A DISCOUNT dining club owned by a Co Down businessman has been sold to a group in England for an undisclosed sum.
The Dining Club Group, which owns the UK’s two leading discount dining clubs, has bought the Hi-Life Group, whose registered offices are at Ballymenoch Lane in Holywood.
Backed by Bridgepoint Development Capital, the Dining Club Group confirmed that its wholly-owned subsidiary company State Bidco has completed the acquisition of Hi-Life Diners Club, a subscription-based dining membership club, from Hi-Life Group Limited.
The terms of the deal have not been disclosed.
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 our brand.”
Established more than 30 years ago, Hi-Life provides two-for-one 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 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 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 more than 10,000 restaurants across the UK in return for an annual membership fee.
Tastecard was established in 2005 and has over three million members, while the Gourmet Society was launched in 2003 and has a million members.
Both brands provide access offers through their websites and apps, in conjunction with either a physical or digital membership card.
Belfast legal firm Carson McDowell advised the shareholders of Hi-Life on the transaction.
Dawn McKnight, partner at Carson McDowell, said: “The deal represents a new chapter for Hi-Life as it seeks to continue its growth plans across the UK.
"The company will have increased scale as part of The Dining Club Group and greater resource to increase its business in the rewards and benefits market in the future."
She added: “This deal is further proof that, as we reach the mid-point of 2016, there continues to be huge interest in locally owned businesses operating across a number of sectors from international companies and investors.”
