The previously announced transformation of The Wine Source in Hampden from a sole proprietorship to a worker-owned cooperative business cleared a key hurdle this week when Baltimore’s liquor board approved a license for the new owners.
At its meeting on Thursday, the liquor board voted 3 to 0 to approve an application to transfer the Class BD-7 Beer, Wine and Liquor license from previous owner David Wells to three representatives of the nine-member group that bought the gourmet food and beverage shop at 3601 Elm Ave., all employees of the store.
Attorney Caroline Hecker told the board that Wells’ employees acquired the business by way of a stock sale, in which they purchased stock in the corporation that Wells formed to operate the store, Wells Enterprises Inc. Wells turned the business over to his employees on Sept. 30. “The employees now own The Wine Source,” Hecker told the board.
Wells disclosed last March that he was planning to sell The Wine Source because he wanted to retire. Besides acquiring stock in the business, the buyers needed to be added to the store’s liquor license in order to sell alcoholic beverages there – a separate, governmental transaction.
According to an application on file with the liquor board, the purchase price of the business was $3.5 million, “via a 5-year loan.” The three individuals named on the transferred liquor license are Jed Jenny, now president of Wells Enterprises Inc.; Caitlin O’Connor, vice president of the corporation; and JoAnne Huey, treasurer. The application for a license transfer listed six other stock holders in Wells Enterprises Inc. Each of the nine stock holders has 11.1111 percent of the stock.
Hecker said the new owners are familiar with the business because they’ve been involved with it for years. She said store hours will remain the same under their ownership. The liquor board also approved a request from the license holders to deliver alcoholic beverages sold at the store.
One change will be the addition of a parking lot across the street from The Wine Source, specifically for its customers. Before he retired, Wells obtained City Council approval to raze two attached houses at 3618 and 3620 Elm Ave. to create parking space for 10 cars to supplement half a dozen spaces in front of the store. The houses were demolished around the end of last year, and a crew is now clearing and paving the property in preparation for its new use.
Above the store’s entrance is a banner that announces the change in ownership: “NOW WORKER-OWNED!” it reads. “THANK YOU, DAVID WELLS.”
On a wall inside the entrance is a plaque that bears a photo of the founder and a message from the new owners.
“As David retires, we honor his legacy of hard work, dedication and community commitment,” it states. “While he will be greatly missed, his impact will be felt for years to come. As The Wine Source enters its next chapter, we are committed to building upon his remarkable foundation and continuing the tradition of excellence that David established.”
