Bar operator to invest in Scottish portfolio thanks to bank deal
Attraction Inns, which owns a series of well-known bars and clubs in east and central Scotland, has landed a £1.05 million funding package from Barclays to support its future growth.
The bar and club operator, whose portfolio includes Movement, Opium, Pilgrim, and Silk in Edinburgh, as well as Dusk in Stirling, says the deal will consolidate its position in the marketplace and provide capital expenditure to support acquisitions and future growth.
Robert Orr, Managing Director of Attraction Inns, which employs 150 across its five venues, said: “The hospitality and leisure industry has undergone a dramatic change in the past decade but there are lots of opportunities for forward looking businesses and the banks willing to support them. We were aware of Barclays’ proactiveness in the sector and attracted by their positive approach.
“I’ve been in the business for 27 years and what has been key to this long term success is evolving with our consumers. We are moving away from the more traditional night club format to chameleon venues – those which work just as well as an eatery during the day then an after work drinks spot and a pre-club bar. Barclays shared our progressive vision.”
The deal team at Barclays was led by Corporate Development Directors Malcolm Crawford supported by Lesley Barnwell and Relationship Director Gillian Lambert.
Jamie Grant, Head of Corporate Banking for Barclays in Scotland, said: “We have an appetite to lend to the hospitality and leisure industry which is evidenced by our strong track record of funding deals in recent years. The sector is operating in a challenging market at the moment but Scotland has a diverse H&L landscape and a burgeoning tourism industry helping drive long term success.
“Attraction Inns is a well-established business and the management team has a clear plan for continued growth which we were keen to support. We took time to understand their individual needs so that we could provide a flexible solution that worked for them and their ambitions.”
Barclays’ Scottish SME fund was launched in June 2016 to address gaps in the supply of finance for businesses in Scotland. It provides access to funding for companies across all sectors with turnover up to £25 million.