AYRSHIRE restaurant and bar group Buzzworks Holdings has reported a 14 per cent rise in turnover to £18.4 million for the year to April 2019 but exceptional costs relating to property renovation resulted in a pre-tax loss.
Buzzworks achieved an operating profit of £907,566 before exceptional costs in the 52 weeks to April 28, up from £663,108 in the prior 12 months.
The family-run company, which operates 12 venues across Scotland and employs more than 500 people, focused on the rise in underlying profitability and turnover growth, with chairman Colin Blair describing it as “an exciting period for the business”.
A spokesman for the company said a further two projects were planned for 2020, noting Buzzworks was not in a position to comment on these yet.
READ MORE: Ayrshire venue bought by restaurant operator
Asked if these projects would be refurbishments, openings or acquisitions, or a combination of these, the spokesman replied: “It will be a combination.”
After restructuring costs, impairment of fixed assets and a loss on disposal of tangible assets, Buzzworks posted a pre-tax loss of £355,566 for the year to last April. This compared with a profit before tax of £120,679 for the prior 12 months.
READ MORE: Ian McConnell: The thrawn Tory Brexiters should heed words of Burns as they fly Union Flags
Buzzworks says in the accounts: “The group’s result for the…period has been adversely impacted by a £483,854 loss on disposal of fixed assets and a £110,116 impairment of fixed assets. Both of these have arisen as a result of the renovation of the group’s property portfolio.”
READ MORE: Ian McConnell: Unsettling tick-tock sound as Johnson takes UK down path of Brexit misery, against Scotland's will
The company noted it had invested significantly in its new and existing venues. It said that it had spent £3m across the portfolio, including the refurbishment of its flagship Elliots venue in Prestwick. Elliots has been transformed into the new Vic’s & The Vine bar and restaurant.
Buzzworks has also launched its first venue on the east coast, Scotts Bar & Restaurant in Port Edgar, South Queensferry. It has also purchased a freehold property, The Bridge Inn, in Linlithgow.
Mr Blair said: “By strategically investing in our existing venues, we are pleased to report a year-on-year rise in turnover and underlying profitability.”
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereLast Updated:
Report this comment Cancel