Yochananoff acquired five branches of Bitan Wines for NIS 67.5 million

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The Yohannoff chain, controlled by the Yohannoff family, purchased five branches of Bitan Wines for NIS 67.5 million. This will increase the number of the chain’s branches to 32. Eitan Yohananoff said in response that in the next six months, four more Yohananoff branches will be opened – in Be’er Sheva, in the scorers near Ashkelon, in the Green Yavneh and in Mishor Adumim. The Yohannoff chain’s turnover is over NIS 3 billion a year. The turnover of the branches purchased is about NIS 70 million and they are located in the towers of Tel Aviv, Afula, Tiberias, Hadera and Kiryat Shmona.

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This is not the first time Yochananoff has purchased branch pavilion wines. The last to be purchased was the Pavilion Wines branch in Airport City. The sale of the branches by Yinot Bitan is part of the chain’s recovery plan, which included closing the logistics center (Marlog) at Ramat HaKovesh, cutting 50% of the staff – about 120 employees and over 1,000 employees in the stores.

The efficiency program helped the chain obtain a new credit financing agreement in the amount of NIS 150 million. Although it has been announced that Pavilion Wines will sell 30 branches, the chain denies this and claims that it intends to sell much less. Shlomo Rodev was recently appointed chairman of the chain, together with the chain’s CEO Michael Luboszic. The intention is to prepare the chain for an IPO within one to two years while taking advantage of the improvement in its condition following the increase in purchases.

Eitan Yohannoff Photo: Uriel Cohen

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