Perwyn is pleased to announce that it has provided an eight figure debt capital facility to help the founders of Vouchercloud and Giftcloud re-acquire the business back from the majority owner, Vodafone.
Cloud Savings Company Limited has acquired Invitation Digital Limited (“IDL”), owner of Vouchercloud and Giftcloud, following a management buy-out from the Vodafone Group, placing the company back in the hands of its original founders, Scott Davidson and Greg Le Tocq.
Vouchercloud is one of the UK’s leading voucher platforms, having revolutionised the marketplace with the launch of Europe’s first voucher app in 2010. Its sister company Giftcloud launched in 2014 as Europe’s first entirely digital gifting app and website, allowing users instant access to digital gift cards while also providing businesses with a fully digital rewards and loyalty solution.
Scott Davidson, Chairman of Cloud Savings Company Limited, said “The deal represents a new era of independence for the business and unlimited opportunity for further growth. From the outset in 2010, our mission has been to make the lives of consumers easier with innovative digital solutions, which we succeeded in with our first-to-market Vouchercloud and Giftcloud apps. 2017 has been an incredible year for both brands and the support from Vodafone has been important in getting us to this stage. We are excited to be starting the next stage of our growth journey in 2018 and the future is looking very bright”.
Greg Le Tocq, Founder and Director of Vouchercloud and Giftcloud added: “It’s amazing to reflect on the journey we have been on since we launched the Vouchercloud app in 2010, when we were a team of three operating from a small office in Bristol. Now, eight years on, we employ a team of over 100 from the city. 2018 signals an extremely exciting time in the voucher and incentive marketplace, with lots of change equalling plenty of opportunity”.
Ravi Sharma, partner noted “The Perwyn culture is underpinned by our desire to work with entrepreneurs / owner managers and we look forward to working with Scott and Greg over the coming years which will no doubt be an exciting time for the business. We have seen a shift in the market over the last few years where flexible debt facilities are increasingly providing solutions to transaction structures which historically may have required some form of equity. We expect this trend to continue over the coming years.”