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News
Bank backs new Scottish stores
£1 million has been poured into a new venture to open 20 new off-licences across Scotland.
Trading under two names – Winehouse and Cellar No1 – the investment company was supported by Clydesdale Bank for the “significant opportunities” the investment provides.
Donna Kerr, a business development partner at Clydesdale Bank, explained: “The support is part of our strong commitment to help quality businesses achieve their growth plans.
“We believe there are significant opportunities for Winehouse and Cellar No1 in the short, medium and long term, and we look forward to working closely with Philip Craig and George MacRitchie.”
Formed at the beginning of 2010 by Craig and MacRitchie (pictured), BrandInvestGroup has been looking for an opportunity to invest in the sector for four years and even tried to buy 254 shops from Terra Firma, the owners of First Quench (at the time).
Speaking on behalf of the investment, MacRitchie said: “BrandInvestGroup was formed as a vehicle to invest in, and manage, a portfolio of brands. Given the experience of the team these will initially be in the retail and drinks industries.
“The demise of First Quench created a gap in the market and reopened the opportunity to enter.
“We are very positive and reassured by the number of independents that have entered the sector over recent months and the results posted by some of our competitors.”
Winehouse is a “mid-market specialist” with a focus on wines from small to medium-sized producers rather than mass-market brands that can be found in the supermarket. Meanwhile, Cellar No1 is a “mainstream off-sales” outlet.
Craig commented: “We created a second retail brand to sit alongside Winehouse where the demand for wine is less. These shops can however tap in to the Winehouse product range for customers who want something more exclusive. The Cellar No1 focus is drink retail.
“Many competitors have moved away from being a specialist off-licence by bringing in convenience, and former newsagents now sell alcohol. That is not our intention.
“Looking forward, we believe a controlled environment, where there is little for children to buy, is more in line with government thinking.”
All 20 of the stores will be open for business by the end of next month.
Jane Parkinson, 20.09.2010