Scottish hospitality group Buzzworks reported another annual loss in its last trading year despite an 18% increase in turnover.

The company, which manages 21 restaurants across east, west and central Scotland told Daily Business it made a loss of £418,810 in the year to the end of April 2024, down from a loss of £629,811 in the previous year. Turnover rose to £34.8m from £29.9m. 

Buzzworks has invested significantly in its venues which include Scotts Greenock at the new Ocean Terminal marina, and Lido Musselburgh. It plans a Herringbone bar and restaurant in a former Sainsbury’s store in Barnton on the western edge of Edinburgh.

Colin Blair, chairman, said: “We are incredibly proud of what we’ve achieved over the past year, especially given the challenging market conditions facing the hospitality sector.

“However, although these are uncertain times for the industry, this is something that we have managed to successfully navigate as a family business thanks to our resilience and strong foundations playing out in another strong financial year.”

The directors said they remain cautiously optimistic about the group’s prospects. Plans are in place to reinvest future cash flow into the existing estate and pursue venue openings when opportunities arise.

Buzzworks has been ranked among the Top 100 Best Companies to Work For in the UK.