Buzzworks, the Scottish hospitality group, is set to expand into new venues across Scotland after a £3m refinancing deal with HSBC.

The group, which operates ten casual dining venues in the West of Scotland, including Lido and Scotts, plans to open its first venue in the east of the country this summer, in Port Edgar Marina in Edinburgh, with further openings outside its home in Ayrshire set to follow.

A £400,000 refurbishment on their flagship House venue The Tree House in Ayr has just been completed, including the expansion and creation of a new public house for the venue which has been owned by the restaurant group since 2008.

Buzzworks reported pre-tax profits rose to £694,248 last year, and turnover up 15.6% to £14.8m, with the revolving credit facility to help the firm reach its target of increasing turnover by over 40% in the coming year.

Kenny Blair, managing director at Buzzworks Holdings, said: “We’ve managed to increase the size of our business by 50 per cent since 2014 and HSBC’s expertise and support has played a vital role in this expansion. HSBC understands our business and the financing facilities the bank has provided has afforded us real flexibility around our growth.

“Our aim is to continue with our steady growth plans, reach a turnover of £20 million and add significantly to our 500 staff. We achieved some excellent financial results last year and our focus is now on making 2018 even more successful, with the support of HSBC.”

Sam Gillespie, relationship director at HSBC in Scotland, added: “HSBC is thrilled to support Buzzwork’s ambitious expansion plans following what was a very successful year for the business. It is an exciting time for Kenny and his team and we’re proud to play an important role in its continued growth.”