MULTIPLE operator Buzzworks Holdings is aiming to “significantly increase” its turnover and staff numbers following a £3 million refinancing deal with HSBC.
The agreement – a revolving credit facility from the bank – will allow the Ayrshire-based hospitality group to expand into new venues across Scotland and help it reach its target of increasing turnover by more than 40% in the coming year.
The deal comes after Buzzworks recorded a 15.6% increase in turnover to £14.8 million in 2017, while pre-tax profits rose to £694,248.
Buzzworks, which currently operates ten venues under four brands (Elliots, Scotts, House, and Lido) and is set to open its first venue in the east of Scotland this summer, has also completed various refurbishments of its existing venues, including Scotts at Troon and The Tree House in Ayr.
The group, which was recently recognised in the Sunday Times 100 Best Companies to Work For in the UK for the third year running, will also continue to invest in its staff through its in-house training academy.
Kenny Blair, managing director at Buzzworks Holdings, said HSBC’s support has been pivotal to the firm’s continued growth.
“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,” said Blair.
“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, said: “It is an exciting time for Kenny and his team and we’re proud to play an important role in its continued growth.”