Scottish hospitality group Buzzworks is set to expand into new venues across Scotland after a £3m refinancing deal with HSBC, which has supported the creation of 100 new jobs.
This follows a successful financial year for the firm, which saw turnover rise 15.6% to £14.8m in 2017 and included an extensive refurbishment of its flagship venue Scotts in Troon. The revolving credit facility from the bank will also help the firm reach its target of increasing turnover by over 40% in the coming year.
Buzzworks currently operates 10 casual dining venues in the West of Scotland and reported pre-tax profits rose to £694,248 last year. It plans to open its first venue in the east of the country this summer, in Port Edgar Marina in Edinburgh, with further openings outside its home in Ayrshire set to follow.
In addition, a £400,000 refurb on their flagship House venue The Tree House in Ayr has just been completed including the expansion and creation of a new public house for the venue which has been owned by the restaurant group since 2008.
Kenny Blair, managing director at Buzzworks Holdings, said: “We’ve managed to increase the size of our business by 50 per cent since 2014 and HSBC’s expertise and support has played a vital role in this expansion. HSBC understands our business and the financing facilities the bank has provided has afforded us real flexibility around our growth.
“Our aim is to continue with our steady growth plans, reach a turnover of £20 million and add significantly to our 500 staff. We achieved some excellent financial results last year and our focus is now on making 2018 even more successful, with the support of HSBC.”
Sam Gillespie, relationship director at HSBC in Scotland, added: “HSBC is thrilled to support Buzzwork’s ambitious expansion plans following what was a very successful year for the business. It is an exciting time for Kenny and his team and we’re proud to play an important role in its continued growth.”
Buzzworks plans to continue to invest in its people through its in-house training academy. It was also recognised in the Sunday Times 100 Best Companies to Work for in the UK 2018 list for the third year running.