The leisure operator wants to double the number of its UK venues after growing sales by 20% in the last year.

North East bar operator Players Bars has announced plans to open three sites in major UK cities, creating 200 new jobs.

The firm, which already has Newcastle, Leeds, Sheffield and Birmingham venues within its business portfolio, plans to double the number of venues it operates.

The expansion news comes as Reward Finance Group has backed the firm’s acquisition of a new site, a move which also gives the business the vital capital to drive forward its future growth strategy.

Since first launching in 2006, Players Bars has seen huge growth with 2015 sales up by 20% on the previous year.

Now employing 240 people, it plans to almost double the workforce and create venues in three more cities within the next two years.

Jonathan Codona, director at Players Bars Investments, said: “For businesses within the hospitality sector, it can be a real challenge to gain the funding you need in the time frame you require it.

“Reward has been a breath of fresh air throughout this process as you are able to speak to the funders directly, resulting in us being able to complete the vital transaction in just two weeks.

“Players Bars is growing at a fast rate, and to maintain this momentum the support of Reward has been crucial.”

Peter Cromarty, business development director at Reward, said: “We’re delighted we’ve been able to help Players Bars with its expansion plans. It’s a thriving north eastern business and we look forward to following its exciting progress in the future.

“This is further evidence that there is funding available for SME businesses that can be provided quickly to allow business owners to take advantage of opportunities where traditional lenders would not be able to react quickly enough.

Abu Ali at Quantum Corporate Finance, who assisted the deal, said: “It has been great to work with Jonathan and Peter on this deal. It is a fantastic business and alongside Reward, the company has the ability to deliver a very exciting growth plan.”

Source: https://www.chroniclelive.co.uk/business/business-news/newcastles-players-bars-expand-three-10303632