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Players Bars Newcastle reveals expansion plans to create 200 new jobs

Newcastle-headquartered bar operator Players Bars has announced plans to open three new sites across the country, which would create up to 200 new jobs.

The expansion would double the number of venues operated by Players, which already has sites in Newcastle, Leeds, Sheffield and Birmingham.

Leeds-based financial lenders Reward Finance Group has funded the acquisition of a venue for Players Bars, providing the business with the capital to facilitate its future growth strategy.

Players Bars has enjoyed growth in 2015, announcing a 20% rise in sales on the previous year. The plans to create the three new venues are reported to take place within the next two years.

Jonathan Codona, Director at Players Bars Investments, said: “For businesses within the hospitality sector, it can be a real challenge to gain the funding you need in the time frame you require it. Reward has been a breath of fresh air throughout this process as you are able to speak to the funders directly, resulting in us being able to complete the vital transaction in just two weeks.

“Players Bars is growing at a fast rate, and to maintain this momentum the support of Reward has been crucial.”

Peter Cromarty, Business Development Director at Reward, said: “We’re delighted we’ve been able to help Players Bars with its expansion plans. It’s a thriving north eastern business and we look forward to following its exciting progress in the future.

“This is further evidence that there is funding available for SME businesses that can be provided quickly to allow business owners to take advantage of opportunities where traditional lenders would not be able to react quickly enough.

Abu Ali at Quantum Corporate Finance, who assisted the deal, said: “It has been great to work with Jonathan and Peter on this deal. It is a fantastic business and alongside Reward, the company has the ability to deliver a very exciting growth plan.”

Peter added: “Reward is committed to helping businesses within the area expand and recently completed a hat-trick of substantial deals in the North East region.”

Reward Finance Group completed the three deals in the North East region during August following a series of introductions through the corporate finance community. The deals have assisted a vital manufacturing site move, a healthcare business and provided capital for a business within the leisure sector.

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