BUZZ-VIEW FROM THE BUYSIDE-Hollywood Bowl: Investec AM's Evans buys shares

** Matt Evans, who manages Investec UK Smaller Companies Fund, has started buying shares in 10-pin bowling operator Hollywood Bowl (LSE: BOWL.L - news) (HB), despite a perceived tough UK consumer environment

** Portfolio manager flags big successes over years against difficult consumer backdrop, e.g. AIM-listed Fevertree (shares up c1,800% since late 2014 IPO) & ASOS (market cap £6.1 bln, now bigger than blue-chip rival Marks & Spencer (Frankfurt: 534418 - news) )

** "If you are in the right place and have a really good business model and positioning you can still do well," PM says

** PM notes for bowling alleys - often located in retail parks/leisure complexes - rental costs are really low

** PM flags maintenance costs for bowling mechanisms that replace pins can be high if not looked after properly, and that HB is investing to keep maintenance cost sensible - plus ensuring maximum lane availability (technical issues can close lanes)

** He notes co trialling 'pins on strings' (pins hang on strings rather than being put down by big mechanical units), which have much lower installation & maintenance costs

** He says HB really thinking about how to pull people back in; e.g. scoring system asks for email address, co then contacts customers about off-peak periods with discounts; co has invested quite heavily into ambience

** He says they have taken a scientific approach to arcade games and slot machines to get spend higher

** Hollywood Bowl up c30% from Sept 2016 IPO price

** Evans started at Investec Asset Management c5 months ago; Investec UK Smaller Companies Fund invests in firms which use resources - people, capital & technology - efficiently

** Neil Hermon, who manages The Henderson Smaller Companies Investment Trust, recently added to holdings in retailers DFS Furniture and Safestyle UK (Frankfurt: A1XAFK - news) , a window firm (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)