REG - Time Out Group plc - New Time Out Market - Cape Town (Mgmt Agreement)

Time OutAnnouncement

07/10/2022 07:00

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RNS Number : 0969C  Time Out Group plc  07 October 2022

 

7 October 2022

 

Time Out Group plc

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

New Time Out Market - Cape Town management agreement

 

Time Out Group plc (AIM: TMO), the global media and hospitality business,
today announces that it has entered into a management agreement with V&A
Waterfront Holdings Ltd to open a new Time Out Market ("Market") in Cape Town.

 

This is Time Out Market's sixth management agreement and its first location in
Africa - a milestone for the Company as it accelerates the global expansion of
its successful food and cultural market. With seven Time Out Markets open and
a further six signed, there are currently 13 Markets set to be open by 2025
across eight countries and four continents, with a significant pipeline of
further locations in advanced discussions.

 

Time Out Market Cape Town will be situated at the vibrant V&A Waterfront
on the Atlantic shore and is expected to open towards the end of 2023. The
oldest working harbour in the Southern Hemisphere, this is one of the city's
top destinations attracting over 20 million visitors per year who come here to
live, dine, play, shop and work.

 

Time Out Market Cape Town will showcase the city's best food, drinks and
culture across 27,000 sq ft. There will be a curated mix of 14 chefs and
restaurateurs, four bars and one stage. With approximately 750 seats, guests
will be able to sit indoors or quayside with the spectacular view of Table
Mountain as a backdrop.

 

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. Time Out Market's primary responsibility is
branding, design, curation and day-to-day operational management.

 

Chris Ohlund, CEO of Time Out Group said: "Bringing Time Out Market to Cape
Town is an exciting step as we continue to drive the global expansion of our
food and cultural market. The location at the V&A Waterfront is
breath-taking alongside being one of South Africa's most visited destinations.
Time Out Market is about the best of the city and celebrating local culinary
and cultural talent - both award-winning and up-and-coming. We are looking
forward to bringing this to life in the wonderful city of Cape Town.

 

"We continue to receive interest from landlords around the world who want to
bring Time Out Market to their city as part of a Management Agreement - the
appeal of the Markets for the world's leading real estate companies is proof
of the strength of the format and the brand, and represents growth
opportunities for Time Out Group."

 

David Green, CEO of V&A Waterfront Holdings Ltd commented: "We are
delighted to have secured this great offering. Time Out Market coming to our
city, reaffirms Cape Town as one of the world's leading tourism destinations.
We are looking forward to the vibrant offering and another way of showcasing
local culinary expertise."

 

 

-ENDS-

 

 

 

 For further information, please contact:

 Time Out Group plc                               Tel: +44 (0) 207 813 3000
 Chris Ohlund, CEO
 Steven Tredget, Investor Relations Director

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

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

 

 

Notes to editors

 

About Time Out Group

Time Out Group is a global media and hospitality business that inspires and
helps people experience the best of the city through its two divisions - Time
Out Media and Time Out Market. Time Out launched in London in 1968 to help
people discover the exciting new urban cultures that had started up all over
the city - today it is the only global brand dedicated to city life.
Professional 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 first Time Out Market opened in Lisbon in 2014,
followed in 2019 by Miami, New York, Boston, Chicago and Montreal, and in 2021
in Dubai. A further pipeline of openings includes Porto, Abu Dhabi, Prague,
London, Osaka, Cape Town and more. Time Out Group PLC, listed on AIM, is
headquartered in the United Kingdom.

 

 

About V&A Waterfront

The V&A Waterfront is an iconic mixed-use destination located in the
oldest working harbour in the Southern Hemisphere. With Table Mountain as its
backdrop, the 123-hectare neighbourhood sits within the beautiful city of Cape
Town, welcoming millions of people from all over the continent and the rest of
the world. The V&A Waterfront is a symbol of heritage and diversity, where
people from all walks of life can play, live, shop, dine and work while
immersed in the vibrant spirit and authentic local culture that thrives in
this bustling ecosystem. It sees its role on the continent to be a platform
that facilitates and champions art and design, to support entrepreneurship and
innovation, lead the charge on sustainability, and drive positive social and
economic change. By prioritising people and the planet, the V&A is an
example of how working with communities, respecting the environment and
operating with passion and integrity is a better, more productive and kinder
way of doing business. Developed in 1988 by the state-owned transport
corporation, Transnet Limited, the V&A Waterfront is now jointly owned by
Growthpoint Properties Limited, South Africa's largest listed property group
by market capitalisation, and the Government Employees Pension Fund (GEPF).
The GEPF is represented on its board by the Public Investment Corporation
Limited (PIC).

 

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