Sales skittled at ten pin bowling firm

The group, which owns Tenpin bowling centres, said like-for-like sales fell £1.7 million to £17 million in the 13 weeks to 29 March - a fall of 9% - with trading also hit by the timing of this year's late Easter.

But Georgica said efforts to cut costs had helped limit falls in comparable underlying earnings, down by £300,000 at £3.2 million compared with the same period last year.

The sales slide marks a worsening picture on the 3.3% drop seen in 2008, which escalated in November and December.

Sales over the Christmas and New Year period fell 5.3%, although Georgica said at the time that trading had not been as bad as feared.

It has been slashing costs to help offset the trading difficulties and was recently in talks over a potential sale after receiving approaches from trade buyers and private equity firms.

But it said last months the talks were off after failing to receive a "satisfactory" offer and has since embarked on a restructuring instead to return cash to shareholders.

Georgica has refocused the business on the Tenpin operation over the past two years, selling off its Rileys snooker and pool arm, while it also completed a sale and leaseback of its leasehold bowling outlets.

It used some of the cash to refurbish its Tenpin centres, while also overhauling the portfolio in a move that has seen it sell and close five sites, while opening four new centres.

Georgica now owns 38 Tenpin centres, making it the biggest tenpin bowling operator in the UK.