One of the biggest names in Scottish hospitality has major plans for the future, but wants to see more help from politicians to help firms north of the border flourish.
Dean Banks feels that the Scottish Government could do “massive” things to help entrepreneurs.
He said: “They could cut taxes, especially if we are reinvesting.
“We are on a world platform. Scotland is one of the best countries in the world in my opinion, but I think the government fails at showcasing us properly.
“Entrepreneurs and business owners should be helped out more.”
Chef Dean Banks working in kitchens since age of 15
Dean is only 35, but he has already amassed a large variety of business ventures in the last few years, including the Haar Restaurant in St Andrews, Temple Lane Bar in Dundee and Dollar pub The Forager.
The renowned chef’s career started at the age of 15 in a local restaurant in Arbroath – the Old Brewhouse.
Dean studied at Angus College for two years, then trained with Rick Stein in Cornwall.
He later moved to Switzerland to work for clients and spent seven years as a private chef all over the world.
Dean then returned to the UK to cook on Masterchef: The Professionals in 2018, where he reached the finals.
Support for entrepreneurs
The entrepreneur has had his own ventures for the last five years, and he said the current environment for firms is the hardest he has seen.
“I always think when we are opening new businesses – yes it’s great for me as an entrepreneur, I’m opening a new company.
“I’ve created new jobs, I’ve created extra taxes in society.
“Yes I think it’s amazing, but in Scotland it’s been a bit difficult.
“Business owners are struggling to pay high taxes.
“I don’t pay myself a lot or pay high dividends out.
“If we were to be given the VAT reduction we so need in the hospitality industry, there would be huge investments within the sector. It’s not just going to go in people’s pockets.”
Working hard and ‘looking after the pennies’
So what’s been the secret of Dean’s success to date?
He replied: “I would say keeping myself busy and on my toes all the time.
“I never rest, I never stay still. I’m always looking for something new and always working.
“If I’m at home or have a spare minute or hour I’m checking things out, learning things, looking at new sites, coming up with new ideas.”
The businessman is not expecting any major expansion of his operations in 2024, apart from possibly one or two new sites.
He explained: “Money is expensive at the moment – the interest rate is just so high for loans and mortgages.
“If you were to mortgage a new property, the interest itself is higher than what you would be paying on rent on the same property.
“This year I feel we are taking it very careful and slowly, looking after the pennies.”
Future plans for chef Dean Banks include international expansion
The entrepreneur also wanted to point out that his operations are not being bankrolled by a bank or a private-equity firm.
He explained: “We have done it all by ourselves; myself and my business partners – Ross McGregor, Rory Mitchell and Dan Ashmore.
“Wve all self-invested into the group.
“We have low loans, we don’t owe much money so that’s how we can grow at the rate we do because we’re not paying stupid amounts in interest in the money.
“We don’t live a crazy luxury life. Everyone lives a modest life because we are building for the future and a group that will last forever.
“It’ll be my son that benefits from it and not me. Maybe me a little bit when I’m older – but I’m looking to build this for my family, not myself.”
Looking to the future, Dean is looking at fresh opportunities at home and abroad.
He thinks that gaining management contracts at large hotels could be a growth area.
“I would definitely like to take my brand to locations such as Dubai, Hong Kong, Bangkok, Miami or New York.
“I would love to take my chef’s flavours around the world.
“I’d like to see me diversifying into other things whether that’s property development, larger hotels, different points of business rather than just hospitality.
“I’d like to reduce my risk. I think every business owner does that, you reduce your risk by having your investments in different areas.
“Obviously my expertise is in hospitality, but it’s me finding the right people that I can trust and be business partners to invest in other things.”
