IN BRIEF: Time Out secures "landmark" London venue for first UK market
Time Out Group PLC - London-based global media and hospitality business - Secures a "landmark location" at London's Piccadilly Circus, through a deal with the owning Crown Estate, for its first UK market. Expects the new venue on Regent Street to open in summer of 2028, saying it "will overlook the iconic Piccadilly Circus in the heart of London's West End." Notes that Regent Street's annual footfall totals approximately 74 million, making the area "an exceptional setting for the global flagship of the Time Out Market portfolio." Says the market will occupy over 26,000 square feet with approximately 15 restaurants, bars and food businesses, with the venue also hosting "live entertainment and cultural experiences". Notes that it has 13 operational markets worldwide with over 12 million visitors annually, while its Media business "reaches approximately 280 million people every month". Adds that it has five additional markets currently in development.
Chief Executive Officer Chris Ohlund comments: "Securing this partnership with The Crown Estate to create our global flagship in the heart of Piccadilly Circus is one of the most significant milestones in Time Out's nearly 60-year history. Bringing the globally recognised Time Out Market concept home to London is both a celebration of where we began and a statement of where we are going...As our global flagship, Time Out Market London will also become the blueprint for the next generation of Time Out Markets, bringing together hospitality, culture, media, sponsorship and live experiences in a way that only Time Out can deliver."
Current stock price: 6.50 pence, up 4.0% on Thursday in London
12-month change: down 59%
By Emma Curzon, Alliance News reporter
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