Cherry Bar's Founding Partner Sells Up His Share

Bill Walsh, a founding partner of iconic Melbourne venue Cherry Bar, has sold his remaining share in the business to partners James Young and Peter Lewis.

The transaction, which was finalised on Wednesday, will free up Walsh - the former drummer with the Cosmic Psychos - for a new venture in Melbourne, details of which have not been announced.

In a statement Young, who runs marketing and design company Cherry Rock as well and has taken over from Walsh as being the unofficial 'public face' of the venue in recent times, said that he and Lewis had been on the look-out for another Melbourne venue.

"Look, Pete and I were looking to buy another Bar in Melbourne when we realised that the smarter play was to buy more of the one Bar we already owned, that way we didn't have to double our workload," he said. "We plan to continue to perpetuate the rock'n'roll legacy created at Cherry by Billy 'Cosmic Psycho' Walsh."

Founded in 2000, Cherry Bar is located in Melbourne's renowned AC/DC lane.