Employee rewards and benefits provider Ello Group has secured a £16.5m revolving credit facility from HSBC to support its growth plans and day-to-day operations.
The company provides employee perks and reward programmes including tastecard, Gourmet Society, Coffee Club and Vue Pass, which employers use to help engage and reward staff through discounts on dining, coffee, cinema and leisure activities.
The funding will support the business as it continues to expand under the ownership of Dragonpass, which acquired Ello Group at the end of last year.
The transaction was advised by law firm Gordons, which acted for Ello Group on the deal.
Ello Group chief financial officer Matt Peters says: “This is an important step for Ello Group as we continue to support our growth plans under Dragonpass ownership. Gordons was a great partner to work with throughout the transaction, providing trusted advice and support to help ensure the process ran smoothly from start to finish. I’d also like to personally thank Ben, Gresa and the wider Gordons team for their support and guidance throughout the process.”
Gordons lawyer Ben Roden says: “Ello Group is the leading brand in the dining rewards and loyalty space, partnered with many household names throughout the UK and beyond. This financing provides a platform for Ello Group as it continues to enhance its offering and strengthen customer engagement capabilities and deliver greater value to customers, alongside the support of Dragonpass.”
“It’s been great to work with the Ello Group team on this, and we’re thankful to them for putting their trust in us to guide them through what is a key transaction for the business. We look forward to continuing to help Ello Group navigate this new chapter and the opportunities ahead.”