REG - Time Out Group plc - New Time Out Market – Budapest (Mgmt Agreement)

Time OutAnnouncement

17/04/2024 07:01

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RNS Number : 8706K  Time Out Group plc  17 April 2024

17 April 2024

 

Time Out Group plc

("Time Out", the "Company" or the "Group")

New Time Out Market - Budapest management agreement

 

Time Out Group plc (AIM: TMO), the global media and hospitality business,
announced today that it has entered into a management agreement with Corvin
Food Market Kft to open a new Time Out Market ("Market") in Budapest with an
expected opening date in 2025.

This agreement increases the number of sites in development to nine which are
set to open between 2024 and 2027, in addition to the seven Markets already
open and a pipeline of further locations in advanced negotiation.

Time Out Market Budapest will be located in Corvin Palace which first opened
in 1926 and recently has been renovated back to its original neoclassical
state. Considered one of the city's legendary historic department stores, it
has been redeveloped as a mixed-use real estate property offering retail,
leisure and a hotel in a prime central location at Blaha Lujza Square, a busy
intersection and public transport junction. Time Out Market Budapest will be
the primary food offering at Corvin Palace.

Comprising approx. 25,000 sq ft indoors on the first floor and a further 9,000
sq ft outdoors on the rooftop, Time Out Market Budapest will feature 14
kitchens, four bars and one event space. With around 800 seats, guests will be
able to experience a curated mix of the city's best culinary and cultural
talents from award-winning chefs to up-and-coming restaurateurs and artists.

Under a management agreement, Time Out Market receives a share of revenues and
profits (subject to a guaranteed consultancy fee) but does not contribute to
the capital cost of the site.

Chris Ohlund, CEO of Time Out Group plc said: "Budapest is amongst Europe's
most beautiful cities in which both locals and tourists love to go out - to
open a Time Out Market in one of the city's top locations, together with our
partners in Budapest, is very exciting for us. Budapest offers both
traditional, classic and modern, hip elements - it has a vibrant and diverse
food scene which we will bring together under one roof at Time Out Market
Budapest."

Oliver Balogh and Viktor Balogh - of Corvin Food Market Kft and minority
owners of Corvin Palace - added: "Corvin Palace is the oldest department
store in Budapest - we are proud to have now brought it back to its original
glory, whilst creating value through a modern mixed-use of this legendary
building. This is an ambitious project, so our goal was to include an iconic
food and cultural market to complement the high-quality retail and leisure
offerings as well as a hotel already signed - we are delighted to be
welcoming Time Out Market Budapest to Corvin Palace soon."

The portfolio of 16 sites includes seven open and the following nine new
Markets scheduled to open in the next three years:

●     2024 (May): Porto (Owned & Operated)

●     2024: Barcelona (Owned & Operated)

●     2024: Bahrain (Management Agreement)

●     2025: Osaka (Management Agreement)

●     2025: Vancouver (Management Agreement)

●     2025: Abu Dhabi (Management Agreement)

●     2025: Budapest (Management Agreement)

●     2027: Prague (Management Agreement)

●     2027: Riyadh (Management Agreement)

 

-ENDS-

 

 For further information, please contact:

 Time Out Group plc                            Tel: +44 (0) 207 813 3000
 Chris Ohlund, CEO

 Matt Pritchard, CFO

 Steven Tredget, Investor Relations Director

 Liberum (Nominated Adviser and Broker)        Tel: +44 (0) 203 100 2222
 Andrew Godber / Edward Thomas / Josh Borlant

 FTI Consulting LLP                            Tel: +44 (0) 203 727 1000
 Edward Bridges / Fiona Walker

 

 

Notes to editors

 

About Time Out Group

Time Out Group is a global brand that inspires and enables people to
experience the best of the city. Time Out launched in London in 1968 to help
people discover the best of the city - today it is the only global brand
dedicated to city life. Expert journalists curate and create content about the
best things to Do, See and Eat across 333 cities in 59 countries and across a
unique multi-platform model spanning both digital and physical channels. Time
Out Market is the world's first editorially curated food and cultural market,
bringing a city's best chefs, restaurateurs and unique cultural experiences
together under one roof. The portfolio includes open Markets in seven cities
such as Lisbon, New York and Dubai, several new locations with expected
opening dates in 2024 and beyond, in addition to a pipeline of further
locations in advanced discussions. Time Out Group PLC, listed on AIM, is
headquartered in London (UK).

 

About Corvin Palace

Corvin Palace is located in the heart of Budapest, at Blaha Lujza Square,
overlooking one of the city's busiest intersections. It serves retail and
gastronomic functions on three floors, and hotel functions on four floors,
totalling over 16500 square metres. Corvin Palace was Budapest's first
department store, it opened in 1926. A neoclassicist icon of the city, Corvin
Palace was Eastern Europe's centre of fashion up until the beginning of World
War II. It housed Budapest's first escalator, and was the first department
store in the city to have electric lighting inside. The building has suffered
numerous damages over the decades after World War II and has just recently
been renovated, giving the city back its once famous icon.

 

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