Time Out Market London (Waterloo) & funding update

RNS Number : 1846T

Time Out Group plc

23 March 2021

 

23 March 2021

Time Out Group plc

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

Withdrawal from Planned Time Out Market London (Waterloo) and funding update

Following recent media enquiries, Time Out Group plc, the global media and leisure business, today confirms that its subsidiary, Time Out Markets Central London Limited, has informed London & Continental Railways Limited that it no longer intends to proceed with the development of Time Out Market London (Waterloo) due to the impact of the COVID-19 pandemic.

This decision does not change the Company's need to secure additional funding, as a result of the financial impact of repeated periods of pandemic-related containment as previously stated in its interim results on 30 September 2020. Consequently, the Company is currently reviewing an equity funding proposal that would ensure the Group has financial and operational flexibility.  It is anticipated that an update will be provided at the time of the Company's interim results announcement on or around 30 March.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

For further information, please contact:
Time Out Group plc	Tel: [phone]
Julio Bruno, CEO
Steven Tredget, Investor Relations Director
Liberum (Nominated Adviser and Broker)	Tel: [phone]
Andrew Godber / Clayton Bush / Edward Thomas
FTI Consulting LLP	Tel: [phone]
Edward Bridges / Stephanie Ellis / Fiona Walker

 

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