The Scottish hospitality group Buzzworks is planning for significant expansion in the coming months having landed a financing deal worth £3 million.
HSBC is providing the business with a revolving credit facility that should see it creating a total of around 100 new jobs and opening a series of new venues over the course of the next year.
Buzzworks currently has restaurant and eatery venues established in various parts of Scotland and saw its turnover levels increase by 15.6 per cent to £14.8 million last year.
Bosses at the group hope that their new financing deal with HSBC will enable further increases in sales and a boost to overall revenues of close to 40 per cent in coming years.
All 10 Buzzworks venues open to date are to be found in the West of Scotland, and principally in the Ayrshire region, but plans are now in place to open new locations on the east of the country, including in the Port Edgar Marina area of Edinburgh.
Kenny Blair, managing director at Buzzworks Holdings, said in a statement: “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.
“Our aim is to continue with our steady growth plans, reach a turnover of £20 million and add significantly to our 500 staff.”
Mr Kenny added that working closely with HSBC has enabled his business to access a degree of financial flexibility that has been invaluable in its development efforts in recent years.
“We achieved some excellent financial results last year and our focus is now on making 2018 even more successful, with the support of HSBC,” he said.
Commenting on behalf of HSBC in Scotland, Sam Gillespie said: “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.”
Buzzworks has been named on the Sunday Times’ list of the 100 Best Companies to Work For in the UK for each of the past three years.
