Hospitality group expanding

A hospitality group with a string of venues in the west of Scotland is set to expand its network, including its first site in the east, after a £3 million refinancing deal with HSBC that has supported the creation of 100 jobs.

It follows what Buzzworks called a successful 2017, which saw turnover rise 15.6 per cent to £14.8m and included an extensive refurbishment of its 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 per cent in the coming year. Buzzworks is aiming for turnover of £20m and “significantly” boosting its 500 staff.

It currently operates ten casual dining venues in the west of Scotland and reported that pre-tax profits rose to just shy of £700,000 last year. The firm plans to open its first venue in the east of the country this summer, in Port Edgar Marina, with further openings outside its home in Ayrshire set to follow.

Furthermore, a £400,000 refurb of its flagship 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, MD 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. We achieved some excellent financial results last year and our focus is now on making 2018 even more successful.”

Sam Gillespie, relationship director at HSBC in Scotland, added: “It is an exciting time for Kenny and his team and we’re proud to play an important role in [Buzzworks’] continued growth.”