GLASGOW gin bar business Gin71 is in new hands after being sold by founder Paul Reynolds.
Reynolds founded Gin71 a decade ago and grew the business to two units in Glasgow – on Renfield Street in the city centre and Virginia Court in the Merchant City. The Merchant City unit also incorporates the adjoining Gin Spa, which combines spa treatments with gin tastings. Both units operate as Cup Tea Lounge during the day, transforming into Gin71 in the evening.
He put the business up for sale earlier this year so that he could focus on pancake restaurant group Stack & Still, which recently expanded to six outlets.
Gin71 has now been acquired by husband and wife team Andrew and Alex Craig, who have said they plan to expand the brand outside of Glasgow.
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 business and leaseholds were sold by property firm Smith & Clough from an asking price of £475,000.
“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,” said Jonathan Clough of Smith & Clough.
“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, and I would just like to take this opportunity to wish them all the best with their new venture.”
