Popular Norwich wine bar is up for sale
PUBLISHED: 12:00 16 August 2018 | UPDATED: 17:07 16 August 2018
A property opportunity for wine lovers has come on to the market in Norwich.
The leasehold at The Wallow is up for sale, presenting a “low-risk” chance to get established in the city’s competitive hospitality market, say agents.
The wine bar in Exchange Street is currently owned by Matthew Beaton, the man who invented its innovative wine dispensers, which have been sold to upmarket high street retailers like Harrods and Selfridges.
He opened the bar to showcase his machines, but has decided to back out of the hospitality trade to focus on other business interests.
The business is being marketed by EM&F Group’s Norwich office with a guide price of £59,950.
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Chris Ruggles, regional director at EM&F Group, said The Wallow was a “sound business” with good future prospects.
“The value, the asking price is based on the assets of the business so we are not asking someone to invest heavily in the good will,” he said.
“The business is established and has an excellent reputation. It has a USP with the wine dispensers so it sets itself apart from other wine bars.
“The owner is the person that created those dispensers, they had only really set the business up as a showcase for those machines rather than having to travel around the country with them to show clients, but he is not someone who particularly wanted to go into the hospitality industry.
“With a good owner-operator in there it will do very well.”
Mr Ruggles said, with Mr Beaton having invested substantially in the property, it would be a “low-risk entry” into the hospitality market.
He added: “This business has its place in Norwich, it is fairly unique in terms of the type of wine bar it is, they still do have good trade and their forward orders for Christmas are excellent.”
The property listing on rightmove.co.uk says the strength of the business is shown in the forward reservations and orders which have been made. It is estimated to turn over £250,000 a year.
Ways to develop the business are suggested in the listing including opening in the daytime for coffees, providing a full food menu or developing the retail side of the business, for which it is fully licensed.