Tue, 26 May 2015 | BUSINESS SALE
Discount restaurant club Tastecard is due to be put up for sale by Didix, a rival Dutch restaurant promotions company that bought Tastecard in September 2014, The Daily Telegraph reports.
The company also owns UK Gourmet Society but is looking to offload Tastecard for a figure in the region of £100 million in order to capitalise on the group's growth with industry sources suggesting that the group generates as much as £12 million in annual earnings.
Grant Thornton are advising on the sale of the Tastecard business on behalf of Didix's owner, Waterland Private Equity.
The company grew from humble beginnings when Matt Turner and Jamie Milner kicked things off with TasteLondon and some 150 restaurants back in 2006. A rebrand in 2010 saw Tastecard kick off on a nation-wide basis, with members paying £79.99 for annual membership and a large number of memberships taking place through companies offering Tastecard as a job bonus.
The founders' approach has worked well and the company has some 3.5 million members who spend around £600 million a year in restaurants.
As well as listing restaurants from renowned chefs such as Marco Pierre White, the company works with chains such as Prezzo and tiger tiger.
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