Pub group raises glass with £5.2 million funding

A leisure operator is expanding its portfolio thanks to a £5.2 million funding package from HSBC UK.

Newcastle-based Vaulkhard Group, which owns 14 bars and pubs across the city, has used the cash to purchase the freehold of Barluga on Grey Street, in Newcastle, a site it has operated for over 20 years. 

Bosses say that the purchase “safeguards” the site’s future and strengthens the group’s commitment to the region’s hospitality industry.

They add the funding will also support the refurbishment of Offshore 44, on Newcastle’s Quayside, enabling Vaulkhard to revitalise the historic Sandhill building.

Craig Bell, finance director at Vaulkhard Group, which currently employs around 350 people across the North East, said: “It’s important that our great city continues as a leading leisure destination.

“Barluga has long been a cornerstone of Grey Street’s hospitality offering, housed in one of Newcastle’s most architecturally significant buildings. 

“We are thankful to HSBC UK for their ongoing support which has been a key contributor to the growth of our business.  

Stuart McLaren, relationship director at HSBC UK, added: “Newcastle’s hospitality sector has always been a vital part of the city’s economy, and Vaulkhard Group has played an important role in helping it thrive.  

“We’re proud to support a well-established family business as it secures one of Newcastle’s 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’s leisure industry, which will bring lasting benefits to both the local economy and the wider community.”

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.