Newcastle based operator Vaulkhard Group has acquired the freehold of Barluga on Grey Street, supported by a £5.2 million funding package from HSBC UK.
The funding will also support major refurbishment of Offshore 44, the group’s Quayside venue. The business said Barluga acquisition enables it to safeguard the long term future of one of the city’s most iconic hospitality buildings.
The family owed Vaulkhard Group operates 14 years across Newcastle including Bealim House, Castro’s, Redhouse and The Beehive. They employ around 350 staff across the North East.
Vaulkhard Group’s Finance Director Craig Bell 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.”
The group is looking to make further acquisitions in the coming years to expand its portfolio.
