Time Out Group plc New Time Out Market - London Waterloo (3198K)
December 13 2018 - 1:00AM
UK Regulatory
TIDMTMO
RNS Number : 3198K
Time Out Group plc
13 December 2018
13 December 2018
Time Out Group plc
("Time Out", the "Company" or the "Group")
Announces new Time Out Market London - Waterloo
Time Out Group plc (AIM: TMO), the global media and
entertainment business, is pleased to announce that it has signed a
conditional lease agreement for a new Time Out Market in London,
with planning already granted.
Right at the heart of the city and the popular South Bank
neighbourhood, Time Out Market London will be the centrepiece of
Waterloo.London, a major retail and leisure development in Waterloo
station where almost 100 million passengers flow through every
year.
Time Out Market London will bring the best of the city together
under one roof: its best food, drinks and cultural experiences,
based on the editorial curation Time Out has always been known for.
Visitors will get to enjoy 17 of the city's most acclaimed chefs
and restaurateurs, three bars and a space for cultural experiences
- it will be a handpicked mix showcasing the outstanding talent
making up the city, all in one unique space. With the opening
expected in 2021, Time Out Market London will occupy 32,500 sq ft
over two floors, accommodating around 500 seats.
The first Time Out Market opened in 2014 in Lisbon and is now
the country's most popular attraction with 3.6 million visitors in
2017. With seven new sites in the pipeline, the Group is in the
process of a global roll out of this successful format: Time Out
Markets are set to open in 2019 in Miami, New York, Boston, Chicago
and Montreal; followed in 2021 by London - Waterloo and Prague. The
sites in Montreal and Prague are the Group's first management
agreements.
Time Out Market London will anchor a GBP200m redevelopment of
135,000 sq ft within Waterloo station - led by property and
regeneration company LCR - which will bring the former
International Eurostar Terminal back into use with a variety of
local, independent and national retail and leisure offerings.
With planning permission already in place, the long-term lease
agreement for Time Out Market London in Waterloo station is
conditional on obtaining licence approval. The Group has a range of
funding options available to it, in order to finance the capital
requirements of this new owned and operated market. The Company had
previously announced a Time Out Market in Spitalfields (London) for
which it continues to pursue planning consent with the Landlord's
backing; if successful, opening would not occur before the second
half of 2020, providing Time Out Market with a presence in both
east as well as central London.
Julio Bruno, CEO of Time Out Group plc, said:
"London was the birthplace of Time Out in 1968 so it is a true
milestone to bring Time Out Market to our city and in such a
fantastic location. For 50 years we have helped people go out
better in the greatest cities around the world and now we are
bringing the best of the city to Time Out Market London.
"As Time Out has transformed into a global media and
entertainment business one thing hasn't changed: our high-quality
professional content about the best things to do in the city
remains at the heart of everything we do. This allows us to
successfully diversify our iconic brand across digital and physical
channels with Time Out Market playing an important role in driving
further growth."
Didier Souillat, CEO of Time Out Market, commented:
"Time Out Market will be a fantastic addition to London's South
Bank - this is a much-loved neighbourhood with fantastic
restaurants, bars, museums and theatres.
"London is home to an outstanding and wonderfully diverse
culinary and cultural scene of which Time Out Market will showcase
the very best. It is all about the democratisation of fine dining:
making it casual, and casual extraordinary. Time Out Market will be
a place where locals and visitors can really get to know and
experience the city."
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)203 100 2222
Broker)
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.
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END
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