Tenpin owners look to strike with stock market return

The owners of one of Britain's biggest tenpin bowling alley operators are plotting to score a strike by returning to the stock market less than two years after being taken private.

Sky News understands that Tenpin, formerly known as Essenden (LSE: 59908.L - news) , has hired the investment bank Numis to bowl over investors with a stock market listing later this year.

The plans are at an early stage and a final decision about an initial public offering has yet to be made, according to insiders.

A flotation would cap a significant turnaround ‎for Tenpin, which was forced to undertake a complex financial restructuring in 2011, rendering its shares virtually worthless.

Under Nick Basing, who was chief executive of the business and is now its executive chairman, Tenpin's financial and operational performance‎ have improved significantly.

The company was taken private in the summer of 2015 in a £40m deal led by Harwood Capital, a vehicle headed by the prominent City financier Christopher Mills.

Mr Basing is expected to remain as Tenpin's chairman if the business returns to the public markets, according to sources.

Trading from roughly 30 sites, Tenpin is benefiting from the fact that the sector is growing much more quickly than the rest of the UK leisure industry.

News of the preparations for a listing comes months after Hollywood Bowl Group, a larger rival to Tenpin, completed its own flotation.

Hollywood Bowl (LSE: BOWL.L - news) has a valuation of £255m, and has seen its shares perform well since last year's float.

A Tenpin spokesman declined to comment.