Northern Ireland property and trading group PBN and drinks industry veteran Jim O’Neill have acquired ailing off licence and pub group Wineworld.
Northern Ireland property and trading group PBN and drinks industry veteran Jim O’Neill have acquired ailing off licence and pub group Wineworld. The terms of the deal have not been disclosed.
The new company will trade as PBN Wineworld and is part of PBN’s asset base, which includes investment and development properties in the retail, office, industrial and residential sectors. PBN also has investments in the hospitality sector.
Although the terms of the deal have not been disclosed, the transaction includes five bars and the new company has recently acquired seven off licences located in North Down, Belfast and Lisburn.
O’Neill has come out of retirement to take up the role of MD as well as taking a stake in the business. He said: “Fundamentally we have acquired a good business with great potential, but we are aware that it now requires a stricter management structure and a refreshed brand to begin to build the business up again and restore confidence with customers, staff and suppliers.”
Neil Adair, director at PBN, said: “PBN has secured financing arrangements and continues to actively seek investment and development opportunities to provide a soft landing for businesses such as this, which have found themselves in problem situations. Despite falling into administration, Wineworld is a solid business investment with high-quality management and staff, as well as further development and growth opportunities.”