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The Dining Club Group Limited, backed by Bridgepoint Development Capital, has today announced that its wholly-owned subsidiary company, State Bidco Limited, has completed its acquisition of Hi-Life Diners Club Limited.
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The Dining Club Group Limited, a company backed by Bridgepoint Development Capital, has today announced that its wholly-owned subsidiary company, State Bidco Limited, 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."
James Tolland, Managing Director of Hi-Life, who will be continuing in his current role, added: "We are delighted to join with The Dining Club Group to help us further promote and grow the Hi-Life brand"
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.
State Bidco Limited is a wholly-owned subsidiary of The Dining Club Group Limited. It was established in 2015 to acquire tastecard and the Gourmet Society.
Hi-Life Group Limited is the sole parent company of Hi-Life. It does not own any other businesses.
Hi-Life was advised by: legal advice - Carson McDowell LLP (Dawn McKnight and Rachel Craig); corporate finance advice - Grant Thornton (Usman Malik and Joe Pollard).
The Dining Club Group was advised by: financial due diligence - DSW (Rob McCarthy and Jeff Gardner); legal diligence and transactional documentation - Brabners (Andrew Millar, Simon Lewis and James Petts); legal advice - CMS Cameron McKenna (Caroline Hobson and Christine Graham).
