of Menzies’ North American operations.
Last year ASIG generated revenue of £272million. Menzies shares took off 26p to 618p, while BBA Aviation rose 3½p to 239½p.
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Phoenix Group, the UK’s biggest owner of insurance funds closed to new customers, is poised to buy Abbey Life Assurance in a potential £1billion deal.
The FTSE 250 company said it is in “advanced discussions” with Deutsche Bank, which in 2007 bought Abbey for £977 milion, but there is “no certainty discussions will lead to a transaction.”
Earlier this year Phoenix bought French giant Axa’s pension and protection business. It declined to comment on speculation it is looking to raise £800million to fund the Abbey acquisition. Phoenix shares rose 2½p to 844p.
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Boozer downs large bottle of whisky off girlfriend's boobs
Scotch whisky exports have grown for the first time in three years after soaring demand from India.
The equivalent of 533 million bottles were shipped overseas in the first six months, up 3.1 per cent over the same period last year, although the value of sales fell 1 per cent to £1.7billion.
Single Malts have more than doubled in value over the past decade and increased by 6 per cent to £431million.
Sales volumes to India were up 41 per cent to 41 million bottles. France and the US are the biggest markets by volume and value respectively.
Whisky Association chief executive David Frost said: “Scotch exports are well placed to grow.”