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I was there a few weeks ago, stopped off on a ride, it's still going (though I can't confirm ownership or anything like that). The breakfast baguettes are incredible.
There is another cycling cafe in the centre of town called 'South Downs Social' which is a similar concept I think if youre researching the area.
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The Handlebar Cafe has been sold to new owners - the grapevine says the new owners plan to open a series of similar cafes along the South Downs Way. The South Downs Social is a decent cafe, but one unit awy is the Corner Deli which does pretty good (if pricey) local/artisinal stuff. But there's a lot of interesting food situations going on in the area.
http://www.handlebar.cafe
My cousin has project coordinating the architectural aspects of this social enterprise venture - a new cycle themed/based café in Winchester - it will incorporate a workshop and run events and should be open in a couple of months.
The social enterprise project is being carried out by Spud Youth (I believe) and has sought to give young people/graduates/creatives a chance to develop something high quality and special and, as a first class honours graduate and winner of (can't remember the award name) the award for highest marks for graduates at Bournemouth Uni Architecture class of 2017, he got the prime role.
Please look it up and like me, if you're ever up that way, drop in and check it out.
To that end if anyone would like his contact details for anything work related - he's also a fully qualified electrician (mid 20s so went to Uni after 8 years electrician work - just ask. Cheers