Newcastle leisure operator Vaulkhard Group has bought one of its well-known bars thanks to a 拢5.2m funding package.
The company - which owns 14 bars and pubs across the city including Bealim House, Castro鈥檚, Redhouse and The Beehive - has purchased the freehold of Barluga on Newcastle鈥檚 Grey Street. The purchase marks a milestone for the business, which has operated Barluga as a tenant for over 20 years. The firm said ownership of the historic building allows it to safeguard the site鈥檚 future and reinforce its commitment to Newcastle鈥檚 hospitality scene.
The transaction has been backed by a further 拢5.2m funding package from HSBC 海角视频, which has also provided funding for the refurbishment of Vaulkhard Group鈥檚 Quayside venue, Offshore 44, based in the Sandhill building, one of the oldest in Newcastle. The Sandhill site is an existing freehold property, and the investment will allow the group to inject new life into the building and further enhance a thriving area of the city.
Vaulkhard Group, which has around 350 employees across the North East, is now looking to make further acquisitions over the coming years as it continues to grow its portfolio.
Craig Bell, finance director at Vaulkhard Group said: 鈥淚t鈥檚 important that our great city continues as a leading leisure destination. Barluga has long been a cornerstone of Grey Street鈥檚 hospitality offering, housed in one of Newcastle鈥檚 most architecturally significant buildings. We are thankful to HSBC 海角视频 for their ongoing support which has been a key contributor to the growth of our business.鈥
Stuart McLaren, Relationship Director at HSBC 海角视频, added: 鈥淣ewcastle鈥檚 hospitality sector has always been a vital part of the city鈥檚 economy, and Vaulkhard Group has played an important role in helping it thrive.
鈥淲e鈥檙e proud to support a well-established family business as it secures one of Newcastle鈥檚 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 region鈥檚 leisure industry, which will bring lasting benefits to both the local economy and the wider community.鈥
