Time Out Group set to launch £15m equity raise

Time Out Group is preparing to launch a £15m equity raise to assist the business’ return to “a stronger position” in the next financial year.

The hospitality and media group’s finances have struggled over the past 12 months due to lockdowns resulting from the Covid-19 pandemic.

The group posted a gross revenue drop of 74% from 2019 to £13.3m, as well as an operating loss of £14.9m for the last six months to 31 December 2020.

Earlier this month, Time Out pulled out of the development of a potential site in London’s Waterloo for its Market brand, which was set to open later this year.

Julio Bruno, CEO of Time Out, said: “Thanks to our supportive investors, this equity raise announced today will help position us to make the most of our post pandemic opportunity, as we grow our digital advertising proposition and reopen the doors of our existing Time Out Markets and open the doors to new ones, with our Markets transforming spaces and increasing footfall to locations in great cities around the world.”