Kenny Blair, managing director of hospitality operator, Buzzworks Holdings, has bought out his co-founders and siblings, Colin and Alison.
They remain as advisers to the company which is one of Scotland’s fastest growing independent restaurant and bar operators, managing 22 venues.
Founded in 2001, it operates as Scotts, House, Lido, Vic’s & The Vine, The Duke, The Bridge Inn, The Fox, Herringbone and Thirty Knots.
Kenny Blair is 55, while Colin, who has chaired the company, is 68 and his sister is 66.
The company made a loss of £418,810 in the year to the end of April 2024, down from a loss of £629,811 in the previous year. Turnover rose to £34.8m from £29.9m. The mission remains to hit a £100m turnover.
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.
Despite a challenging time for the industry as a whole, and an uneven playing field for business rates compared with England, Buzzworks has continued to expand.
Kenny Blair, 55, 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.
“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.”
Terms of the deal have not been disclosed. Funding has been raised through Alchemy Partners who have worked with hospitality businesses throughout the UK and Europe.
West Coast Capital will remain a key investor and Cynergy Bank will join as banking partner. The team at Buzzworks has been advised by Fraser Anderson and Rob Cockcroft of Sapient Corporate Finance.
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