MORE than 1,000 jobs have been secured after a deal was signed to sell under-fire Warrington off licence chain Cellar 5.

Receivers have confirmed that the company has been bought by the Manchester-based Maryland Securities Group for an undisclosed sum.

Former Cellar 5 finance director Paul Gaskell will head the venture, which has around 300 stores, under the Booze Buster and Wine Cellar brand names.

The future of the head office in Loushers Lane, which employs around 80 people, has also been safeguarded as a result.

A Cellar 5 spokesman said: "It is good news for the company - the response from everyone involved has been quite positive."

He told the Guardian that the new owners had a proven track record in buying up companies from receivers and ensuring they became success stories.

Bosses will now look closely at all aspects of the business, from stock levels, which have depleted since Cellar 5 went into administration, to the pricing structure.

The other alternatives for the operation could have seen the firm bought by a rival, and resulted in the head office being relocated, or purchased by a property company, which could then have broken up the chain and sold off the business piecemeal.

Previously Cellar 5's Right Choice division, comprising of 60 general stores and with an annual turnover of around £30 million, was the subject of a management buyout.

Ex-operations director Andy Smallman is now running the convenience chain under the A&S Stores banner from offices in Northwich. It is envisaged that many will be converted to the Spar format.

Originally Cellar 5 evolved out of the break-up of the Greenalls family empire in the mid 90s.