Time Out Group plc Sale of investment in Flyt Limited to Just Eat (6849N)
January 22 2019 - 2:00AM
UK Regulatory
TIDMTMO
RNS Number : 6849N
Time Out Group plc
22 January 2019
22 January 2019
Time Out Group plc
("Time Out", the "Company" or the "Group")
Sale of investment in Flyt Limited to Just Eat
Time Out Group plc (AIM: TMO), the global media and
entertainment business, is pleased to announce that it has
completed the sale of its stake in Flyt Limited ("Flyt" formerly
known as "Flypay") to Just Eat Plc ("Just Eat"), a leading global
marketplace for online takeaway delivery.
Time Out has received GBP9.6m proceeds for its entire stake.
This represents a GBP4.5m profit on disposal or 88% increase over
the previously reported investment holding.
Time Out made a strategic technology investment in Flyt in July
2015. During Time Out's investment Flyt has significantly scaled
its operations, grown revenues and expanded to over 3,000 quick
service and branded restaurants. Just Eat made a minority
investment in Flyt in 2016, making this full exit to Just Eat a
great outcome for both Time Out and Flyt.
Time Out will use the proceeds to invest in one of its top
strategic priorities which remains the global rollout of Time Out
Market following the success of the first site in Lisbon which
attracted 3.6 million visitors in 2017. This year, five new Time
Out Markets are set to open in North America, including Miami, New
York, Boston, Chicago and Montreal, the Group's first management
agreement. Impressive line-ups of some of the cities' top chefs
have already been announced for the soon-to-open location in Miami
- where all kitchens have been signed up - as well as for New York
and Boston.
Julio Bruno, CEO of Time Out Group plc, stated:
"We would like to thank Flyt founders Tom Weaver and Chris Evans
and the wider team for their excellent work in developing their
business during the last three years. Just Eat's investment
announced today proves that this is a success story and we are
proud to have been part of it. We wish them all the very best as
they take the business forward to the next phase of growth in
partnership with Just Eat".
Tom Weaver, CEO of Flyt, commented:
"I would like to thank the team at Time Out for their support
over the last three years. During this period, we have
significantly grown the business which now supports thousands of
restaurants in both Europe and North America. We are excited to be
part of Just Eat and look forward to working with them and our
other partners to further develop the business".
For further information, please
contact:
Time Out Group plc Tel: +44 (0)207 813
3000
Julio Bruno, CEO
Adam Silver, CFO
Steven Tredget, Investor Relations
Director
Liberum (Nominated Adviser and Broker) Tel: +44 (0)203 100
2222
Steve Pearce / Trystan Cullen
FTI Consulting LLP Tel: +44 (0)203 727
1000
Edward Bridges / Stephanie Ellis
Notes to editors
About Time Out Group plc
Time Out Group is a global media and entertainment business that
helps people make the most of the city. Its digital and physical
presence comprises websites, mobile, magazines, Live Events and
Time Out Market. Across these platforms Time Out distributes its
curated content around the best food, drink, music, theatre, art,
travel and entertainment across 315 cities and in 58 countries.
Time Out, listed on AIM, is headquartered in the United
Kingdom.
About Flyt Limited
Founded as Flypay by Tom Weaver and Chris Evans in 2013, Flyt is
a leading systems integration platform provider, connecting point
of sale systems to restaurant and intermediary applications. The
platform makes it simple and hassle-free for hospitality operators
to adopt and install new technology and integrate into their
existing systems.
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END
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