We have advised PNC Business Credit (PNC) on the provision of an asset-based lending facility to support the £15.9 million management buyout of wine retailer, Virgin Wines.

PNC’s asset-based lending facility was complimented by debt and equity packages from both Mobeus Equity Partners and Connection Capital to support the management team of Virgin Wines to acquire the £35 million turnover business from Direct Wines Limited. The Mills & Reeve team was led by finance partner Zak Virgin. Zak said: “We are delighted to have assisted PNC with yet another deal. This is the twentieth deal we have completed for them in the last two years and this transaction is a continuation of their impressive track record of coming up with genuinely tailored and flexible funding solutions for good businesses with strong management."

Danny Harrison of PNC said, “Once again the finance team of Mills & Reeve has delivered to our expectations. Every transaction delivers new challenges and the team led by Zak continues to be insightful and effective in contributing to the successful completion of yet another deal for us.”