New Time Out Market - Cape Town (Mgmt Agreement)
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 acr oss 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-
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For further information, please contact:
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Time Out Group plc |
Tel: +44 (0) 207 813 3000 |
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Chris Ohlund, CEO |
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Steven Tredget, Investor Relations Director |
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Liberum (Nominated Adviser and Broker) |
Tel: +44 (0) 203 100 2222 |
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Clayton Bush / Andrew Godber / Edward Thomas |
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FTI Consulting LLP |
Tel: +44 (0) 203 727 1000 |
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Edward Bridges / Stephanie Ellis / Fiona Walker |
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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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