This comprehensive investment programme represents a fourfold increase in refurbishment activity and marks a milestone for the Pub Partners division, which introduced its Hive and Nest franchise models to Scotland for the first time.

The managed estate received over £2.5m across six key projects, averaging an expenditure of approximately £400,000 per site. Notable refurbishments included Molly Malones in Aberdeen, the Merlin in Edinburgh, and the Kittoch in East Kilbride.

The Pub Partners arm enjoyed a landmark year, launching nine franchise pubs at a total cost of £2.2m. This included a substantial £500,000 renovation at the Stables in Stenhousemuir, alongside multiple new openings in Edinburgh and Glasgow. Further six-figure sums were directed toward leased sites, such as the Mallard in Dingwall and the Steelworks in Motherwell.

While these investments demonstrate a strong vote of confidence in the sector’s ability to drive economic growth and job creation, the company has flagged significant concerns regarding future costs. Analysis by UKHospitality Scotland suggests rateable values could rise by an average of 23% in 2026 without government intervention.

Belhaven is urging the Scottish Government to pause revaluations and implement meaningful reform. David Mcbride, business unit director at Belhaven, said: “We need the Government to listen to the industry and address the need for meaningful reform of business rates.

“We can see how pubs in England are bracing for cost rises in April and we are hoping that the Scottish Government listens to the calls from the industry and steps in to prevent significant business rates rises at a time when a number of other costs are already due to rise in 2026.”