Fri, 04 Jun 2021 | BUSINESS SALE
Paul Reynolds, the founder of popular Glasgow gin and cocktail bar Gin71, has announced plans to sell the business. Gin71 has been put up for sale for leasehold interests for offers over £475,000, Reynolds added. It is being jointly marketed by Smith & Clough and The Business Agency.
Reynolds, who has owned Gin71 and its sister business Cup Tea Lounge for almost a decade, has confirmed plans to sell the business to a younger owner who can help it grow in future. Reynolds added that there is no rush to sell and that he will prioritise finding the right buyer.
Reynolds said: "For me, legacy is quite important. I’ve always focused on taking care of my people and that is going to continue. It’s got to be the right operator. It’s not just about the financial deal on it. There’s more to it."
Reynolds expanded the brand in 2018 with the launching of The Gin Spa in Merchant City, which combines spa treatments with after tea and gin tastings. This business, alongside Gin71 and the Cup Tea Lounge, will all be included in the sale.
However, Reynold's second business, pancake restaurant group Stack & Still, is still in the process of expanding and will not be included in the sale.
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