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-
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For
further information, please contact:
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Time Out Group plc
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Tel: +44 (0) 207 813 3000
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Chris Ohlund, CEO
Matt Pritchard, CFO
Steven Tredget, Investor Relations
Director
|
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Liberum (Nominated Adviser and Broker)
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Tel: +44 (0) 203 100 2222
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Andrew Godber / Edward Thomas / Josh
Borlant
|
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FTI
Consulting LLP
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Tel: +44 (0) 203 727 1000
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|
Edward Bridges / Fiona
Walker
|
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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.
