our Royal Mail replacement is a more resilient business and has better scope for dividend rises

Questor Income Portfolio: a firm that offers a perennially popular form of family entertainment is a better bet than a delivery business struggling to reinvent itself​

Our replacement for Royal Mail, which we removed from our Income Portfolio in late November over fears that it would not make a success of its transition from a letters to a parcels business, is a very different kind of company.

Royal Mail is struggling to remain profitable while its main letters service becomes less and less relevant and its increasingly key parcels business is subject to fierce competition against a backdrop of troubled labour relations.

Ten Entertainment, the 10-pin bowling firm, by contrast, offers affordable entertainment in a market with only one direct competitor and has been awarded gold status by the Investors in People scheme.

The company is Britain’s second-largest bowling alley operator, after Hollywood Bowl, which was tipped by Questor in August 2018 and has gained 45pc since.

Ten Entertainment has 45 sites, all trading under the Tenpin brand, which offer a combined 1,000 lanes in addition to amusement machines, table tennis and pool tables, as well as restaurants and bars.