By Scott Wright
GLASGOW’S Gin71 and Cup Tea Lounge have been acquired in a deal hailed as one of the biggest leasehold transactions in the Scottish licensed trade this year.
The venues, based in the city De Quincey building, have been sold in an acquisition that also includes the Gin Spa in the Merchant City.
The leaseholds were sold by Paul Reynolds, the entrepreneur who founded the business eleven years ago, from an asking price of £475,000. Selling agents said “multiple” offers had been received.
Mr Reynolds, who decided to exit to focus on his Stack & Still restaurant in the city, has sold the gin and tearoom businesses to husband and wife Andrew and Alex Craig. The new owners plan to expand the brands outside Glasgow.
Operations director Sam Gove, who has been with the business for five years, will continue to be responsible for the day-to-day running of the venues.
Mr Reynolds said: “I am so excited to see the opportunity for the business under the ownership of Andrew and Alex. I have loved building these brands and teams and I am sure that they are being passed over to new, young entrepreneurial owners who have amazing vision to grow the business in the future.”
The sale of the business was brokered by licensed trade property specialists Smith & Clough with the Scottish Business Agency. Jonathan Clough said: “I am delighted to have handled the sale of such a well-known and popular Glasgow business, and to have achieved a successful outcome for our client.
“I have handled the sale of many restaurants and bars throughout Glasgow over the years, but there are not many leasehold transactions at this kind of level, and the timing of the deal, after Covid and one of the most difficult trading periods in the sector’s history, makes it even more pleasing and gives great encouragement for the sector and the market going forward.
“We have completed a number of deals in Glasgow in the last few months, which demonstrates the ongoing appeal and resilience of the city and the continued confidence in the sector. The purchasers Andrew and Alex Craig have taken on an established, extremely well performing and well managed business which still offers huge growth potential.”
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