Bar and restaurant group Buzzworks has secured a £3 million refinancing deal that will support its plans to open new sites across Scotland.
The revolving credit facility from HSBC will help it to expand beyond its home territory of Ayrshire and achieve its target of increasing turnover by over 40% in the coming year.
With 10 venues in the west of Scotland, the group is preparing to open its first in the east at a site in Port Edgar Marina in Edinburgh. It has also just completed a £400,000 refurbishment of The Tree House in Ayr – one of its House bar-restaurants.
It follows January’s report that Buzzworks saw pre-tax profits rise 9.2% to £694,248 in the year to April 2017 alongside 15.6% growth in turnover to £14.8 million.
Kenny Blair, managing director of Buzzworks Holdings, said: “We’ve managed to increase the size of our business by 50% 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.”
Kenny Blair is pictured left with fellow directors Alison and Colin Blair.