  While analysing the images of the IPHAS H$\alpha$ survey, we noticed that the
central star of the candidate planetary nebula IPHASXJ211420.0+434136 (also
named Ou5) was clearly variable. This is generally considered as an indication
of binarity. To confirm it, we performed a photometric monitoring of the
central star, and obtained images and spectra of the nebula.
  The nebular spectrum confirms that IPHASXJ211420.0+434136 is a planetary
nebula of moderately high excitation. It has a remarkable morphology with two
nested pairs of bipolar lobes, and other unusual features. The light curve of
the central star reveals that it is an eclipsing binary system with an orbital
period of 8.74 hours. It also displays a strong irradiation effect with an
amplitude of 1.5~mag.
  The presence of multiple bipolar outflows adds constraints to the formation
of these nebulae, suggesting the occurrence of discrete ejection events during,
or immediately before, the common-envelope phase.
  IPHASXJ211420.0+434136 also adds evidence to the hypothesis that a
significant fraction of planetary nebulae with close binary central stars have
a peculiar nebular chemistry and a relatively low nebular mass. This may point
to low-mass, low-metallicity progenitors, with additional effects related to
the binary evolution. We also suggest that these objects may be relevant to
understand the abundance discrepancy problem in planetary nebulae.
