23 October 2017

Loyalty Management UK secures £25 million funding

03 July 2002  |  1846 views  |  0 Loyalty Management UK secures £25 million funding

Loyalty Management UK (LMUK), the company established to operate a new consumer loyalty programme sponsored by Barclaycard, has secured £25 million in equity financing from Warburg Pincus.

LMUK will launch and operate Nectar, which brings together Sainsbury's, Barclaycard, BP, and Debenhams to form the UK's largest customer loyalty programme, which is expected to sign up over 50 per cent of all UK households following its autumn 2002 launch.

Rob Gierkink, chief executive officer of LMUK, says: "Warburg Pincus' support enables us to put in place the financial foundation for the successful launch and development of LMUK."

Nectar will target the more than 12 million consumers who are members of points and rewards programmes currently operated by Sainsbury's, BP, Barclaycard and Debenhams. The new programme will offer consumers the ability to collect points from more than 1800 Sainsbury's, Debenhams and BP outlets and with all Barclaycard purchases. Points collected in the Nectar program will be exchangeable for a wide range of rewards like grocery discounts, consumer goods, flights, holidays, restaurant meals, family days out and cinema tickets.

Joseph Schull, a Warburg Pincus Managing Director, comments: "In evaluating this investment opportunity we have been very impressed with the vision of the four launch sponsors and with their commitment to making Nectar the UK's most successful loyalty program."

The investment in LMUK is being made jointly by two funds, Warburg Pincus International Partners, a $2.5 billion fund, and Warburg Pincus Private Equity VIII, a $5.3 billion global fund that closed in April 2002.
KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bank One and Visa to roll out Disney reward card

Bank One and Visa to roll out Disney reward card

05 June 2002  |  7535 views  |  0 comments
Credit cards popular with UK affinity groups

Credit cards popular with UK affinity groups

15 May 2002  |  3658 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comRegister nowvisit www.atos.net

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
16804 views comments | 20 tweets | 34 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
14178 views comments | 22 tweets | 30 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10423 views comments | 12 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
10100 views comments | 13 tweets | 10 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job