More than fifty local jobs have been secured following the acquisition of off licence and pub group, Wineworld, which entered administration in December 2008, it was revealed today. 
PBN, a leading Northern Ireland property and trading group, has teamed up with one of the local drinks industry's most respected figures, Jim O'Neill, to purchase and re-launch Wineworld, with the retention of the groups' fifty four staff. PBN Wineworld Ltd, the trading name for the company, has now acquired seven off licence premises located in North Down, Belfast and Lisburn. Five bars are also included within the purchase. Jim O'Neill, who founded, and later sold, United Wine Merchants during a 50 year career in the Northern Ireland drinks trade, has suspended his retirement to take up the role of Managing Director for PBN Wineworld Ltd in addition to taking an equity share in the business. Jim 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. "Our short term focus is to implement the necessary changes from the outset and provide a solid base for the company to prosper and grow in the future. We have already begun the roll out of the new Wineworld brand across the seven off sales premises and look forward to bringing a new standard of service to the stores." All Wineworld outlets have continued trading while a buyer was sought; however suspended credit with suppliers during this period has currently left the stores with depleted stock levels. PBN Wineworld Ltd officially received ownership of the business on 2nd March 2009, with anticipation that all off sales premises will be fully functional again by the end of March, complete with new fit out and refreshed branding, under the moniker ‘Wineworld - World of Wine'. The groups' bars will continue to trade as normal. Neil Adair, Director at PBN, said: "We are delighted to continue the expansion of our interests in the hospitality sector through the purchase of Wineworld and to have Jim on board. PBN has secure financing arrangements in place 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." PBN Wineworld Ltd will become part of PBN's rapidly expanding asset base which comprises a mix of investment and development properties that span the retail, office, industrial and residential sectors. PBN also has existing investment in the hospitality sector as owner of the Clarion Hotel in Carrickfergus. View the PBN Wineworld website at: www.pbnwineworld.com March 2009 |
