The Cork-based off-licence chain Fine Wines has bought out investor Ralph Parkes, who has been involved in the business since 1991, according to reports by The Sunday Times.
Take Home Beverages, a company directed by Fine Wines founder John Blake and the group’s financial controller Robert Keane, recently acquired 90% of shares in Grand Cru, a holding company behind Fine Wines.
Bank of Ireland provided loans of €1.5 million as part of financing the deal, according to documents seen by the paper. Blake and Keane invested €300,000 through a share allotment in February.
Fine Wines is one of the largest independent off-licence groups in the country, with over 18 locations in seven counties, including Clare, Cork, Dublin, Galway, Kerry, Limerick and Tipperary.
Parkes and his wife Maureen held a share in the company, along with two other members of his family, according to company records.
He is based in Limerick and has accumulated a range of property interests in Ireland over a 35-year career.
He was also a founding investor and former director of the venture capital tech investor Kerner Capital and was involved in several retail developments in Ireland and the UK as well as more recently running a family office with investments around Europe.
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