Acquisition of Tenpin, Nottingham
July 4, 2023
Coffer Corporate Leisure has advised a private family office on the acquisition of the Tenpin in Nottingham – a prime leisure investment let to one of the largest bowling brands in the UK.
The c37,600 sq ft property is let to Tenpin Limited for a further 27 years and benefits from RPI-linked uplifts.
A price of £5.7 million reflected a Net Initial Yield of 7.60%.
Tenpin is one of the largest bowling brands in the UK, primarily focused on the operation of tenpin bowling and entertainment centres. The company operates 49 sites, equating to approximately 1,100 lanes. Revenue for the year ending 1 January 2023 was £126.7m up from £56.9m (122%) in the 12 months prior.
Mark Sheehan, Managing Director at Coffer Corporate Leisure, said “Tenpin are trading extremely well, as evidence by their strong trading update, and their site in Nottingham is a top performer. Tenpin’s operating model has evolved in recent years from the traditional ten-pin bowl format to include multiple ancillary revenue avenues including F&B, escape rooms, arcades and karaoke. This is an example of how experiential leisure as a concept has developed to satisfy the ever-changing demands of the ever-demanding consumer.
With respect to the market, the appetite for long let inflationary linked leisure investments remains robust, with assets that have good visibility on trade such as Nottingham, continuing to transact in strong locations”.
Coffer Corporate Leisure acted for the Purchaser, a private UK family office. Montagu Evans represented the Vendor, an institutional investor.