Duo to expand Winehouse chain across Scotland

FORMER investment banker George MacRitchie and drinks industry manager Philip Craig are preparing to roll out their new Winehouse and Cellar No 1 chain of stores across Scotland.

• George MacRitchie and Philip Craig have launched an investment vehicle to roll out 50 stores across Scotland in the next two years.

The pair have launched BrandInvestGroup, an investment vehicle, to acquire more shops after taking the lease on 15 outlets formerly run by First Quench, which traded as Victoria Wine, Haddows and Threshers.

Six more will open by next month and the target is 25 by Christmas. In the next two years the plan is 50 stores in Scotland employing 300 staff.

MacRitchie is best known in Scotland during his time with private equity firms 3i and NatWest Ventures, where he led a number of high profile deals.

He also worked for Bridgepoint and Cavendish. Craig is a former head of Jim Beam Europe, board member at Whyte & Mackay and founding board member of the distribution business Maxxium Worldwide. He has more than 30 years' retail and brand management experience.

The pair, who are neighbours in Quarriers Village, Renfrewshire, have raised 1 million to provide stock, salaries and working capital, with 400,000 from Clydesdale Bank and the rest from their own funds.

Their relationship with Clydesdale stretches back to 2006 when the pair first tried to buy the Scottish stores from First Quench. They thought they had a deal last year until First Quench went into administration.

With four years' knowledge of the firm's finances they feel they understand what went wrong and how they can grow the business.

Craig said: "The First Quench estate had become too large over the years to be managed efficiently. The Scottish estate particularly, despite being profitable, had been neglected. A number of investors have taken the opportunity to enter the sector and many shops have reopened across the UK, and are performing well.

"We want to bed down the Winehouse and Cellar No 1 stores that we have established before taking the business to the next level."

The more upmarket Winehouse stores will include wines not normally available in supermarkets. Craig said: "At Winehouse we will offer mainstream brands but the focus is more on wines from small and mid-size growers that have an interesting story behind them. Often they do not produce enough to sell to supermarkets."

MacRitchie and Craig are joint shareholders in BrandInvestGroup and longer term intend to use it to acquire other assets.

Donna Kerr, business development partner at Clydesdale Bank, said: "There are significant opportunities for Winehouse and Cellar No 1 and we are looking forward to working closely with Philip and George to help realise their ambitions for the business."