Tax increases impacting investment – director

THE director of a leading North East leisure group has warned how industry tax increases are impacting investment within its portfolio.

- COREENA FORD

> Ollie Vaulkhard outside The Diamond in Ponteland

Vaulkhard Group owns and operates a vast number of bars, restaurants and event spaces across the region, including Newcastle venues Bealim House - home to its head office - Castro's, Bar Luga and Redhouse, as well as Keel Tavern in Sunderland, The Diamond Inn in Ponteland and popular coffee houses Blake's in Newcastle and Central Bean in Morpeth.

Now, with less than a month to go before the Autumn Budget, chief executive Ollie Vaulkhard has used the accounts to highlight the huge tax burden placed on his company and the wider industry.

It comes as the company posts a jump in turnover and profit in 2024, reflecting additional income from new additions to the group, including Wylam Brewery and its attached events business.

Turnover jumped 19% to £18.9m, while operating profit jumped 79% to £1.61m.

A breakdown of turnover shows sales from its Newcastle gin distillery, based in Bealim House, grew to £263,283 from £223,713. Employees numbers, meanwhile, rose from 327 to a monthly average of 382.