Scottish hospitality group Buzzworks has enjoyed another successful year, reporting an 18% increase in turnover during 2024, rising from £29.9m to £34.8m.
Operating profit rose significantly, with Buzzworks underlying EDITDA – earnings before interest, taxes, depreciation, and amortization – growing from £2.94m in 2023 to £3.77m in 2024.
But that figure excludes site opening costs and non-recurring items, as significant investment in its new and existing venues continued to be top of the agenda for the group.
Buzzworks Holdings currently manages 21 venues across East, West & Central Scotland, employing over 800 staff.
Chairman of Buzzworks Holdings, Colin Blair, said: “We are incredibly proud of what we’ve achieved over the past year, especially given the challenging market conditions facing the hospitality sector.
“However, although these are uncertain times for the industry, this is something that we have managed to successfully navigate as a family business thanks to our resilience and strong foundations playing out in another strong financial year.”
In terms of investment, a total of £3m was spent across the portfolio, including the Ayrshire-based company’s first venues in Inverclyde and East Lothian – Scotts Greenock at the new Ocean Terminal marina, and Lido Musselburgh.
Plans are also afoot for another new Herringbone bar and restaurant in Barnton.
Additionally, the group invested in the refurbishment of several existing venues, such as Herringbone Goldenacre, The Mill House, and the addition of a new function suite at its South Queensferry venue, Thirty Knots.
Blair continued: “The opening of Scotts Greenock in 2023 and Lido Musselburgh in 2024 have been particular highlights, marking an exciting milestone for Buzzworks as we expand into new locations.
“At the same time, refurbishments across our portfolio demonstrate our ongoing dedication to maintaining the high standards our customers expect when visiting any Buzzworks venue.”
Reporting the annual results, the directors declared themselves ‘cautiously optimistic’ about the group’s prospects. Further plans are in place to reinvest future cash flow into the existing estate and pursue new venue openings as and when potential opportunities arise.
Buzzworks said that it would continue to invest in its team through its training programme, which ‘develops future leaders and supports the company’s growth ambitions’.
