The Dining Club Group, a business backed by Bridgepoint Development Capital, has today announced that it has completed its acquisition of Hi-Life Diners Club Limited (″Hi-Life″), a subscription-based dining membership club, from Hi-Life Group Limited.
Matt Turner, Chief Executive of The Dining Club Group, said: “Discounted dining is part of a growing benefits sector. With our support, we are confident that Hi-Life can continue to broaden its geographical footprint and grow its membership and restaurant numbers.”
Rob McCarthy and Jeff Gardner of Dow Schofield Watts Transaction Services provided financial due diligence on behalf of The Dining Club Group for the acquisition. Rob McCarthy, Partner at DSW, said “We are really pleased to be able to support The Dining Club Group on a strategic deal like this and we see the Hi-Life brand going from strength to strength under its new ownership.”
Hi-Life is a subscription-based dining membership club. With over 30 years of experience, Hi-Life provides 2 for 1 dining offers at over 4,000 restaurants across the UK and Ireland to consumers and business customers in return for an annual membership fee. Members present their physical or digital Hi-Life membership card at one of the participating restaurants to receive their Hi-Life dining offer. Affiliated restaurants include those owned by world renowned chefs such as Marco Pierre White and Cyrus Tobiwala, as well as leading high street chains and local independent restaurants.
The Dining Club Group Limited is backed by Bridgepoint Development Capital and part owned by its management. It was incorporated in 2015 to acquire tastecard and the Gourmet Society, dining clubs which collectively offer discounts to members at over 10,000 restaurants across the UK in return for an annual membership fee. tastecard was established in 2005 and has over 3 million members, whilst the Gourmet Society was launched in 2003 and has over 1 million members. Both brands provide access offers through their websites and Apps, in conjunction with either a physical or digital membership card.
Ben Eaton, Finance Director of The Dining Club Group “DSW’s senior led team really hit the mark on this transaction. Rob and Jeff were able to provide us with a robust view on underlying earnings early in the process, then kept us informed of what we needed to know throughout the diligence. In the later stages of the deal, it was refreshing to be supported by a financial due diligence team that dovetailed with our legal advisors and added value to the contract discussions.”