Scottish restaurants and bars business's major deal and big plans
And doubling of the size of the restaurants and bars group, the launch of new venues incorporating bedrooms, and the creation of hundreds more jobs are now on the menu at Ayrshire-based Buzzworks Holdings.
Kenny Blair, co-founder and managing director, is taking control of the family business and continuing with the 'mission to become a £100m-plus [turnover] Scottish hospitality company', Buzzworks said.
He talked about investing in "more towns and suburbs across the country", and "the next stage of the Buzzworks journey" being about to start.
The business, which has 22 venues across west, east and central Scotland and more than 800 staff, said the deal had seen funding raised through Alchemy Partners.
Buzzworks declared Alchemy has 'a successful track record in investing in hospitality businesses throughout the UK and Europe'.
Sir Tom Hunter's West Coast Capital will remain a 'key investor', Buzzworks said, and Cynergy Bank will join as the new banking partner.
Buzzworks was founded in Ayrshire in 1978 by Kenny Blair, who is 55, and siblings Colin, 68, and Alison, 66.
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The company said: 'The deal has been part of the company's long-term succession planning and will see Colin and Alison remaining in the business in advisory roles, ensuring their insights and values remain part of the company's DNA.'
Buzzworks describes itself as 'one of Scotland's fastest-growing independent restaurant and bar operators'. Its brands, which it describes as "stylish", include Scotts, House, Lido, Vic's & The Vine, The Duke, The Bridge Inn, The Fox, Herringbone and Thirty Knots.
As well as flagging plans for the new venues, incorporating bedrooms, Buzzworks also revealed it was making senior hires.
It declared it had 'gone from strength to strength' with a 'successful formula of bringing great hospitality venues to Scotland's towns and suburbs'.
And Buzzworks revealed: 'The next chapter of growth is focused on investment in property, expansion in terms of sites and people, with plans to introduce new venues that will incorporate bedrooms as part of the offering. The commitment to growth and development will be fast-tracked as part of the deal with three new senior hires joining the business and new positions created in the coming months.'
In January, Buzzworks announced it had achieved annual turnover of £34.8m for the 12 months to April 2024, up from £29.9m in the prior financial year.
It declared this week that 'despite a challenging time for the industry as a whole, and an uneven playing field for business rates compared with England', it had 'continued to push the boundaries and possibilities for hospitality in Scotland'.
Kenny Blair said: 'A life's work has gone into making Buzzworks what it is today, and our family couldn't be prouder of what we've achieved. However, our job isn't anywhere near done and we're as passionate about it now as we were 40 years ago. Along with my brother and sister, we've tried to stay true to our mission of making people feel great through hospitality and that founding spirit will continue to drive us forward in this next chapter as we aim to more than double the size of the business and create hundreds of new sustainable jobs.'
He added: 'This deal gives us the momentum to move further, faster - investing in people, places and new formats including venues with rooms in more towns and suburbs across the country. Our foundations are strong and we know exactly where we want to get to. The next stage of the Buzzworks journey is about to begin.'
Buzzworks emphasised its approach of 'providing bespoke training opportunities and a forward-thinking approach to work-life balance for every member of staff'.
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