Evening Telegraph (First Edition)
Chef wants Holyrood to bolster businesses
ONE of the biggest names in Scottish hospitality has major plans for the future, but wants to see more help from politicians to help firms flourish.
Dean Banks feels that the Scottish Government could do “massive” things to help entrepreneurs.
He said: “They could cut taxes for business owners, especially if we are reinvesting.
“We are on a world platform. Scotland is one of the best countries in the world in my opinion, but I think the government fails at showcasing us properly.
“Entrepreneurs and business owners should be helped out much more.”
Dean is only 35, but has already taken on a number of ventures in the last few years – including the Haar Restaurant in St Andrews, Temple Lane Bar in Dundee and Dollar pub The Forager.
The renowned chef’s career started at the age of 15 in a local restaurant in Arbroath – the Old Brewhouse.
Dean studied at Angus College for two years, then trained with Rick Stein in Cornwall.
He later moved to Switzerland to work for individual clients and spent seven years as a private chef all over the world.
Dean then returned to the UK to cook on Masterchef: The Professionals in 2018, where he reached the finals.
Now he reckons the current business environment is the hardest he has seen.
He said: “I always think when we are opening new businesses – yes it’s great for me as an entrepreneur, I’m opening a new company.
“I’ve created new jobs, created extra taxes in society.
“Yes I think it’s amazing, but in Scotland it’s been a bit difficult.
“Business owners are struggling to pay high taxes and I don’t pay myself a lot of money or pay high dividends out.
“If we were to be given the VAT reduction we so need in the hospitality industry, there would be huge investments within the sector. It’s not just going to go in people’s pockets.”
When asked what’s been the secret of his success to date, Dean replied: “I would say keeping myself busy and on my toes all the time.
“I never rest, I never stay still. I’m always looking for something new and always working.
“If I’m at home or have a spare minute I’m checking things out, learning things, looking at new sites, coming up with new ideas.”
Dean, however, is not expecting any major expansion in 2024.
He explained: “Money is expensive at the moment as the interest rate is just so high.
“If you were to mortgage a new property, the interest itself is higher than what you would be paying on rent.
“This year I feel we are taking it very careful and slowly, looking after the pennies.”
The entrepreneur also wanted to point out that his operations are
I’ve not being bankrolled by a bank or a private-equity firm.
He explained: “We have done it all by ourselves – myself and my business partners Ross Mcgregor, Rory Mitchell and Dan Ashmore.
“We’ve all self-invested into the business group.
“We have low loans, we don’t owe much money so that’s how we can grow at the rate we do because we’re not paying stupid amounts in interest in the money.
“We also don’t live a crazy luxury life. Every one of us lives a modest life because we are building for the future and a group that will last forever.
“It’ll be my son that benefits from it and not me. Maybe me a little bit when I’m older.”
Looking to the longer-term future, Dean is still looking at fresh opportunities both at home and abroad.
He thinks that taking control of management contracts at large hotels could be a growth area.
“I would definitely like to take my brand to locations around the world such as Dubai, Hong Kong, Bangkok, Miami or New York.
“I would really love to take my chef’s flavours all around the world.
“I’d like to see me diversifying into other things whether that’s property development, larger hotels, different points of business rather than just hospitality.
“Obviously my expertise is in the hospitality industry, but it’s all about me finding the right people that I can trust to be our new business partners and invest in other sectors.”