Mills & Reeve advises PNC on management buyout of Virgin Wines

Mills & Reeve has advised PNC Business Credit on the provision of an asset-based lending facility to support the £15.9m management buyout of wine retailer Virgin Wines.

PNC’s asset-based lending facility was complemented by debt and equity packages from both Mobeus Equity Partners and Connection Capital to support the management team of Virgin Wines to acquire the £35m-turnover business from Direct Wines.

The Mills & Reeve team was led by finance partner Zak Virgin.