Gin71 was a bar and restaurant with a tearoom attached that then launched a gin spa business and a second location in the city centre. It was founded by owner Paul Reynolds just over 11 years ago to tap into the growth in the craft Scottish spirits market. He has went on to establish Stack & Still pancake places across the city.
The business, including venues on Renfield Street and within Virginia Court in the Merchant City, is now up for sale.
“A unique selling point of this business is that Gin71 and Cup Tea Lounge operate with a hybrid business model, with Cup Tea Lounge operating from 9am-5pm, before the premises morph into Gin71 from 5pm-midnight, with new signage, canopies and lighting being introduced to change the whole feel and ambience of the units” reads the prospectus.
“Cup specialise in high end Afternoon Teas, as well as offering an extensive brunch and lunch menu, coffees & cakes etc, as well as an extensive range of their own ‘Ambr’ teas, which is their own brand and is included in the sale.”
“Gin71 trades primarily as a high-end Gin Bar offering a tantalising range of premium gins, but also does a good selection of cocktails, wines, beers, spirits and soft drinks, all served in sumptuous surroundings in a chilled out yet opulent environment. Gin71 also offers a popular gin tasting class and has presented to over 6,000 guests since it started. The Merchant City venue also offers tasting and grazing menus with a delicious selection of light bites and smaller dishes.”
The sale of the business is being handled by licensed sale specialists Smith & Clough along with joint agent The Scottish Business Agency.
Jonathan Clough who is handling the sale for Smith & Clough commented: “We are delighted to have been instructed to handle the sale of this well-established, unique and popular Glasgow brand. The brand is well recognised, having previously traded in Edinburgh, as well within House of Frasers in Glasgow, and they are currently in talks to open a new venue within a new development in Glasgow’s Financial District, as well as expanding the spa business.
It is felt there is huge potential to continue to grow the brand further, and it is a proven concept that could be rolled out in cities throughout the UK should a new owner wish to go down this route.
We are starting to see real confidence returning to the marketplace and are seeing strong demand for bar and restaurant opportunities, particularly in the bigger towns and cities, and are therefore expecting high levels of interest in this sale from throughout the UK.”
Leasehold offers in excess of £475,000 are being sought for the business.
