Mitchells & Butlers announces the disposal of Hollywood Bowl at a value of £39m.
The Company has sold all the operations and leasehold interests of Hollywood Bowl to AMF Bowling for a gross cash consideration of £27m. This transaction is expected to complete on 13 August 2010.
The Board will also sell the remaining freehold property interests in four of the sites for at least £12m in due course.
Commenting on the transaction Adam Fowle, Chief Executive, said:
"This further disposal of non core assets is another important step towards focusing the business on our market leading growth brands."
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- Hollywood Bowl operates 24 tenpin bowling sites in the UK.