LONODN, 4-8-2015 — /EuropaWire/ — tastecard and the Gourmet Society, the UK’s number 1 and number 2 restaurant discount card clubs, have been acquired by Bridgepoint Development Capital (‘BDC’) with management for an undisclosed sum from DIDIX, a Dutch gift card group.
tastecard and Gourmet Society dining clubs collectively offer discounts to members at over 10,000 restaurants across the UK for an annual membership fee. Offers are available through the brands’ websites and apps, in conjunction with a physical or digital membership card. Founded by Matt Turner in 2005, tastecard is the UK’s largest diners’ club with over three million members. It works with some of the nation’s most popular chains, as well as over 6,000 independent restaurants. The Gourmet Society has over one million members in the UK.
Matt Turner, Chief Executive of tastecard and the Gourmet Society, said: ‘We have built a strong business over the last decade which has drawn interest from a number of potential investment partners. Bridgepoint’s reputation, belief in the business and track record with consumer brands convinced us that they are the right partner to support us through the next exciting phase of our growth.’
Alan Payne, Partner of Bridgepoint Development Capital, added: ‘Discounted dining is now an established feature of the growing eating out market, a sector that is being increasingly driven by the technology needs of the consumer. With our support, we are confident that tastecard and the Gourmet Society will grow their member and restaurant numbers, broaden their geographic coverage and extend their technological capability.’
Total UK consumer spend on eating out was £78 billion in 2014; while regular diners eat out on average 34 times a year, discount card users eat out around 45 times a year. Diners’ Club memberships generate c.30 million covers a year in affiliated restaurants.
Debt was provided by ICG and RBS. Advisers involved in this transaction included:
For BDC – Rothschild (corporate finance), Deloitte (tax), Travers Smith (legal) and OC&C (market).
For management – Grant Thornton (tax & finance), Brabners (legal)
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