Pub group raises glass with £5.2 million funding
Summary
A leisure operator is expanding its portfolio thanks to a \xa35.2 million funding package from HSBC UK.Newcastle-based Vaulkhard Group, which owns 14 bars and pubs across the city, has used the cash to purchase the freehold of Barluga on Grey Street, in Newcastle, a site it has operated for over 20 years.Bosses say that the purchase safeguards the sites future and strengthens the groups commitment to the regions hospitality industry.They add the funding will also support the refurbishment of Offshore 44, on Newcastles Quayside, enabling Vaulkhard to revitalise the historic Sandhill building.Craig Bell, finance director at Vaulkhard Group, which currently employs around 350 people across the North East, said: Its important that our great city continues as a leading leisure destination.Barluga has long been a cornerstone of Grey Streets hospitality offering, housed in one of Newcastles most architecturally significant buildings.We are thankful to HSBC UK for their ongoing support which has been a key contributor to the growth of our business.Stuart McLaren, relationship director at HSBC UK, added: Newcastles hospitality sector has always been a vital part of the citys economy, and Vaulkhard Group has played an important role in helping it thrive.Were proud to support a well-established family business as it secures one of Newcastles most iconic venues and positions itself for future growth.This funding not only safeguards a much-loved site but also paves the way for further investment in the regions leisure industry, which will bring lasting benefits to both the local economy and the wider community.Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help