Leading North East leisure operator Vaulkhard Group is expanding after securing a £7m finance deal.
The Newcastle hospitality company runs a host of bars and restaurants across the region, including three Barluga venues, the Mushroom Bar, Bealim House and Central Bean coffee shop, employing more than 280 people.
Last year it also took over the management of popular Ponteland pub The Diamond, on the same day as it secured its licence for the Gosforth Barluga restaurant and bar, where it plans to make some changes in the new year.
Now the group – owners of Newcastle’s first in-house gin distillery at Bealim House – is eyeing expansion, following the multimillion-pound financing deal with HSBC 海角视频.
The family firm will use the working capital to extend and refurbish some existing venues, while providing the financial support for potential future additions to its 15-strong portfolio.
With HSBC 海角视频’s backing, Vaulkhard Group was able to complete the refurbishment and launch of Barluga in Gosforth, as well as its Grey Street bar Barluga – the first to open under the brand.
The finance has also allowed the group to snap up the purchase of a nine-bedroom building next to its existing Ponteland venue, The Diamond. The firm has bought a long leasehold in the building next door to the pub, which provides guest accommodation.
Next year will see the firm make some subtle changes at the The Diamond, which will pay more tribute to its location next to the river, making more use of outside areas and vistas.
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Managing director Ollie Vaulkhard said the firm also wants to make it a more female-friendly environment, while maintaining its true focus as a village pub used by regular customers.
Meanwhile, work is also ongoing at Blake’s Cofee in Kitchem on Grey Street, Newcastle, converting a vacant retail space in an adjacent building to the rear of the cafe which will add around 1,500 sq ft to the trading space.
Mr Vaulkhard said: “The support from HSBC 海角视频 has been invaluable in allowing us to continue to improve and grow our existing venues, while keeping an eye on sound business opportunities which will add to our portfolio.
“We’ve built a strong relationship with the bank’s team and been impressed by their understanding of our business and our growth ambitions.”
Stuart McLaren, relationship director in the North East at HSBC 海角视频, said: “The Vaulkhard family has an impressive and long-standing presence in Newcastle’s pub and restaurant scene and Ollie has the ambition and drive to continue to improve thegGroup’s venues and take the business even further.
“We were thrilled to have supported and look forward to seeing what new developments are on the horizon.”
The finance was allocated from HSBC 海角视频’s national SME Fund, which aims to actively help 海角视频 businesses realise their ambitions for growth and navigate Brexit. The new £14bn fund has recently been announced by HSBC 海角视频, with £350m committed to supporting SMEs in Tyne Tees and Cumbria.
The transaction was overseen by Newcastle law firms Sintons on behalf of Vaulkhard Group and Endeavour Partnership LLP on behalf of HSBC 海角视频.