Award-winning hospitality operator, Buzzworks Holdings, has announced details of a family management buyout.
Kenny Blair, Co-Founder and Managing Director, will take control of the family business continuing with its mission to become a £100m+ Scottish hospitality company.
Founded in Ayrshire in 1978 and led by siblings Colin (68), Alison (66) and Kenny (55), Buzzworks has gone from strength to strength with its successful formula of bringing great hospitality venues to Scotland’s towns and suburbs.
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.
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.
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 push the boundaries and possibilities for hospitality in Scotland. With 22 properties and growing, they recently won Best Managed Pub Company in the UK (Under 51 sites) at The Publican Awards – a first for a Scottish operator - and have recently been accredited with B Corp status.
Kenny Blair, Co-Founder and Managing Director, 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 a successful track record in investing in hospitality businesses throughout the UK and Europe. West Coast Capital will remain a key investor and Cynergy Bank will join as the new banking partner. The team at Buzzworks has been advised by Fraser Anderson and Rob Cockcroft of Sapient Corporate Finance.
