THE WINE MERCHANT. An independent magazine for independent retailers
Issue 114, June 2022
Trophy winners announced: see page two
The Secret Cellar’s future is now in the hands of its staff Employee Ownership Trust means that the Tunbridge Wells-based business will be run for the benefit of its team
T
he Secret Cellar, the independent merchant with four branches in Kent and Sussex, is now in the
ownership of its management team.
Former owner John Winchester has
created an Employee Ownership Trust,
loaning the staff money to buy the business over a five-year period.
The trust also includes the wholesale
division of the company, Milton Sandford Wines, based in Berkshire.
Winchester, who is retiring but remains a
were initially cautious about the EOT and
Fourteen employees have benefited from
allayed when the details were explained.
trustee, believes the deal is a better option for staff than a sale to an outside bidder.
the EOT and will be able to receive tax-free
bonuses of up to £3,600 a year. They would also be able to cash in on the value of their shares should the company ever be sold in whole or in part.
Adam Clarke, now managing director
of the Secret Cellar business, said staff
had concerns about implications for the stability of the company, but these were
“I see it that the staff decide the direction
of the company and how we want to take it forward,” he says. “After all, it is the
employees that benefit from any profits in the company, so have a vested interest in making it a success.
“I’m hoping we can push both parts of
the business to even greater success in the
next few years, sell more wine and increase our customer base.”
Clarke is hopeful that even in uncertain
economic conditions, The Secret Cellar
can remain profitable and even consider expansion. “I’d like to think that we can
grow The Secret Cellar beyond the current footprint – the direction of travel could
take us anywhere,” he says. “The current climate may mean growth takes a bit
longer, but we need to look at all areas of opportunity.”
Winchester believes the EOT model
could be suitable for other wine trade Free samples from suppliers and free tickets for wine lovers make for memorable Wednesday evenings at Specialist Cellars in Brixton. Find out more about Melanie Brown’s bright idea on page 11. Only about half of revenue comes from walk-in custom
businesses. “If you are confident in the
future of the company and the people, then an EOT is a useful vehicle to consider,” he says.
• Analysis, pages 8 and 9.
