Dubai-based discount voucher book The Entertainer is expanding its operations into Europe, Africa and Asia as part of a two-year, US$3m expansion plan, its CEO has told sister title Arabian Business.
The firm, which sells two-for-one vouchers for restaurants, hotels and spa days in eleven countries, will launch books for the UK, Germany, Hong Kong and Malaysia by 2014, said Donna Benton.
“Singapore will be the first of our Asia expansion and then from there we’ll be doing Hong Kong and Malaysia. In Africa we’ll have South Africa and Egypt in 2013,” she said.
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“Europe will be our biggest expansion plan; the UK will be in 2014 and we’ll launch four books in one hit. Germany is another [market],” she added. Other new books will include Lebanon, Saudi Arabia and Egypt.
The Entertainer, founded by Benton in 2000, sold a 50 percent stake to Dubai investment firm Abraaj Capital in March. The additional investment has enabled the firm to fast-track its expansion outside the region, said Benton.
“Abraaj’s [investment] has enabled us to grow at a much more rapid rate. What we could do in eight years, we can now do in three years so we’re on a rapid growth plan.”
Companies offering discounted deals have flourished in the wake of the economic downturn as cash strapped consumers look to save money. Several group buying websites including Groupon and LivingSocial have set up operations in the Middle East in recent years.
The Entertainer, which makes the majority of its revenues on book sales rather than advertising, is targeting sales of 120,000 this year. “We’ll do 120,000 [books] this year, for our next print run I’ll be looking at around 30-35 percent growth,” said Benton.
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