TIDMTMO
RNS Number : 5984J
Time Out Group plc
06 December 2018
6 December 2018
Time Out Group plc
("Time Out", the "Company" or the "Group")
New Time Out Market in Prague (Management Agreement)
Time Out Group plc (AIM: TMO), the global media and
entertainment business, is pleased to announce that it has entered
into a management agreement with CRESTYL Group to open a new Time
Out Market in Prague, the capital city of the Czech Republic. This
is Time Out Market's second management agreement, enabling further
global roll-out of the successful food and cultural market.
CRESTYL Group - one of the leading developers in the Czech
Republic - will invest in the development and operation of the
entire Time Out Market Prague site and will obtain all necessary
planning and licencing consents. As part of this long-term
management agreement, Time Out Group will receive a guaranteed
management fee and have primary responsibility for branding,
curation and day-to-day operation of the site.
The first Time Out Market opened in Lisbon in 2014, bringing the
best of the city together under one roof: its best restaurants,
bars and cultural experiences, based on editorial curation. Today,
it is Portugal's most popular attraction with a record 3.6 million
visitors in 2017. The Group is now bringing this success story to
other cities around the world with five Time Out Markets coming to
North America next year: Miami, New York, Boston, Chicago and
Montréal, the Group's first management agreement.
With its opening expected at the end of 2021, Time Out Market
Prague will be located at the heart of the historic city centre in
the Savarin - a project by CRESTYL Group to redevelop the prime
downtown area and busy neighbourhood around the famous Wenceslas
Square. This is the city's main retail area and cultural centre,
attracting over 150,000 footfall every day. Upon opening, Savarin
is set to become Prague's prime shopping experience, culinary
destination and commercial hot spot with its extensive office
space.
Across 25,000 sq ft, Time Out Market Prague will accommodate
around 465 seats indoors and 120 outdoors. There will be 14 food
offerings, two bars, a speakeasy lounge, a cultural space and a
retail shop - all representing the best food, drinks and culture
the city has to offer.
Julio Bruno, CEO of Time Out Group plc, stated:
"We are pleased to have partnered with CRESTYL Group, entering
into our second management agreement for Time Out Market. This
allows us to further expand our incredibly successful format around
the world. It is another great milestone in the transformation of
Time Out into a global media and entertainment brand with a digital
and physical presence.
"Within just a few years, Time Out Market has become a
recognised and visionary global brand in the hospitality sector -
we are very proud to bring Time Out Market to the beautiful city of
Prague."
Didier Souillat, CEO of Time Out Market, commented:
"Its rich history and culture make Prague a very popular
destination, attracting millions of tourists every year. Recently,
the city's culinary scene has developed an impressive diversity,
with young chefs opening innovative eateries and established
restaurants offering superb dining experiences. Time Out Market
Prague will be a fantastic addition and home to many of the city's
outstanding talents.
"We couldn't have found a better place with a location right at
the heart of the city, already popular with locals and visitors
alike. Savarin - our home - is an iconic landmark and I am sure
people will come to visit again and again to enjoy the city's best
food, drinks and cultural experiences."
Simon Johnson, COO of CRESTYL Group, stated:
"We are excited to be working with Time Out Market to bring such
a unique project to Savarin, a one of kind location in the very
heart of Prague. Savarin represents a forward-thinking fusion of
art, inspiration, fashion, culture, architecture and culinary
experience - together with Time Out Market Prague we will make it a
destination on the map of Prague's gourmet experiences."
For further information, please
contact:
Time Out Group plc Tel: +44 (0)207
813 3000
Julio Bruno, CEO
Adam Silver, CFO
Steven Tredget, Investor Relations
Director
Liberum (Nominated Adviser and Tel: +44 (0)203
Broker) 100 2222
Steve Pearce / Trystan Cullen
FTI Consulting LLP Tel: +44 (0)203
727 1000
Edward Bridges / Stephanie Ellis
Notes to editors
About Time Out Group plc
Time Out Group is a global media and entertainment business that
helps people make the most of the city. Its digital and physical
presence comprises websites, mobile, magazines, Live Events and
Time Out Market. Across these platforms Time Out distributes its
curated content around the best food, drink, music, theatre, art,
travel and entertainment across 315 cities and in 58 countries.
Time Out, listed on AIM, is headquartered in the United
Kingdom.
About CRESTYL Group
CRESTYL Group is one of the leading Czech developers with a
broad portfolio of both commercial and residential projects. For
over 20 years, it has been actively developing more than 15 Czech
locations with a total investment value in excess of 1.2 billion
euro. The goal for everyone at CRESTYL is to meet the requirements
of today's demanding customer looking for luxurious and comfortable
housing, shopping and office spaces. The current developer
portfolio of CRESTYL Group includes more than 3,000 residential
units, comprised of not only luxury flats and family houses, but
also building sites for construction. CRESTYL Group's commercial
projects in association with international chains guarantee the
highest quality for investors and consumers. The commercial
portfolio consists of 200,000 square metres of commercial
spaces.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGRFSWFUIFASEFE
(END) Dow Jones Newswires
December 06, 2018 02:00 ET (07:00 GMT)
Time Out (LSE:TMO)
Historical Stock Chart
From Apr 2024 to May 2024
Time Out (LSE:TMO)
Historical Stock Chart
From May 2023 to May 2024