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Take me to my Time Out city

AIM Rule 26

Business description

Time Out Group is the leading global media and entertainment business that inspires and enables people to make the most of a city.

Through powerful content, top-quality curation, enabling technology and exceptional experiences, Time Out Group (“Time Out”, the “Company” or the “Group”) helps discover, book and share what the world’s cities have to offer. Operating in 108 cities across 39 countries, this iconic brand has a global monthly audience reach of 156 million.

Across multiple platforms comprising digital, mobile, apps, social media and magazines and its physical presence via Live Events and Time Out Market, the Group aims to connect consumers and businesses in the leisure, travel and local entertainment sector through B2C and B2B offerings. By producing inspirational and entertaining content for its users around food, drink, music, theatre, art, style, travel and entertainment, Time Out seeks to grow earnings from those user relationships through on-site transactions and advertisement from businesses, including both global brands and local businesses.

In 2016, the Group owned and operated businesses in 14 countries and 65 cities such as London, New York, Chicago, Miami, Los Angeles, Lisbon and Paris. In a further 25 countries and 43 cities such as Barcelona, Tokyo, Seoul, São Paulo, Dubai and Melbourne, the Group used international licensing arrangements with partners; when using the licensing model, Time Out Group retains ownership of rights, title and interest in the brand and content.


Company directors


Peter DubensPeter Dubens, Non-Executive Chairman
Mr Dubens joined the Group in November 2010 as a Non-Executive Director and was appointed Non-Executive Chairman in May 2016. Mr Dubens is the founder and Managing Partner of the Oakley Capital Group, a privately owned asset management and advisory group comprising Private Equity, Venture Capital, Corporate Finance and Capital Introduction operations managing over €1.5 billion. Mr Dubens founded Oakley Capital in 2002 to be a best of breed, entrepreneurially driven investment house, creating an ecosystem that supports the companies the Oakley Capital Group invests in, whether they are early-stage companies or established businesses. The vision of Oakley Capital has always been to encourage and back entrepreneurship. To that end, Oakley Capital Private Equity invests in and supports the continued growth and development of some of Europe’s leading companies, including the iconic sailing brand, North Sails and Facile, Italy’s leading price comparison website. Mr Dubens has substantial AIM company experience, having previously held the position of Chairman of Pipex Communications plc, 365 Media Group plc.


Julio BrunoJulio Bruno, Group Chief Executive Officer
Mr Bruno joined Time Out Group in October 2015 as Executive Chairman and was appointed Group CEO in May 2016. In June 2016, he took the company public at London’s AIM. Mr Bruno has a successful international executive career, spanning several countries and companies in sectors such as travel, technology, media and e-commerce. He previously was TripAdvisor’s Global Vice President of Sales (B2B) based in New York, Travelport’s Vice President for Canada, Latin America & the Caribbean and Cendant Corporation’s Managing Director (President) of Continental Europe & South America. Before joining Cendant, Mr Bruno held several senior roles internationally, including positions as Group Global Accounts Director at Regus plc and Managing Director at Energizer Corporation for Northern Europe. Mr Bruno has also previously worked in consumer goods at Diageo plc, based in London and subsequently the USA. Mr Bruno engages with the entrepreneurial community, acting as an angel investor and board adviser to a number of start-up businesses worldwide, including, and He is also an Advising Board Member of Top Seeds Lab and a Board Director of Flypay. Mr Bruno holds a Master’s degree in International Business from the University of London and a post-graduate certificate on leadership from Wharton, University of Pennsylvania. Mr Bruno is an alumni of the Executive Program of the Singularity University in Silicon Valley.


Richard BoultRichard Boult, Chief Financial Officer
Mr Boult joined the Group in April 2016 as CFO. Mr Boult was previously Group Finance Director at BCA Marketplace plc, including at the time of its listing on the main market of the London Stock Exchange. Prior to joining BCA Marketplace, Mr Boult held a number of senior finance roles at both group and regional levels in major listed companies including Wolseley plc, Darty plc and 21st Century Fox Inc. Mr Boult. has a degree in Computer Science from the University of Cambridge and qualified as a Chartered Accountant with PricewaterhouseCoopers LLP in London.


Lord Rose of MonewdenLord Rose of Monewden, Non-Executive Director
Lord Rose joined the Group in December 2015 as Chairman of Time Out Market Limited and was appointed as a Non-Executive Director in June 2016. Lord Rose has led a distinguished 40-year career in retail, including as Chief Executive and then Chairman of Marks & Spencer plc (2004-2010). Lord Rose has also held Chief Executive positions at Arcadia Group plc, Booker plc, and Argos plc. Lord Rose is the current Chairman of Fat Face Group, Oasis Healthcare Group, Majid Al Futtaim Retail, Dressipi and Ocado and a non-executive director of the board of Woolworths Holdings Ltd (South Africa). Lord Rose was knighted for services to the retail industry and corporate social responsibility in 2008 and was elevated to the House of Lords in 2014. Lord Rose is a member of the Audit Committee and the Remuneration Committee.


Alexander CollinsAlexander Collins, Non-Executive Director
Mr Collins joined the Group in November 2010 as a Non-Executive Director. Mr Collins is a Partner at Oakley Capital Private Equity and has 19 years of private equity investment and operational experience, including originating and structuring transactions in a range of sectors and geographies, including growth equity, MBOs, restructuring and turnaround situations. Mr Collins joined Oakley Capital Private Equity in 2007 as one of the founding partners and has been an investment and board director of a range of international businesses including Host Europe, Emesa, Intergenia, Verivox, North Sails and Facile. Prior to joining Oakley Capital Private Equity, Mr Collins started his career at GE Capital in 1995 before being seconded to Advent International for two years as an Associate Director. He subsequently joined Henderson Private Capital as Principal and was then a Partner at Wharfedale Capital, where he was involved in the purchase of secondary direct private equity assets. Mr Collins holds an MSc from the London School of Economics and a BA in Economic History from Union College, New York.


Christine PetersenChristine Petersen, Executive Director
Ms Petersen was appointed CEO of the Group’s business division Time Out Digital in April 2017. She joined the Group in February 2016 as a Non-Executive Director of the Board, and will continue to serve on the Board as an Executive Director. Before joining Time Out Digital, Ms Petersen was involved with several early-stage start-ups and previously spent nearly a decade with TripAdvisor, serving as President of TripAdvisor for Business from 2010 to 2013 and as the company’s first Chief Marketing Officer overseeing marketing, product and partnerships from 2004 to 2010. Named one of the top 25 women in US travel in 2008 by Forbes Magazine, Ms Petersen also held a variety of management roles in digital travel and financial services companies, including Preview Travel, Travelocity (upon Preview Travel’s acquisition by Travelocity), Charles Schwab and Co., Fidelity Investments and American Express. Christine holds an MBA from Columbia University and a BA in Economics from Colby College. She is also a board member of Bankrate, Inc. (NYSE: RATE) and Realself, Inc. an early stage healthcare media company based in Seattle.


Matthew Riley

Matthew Riley, Non-Executive Director
Mr Riley joined the Group in January 2017 as a Non-Executive Director. Mr Riley is the Founder of the Daisy Group. He served as Chief Executive Officer at Daisy until 2015 and is now the group’s Chairman. Since founding Daisy in 2001, Mr Riley has driven the rapid growth of the company to create one of the UK’s leading business technology and communications service providers. He floated the company on the Alternative Investment Market in 2009, grew the business to revenues of £350m and, in January 2015, took it back into private ownership in a £494m deal. Mr Riley is an award-winning entrepreneur and fervent advocate of UK enterprise, regional growth and entrepreneurship. As well as Daisy, he is chairman of numerous start-up businesses. Mr Riley is a member of and chairs each of the Audit Committee and the Remuneration Committee.


Tony ElliottTony Elliott, Non-Executive Director
Mr Elliott founded Time Out in 1968 with £70 during a summer break from Keele University. The Time Out magazine was initially a folded-down poster equivalent to eight pages of today’s printed format that Mr Elliott handed out himself. The range of curated content sought to reflect the best of what was happening in London together with a focus on the issues of the day and laid the foundations for the Time Out brand’s coverage and culture today. Over the years, Mr Elliott transformed Time Out into a global media brand and, in November 2010, sold a controlling share of Time Out to Oakley Capital to provide operational support and investment to bring the brand back under common ownership and to develop the digital platform. Mr Elliott has been a Non-Executive Director of the Company since November 2010, having previously served as Executive Chairman of Time Out since its founding in 1968. Mr Elliott is currently a director and/or trustee of a number of cultural institutions including The Roundhouse (he also serves as Vice Chair), Somerset House Trust and Somerset House Enterprises Ltd, Human Rights Watch (UK charity), Granta Publications and Create London. In addition, Mr Elliott has previously acted as a director and/or trustee of Human Rights Watch’s London Committee (founding Chair), HRW International Board, Film London, Soho Theatre Company, The Photographer’s Gallery, The British Film Institute (Governor) and BFI Production Board (Chairman). In May 2014, Mr Elliott received the prestigious Goodman Award, which honours an individual who has made an outstanding long-term contribution to the arts in a voluntary capacity.


Corporate governance

Please see our corporate governance page.


Country of incorporation and main country of operation

Country of incorporation: England and Wales
Company registration number : 07440171
Main country of operation: United Kingdom


UK takeover code

The Company is subject to the UK City Code on Takeovers and Mergers.


Company documents

Please see our corporate documents page.


Details of restrictions on the transfer of securities

There are no restrictions on the transfer of ordinary shares.


Details of any other exchanges or trading platforms

The securities of the Company are traded on the AIM market operated by the London Stock Exchange plc. Its shares have not been admitted, nor have any applications been made, for any of its shares to be admitted or traded on any other exchanges or trading platform.


Number of securities in issue

AIM securities in issue: 131,166,644
In accordance with AIM Rule 26, in so far as the Company is aware as at 20 March 2017, the percentage of the Company’s issued share capital that is not in public hands is 93%.


Major shareholders

Name %
Oakley Capital Private Equity 34.58%
Oakley Capital Investment Limited 23.97%
Woodford Investment Management LLP 15.28%
Invesco Perpetual 12.26%
Insight Investment Management (Global) Limited 6.61%


Annual and interim financial reports

Please see our corporate documents page.


Regulatory news

Please see our regulatory news page.

For further information, please contact:

Time Out Group plc | | Tel: +44 (0) 207 813 3000


Adviser information

Please see our adviser contacts page.


Date on which information was last updated

This information was last updated on 3 April 2017.