THERE’S an opportunity for an operator to tap into the ongoing gin boom through the acquisition of an established Glasgow business with two units in the city.
A buyer is being sought for the Gin71 business, which incorporates Gin71, Cup Tea Lounge and The Gin Spa.
Gin71 and Cup Tea Lounge operate as a hybrid business, with the venues running as Cup Tea Lounge during the day, offering brunch and lunch menus, and then rebranding as premium gin and cocktail bar Gin71 in the evening. There are two locations in Glasgow – Renfield Street and Virginia Court in the Merchant City. The Merchant City site also has an adjoining venue, The Gin Spa, where customers are able to combine spa treatments with afternoon tea or gin tastings.
The business is being marketed jointly by selling agents Smith & Clough and the Scottish Business Agency, with offers over £475,000 sought for the leaseholds.
Jonathan Clough of Smith & Clough said: “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.”