Turnover at a Scottish independent pub group has more than trebled in the last three years.
The Edinburgh-based Bruce Group Scotland Ltd, which has just launched a £20m bond to fund growth over the next few years, has seen turnover rise 3.5 times from £3.386m in 2016 to a projected £12m in the current financial year after their interim (six monthly) turnover was posted at £6m. The group has also had a 30% increase in profitability over the last year as it continues to implement its long-term expansion plans.
The Bruce group, which was established in 1999 by Kevan Fullerton and Scott Piatkowski, employs 230 staff and owns 19 bars, clubs and music venues in Edinburgh and the surrounding area including the Royal Mile Tavern, George IV Bar, Whistlebinkies, La Belle Angele, and many other well-known outlets.
Kevan Fullerton, director of the Bruce Group, explained: “Over the last few years we have invested heavily in refurbishing many of our properties and this is beginning to pay off. Many of our pubs are experiencing turnover growth of 20-40% annually and we believe this will continue in the years to come. The Bruce Group has a strong presence in the very busy tourist areas of the Old Town in Edinburgh, and these continue to be very successful and profitable outlets. Edinburgh remains an outstanding destination for tourists and locals and our pubs are in key areas to benefit from this growth.”
“We have developed traditional pubs which are popular with locals and visitors alike sticking closely to a formula to offer familiar and well-known food and drinks. We think that the traditional pub is undergoing a resurgence in popularity at the moment as people look for something they know and want to be able to get food and drinks at reasonable prices in attractive, familiar surroundings.”
Kevan continued: “The very strong performance of the company has led us to seek further funding through the £20m bond issue for Bruce Pubs PLC which will enable us to expand quickly over the next few years. There are opportunities across Scotland for the right product at the right price and we believe that we can deliver this to existing and new markets.”
“The pub market is undergoing a sustained period of growth as people are increasingly returning to traditional outlets and are enjoying the social pleasures that the pub affords. With our increased scale, experienced management, and professional approach we think that the pub market is ripe for growth over the coming years and our offering matches the current needs of the market.”
Kevan concluded: “Our latest figures confirm our confidence in expanding as there remains considerable room for growth. The pub sector is experiencing a resurgence of popularity and interest and the Bruce Group want to be at the forefront of these developments.”