Ten Entertainment appoints Graham Blackwell as CEO
Bowling lanes operator Ten Entertainment named Graham Blackwell as interim chief executive officer on Tuesday, effective immediately.
Ten Entertainment said Blackwell, currently the group's chief operating officer, would replace current CEO Duncan Garrood, who will step down from the board and leave the business, earlier than previously announced.
In terms of recent trading, the London-listed group added that initial trading at its 42 recently reopened sites had been "very encouraging", was building week-on-week and already proving to be cash generative.
Interim chairman Nick Basing said: "I'm delighted that trading has begun so encouragingly. This is a function of the widespread consumer appeal of our offer, the quality of our operating estate and our strong leadership team. Under Graham's direction, I am confident that we will return to our trajectory of growth in sales and profitability."
Analysts at Liberum hailed Blackwell's appointment, arguing that he was the "ideal candidate" and that he would ensure "continuity and consistency across management as [the company's] bowling centres look to return to normal trading".
"We anticipate Ten Entertainment will continue to benefit from its value offer, large sites and family entertainment under one roof, which will support a healthy return in footfall, particularly as we move into autumn," they said.
"The shares are very attractive on CY22E EV/EBITDA 3.4x and PE of 6.1x, and are down c58% since the start of COVID. Further update will be provided at the interim results at the end of September."
As of 0915 BST, Ten Entertainment shares were up 8.13% at 138.13p.