While analysing the images of the IPHAS (INT/WFC Photometric H alpha Survey of the northern Galactic plane) 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 h. 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.