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Take me to my Time Out city

AIM Rule 26

Business description

Time Out is a multi-platform media and e-commerce business with a global content distribution network comprising magazines, online, mobile apps, mobile web and a physical presence via live events and a Time Out Market in Lisbon. Using these platforms and its well-established global brand, Time Out seeks to inspire and enable people to experience the best of a city, serving as a guide for food, drink, music, theatre, art, style, travel and entertainment.

The Group’s core proposition is to produce inspirational and entertaining content for its users and to grow earnings from those user relationships through on-site transactions and advertisements from businesses, including brands and local businesses. With ‘‘owned and operated’’ business operations in 65 cities across 14 countries, including key cities such as London, New York and Paris, the Group’s content distribution network seeks to connect consumers and businesses in the leisure, travel and local entertainment sector through business-to-consumer (‘‘B2C’’) and business-to-business (‘‘B2B’’) offerings.

The Group has a presence in a further 43 cities across 25 countries and territories through the Group’s international licensing arrangements. Pursuant to these arrangements, the Group grants rights to third parties to publish print magazines and produce digital content under the Time Out brand, generating revenue through the payment of fees and royalties by third party licensees. The Group generates its revenue primarily from the sale of advertising across print and digital platforms and through e-commerce commissions generated by online bookings and transactions. Since July 2014, the Group has been developing a ‘‘premium profile’’ offering in London and New York, through which it allows businesses opportunities to increase their exposure to the Group’s audience by purchasing additional advertising features on the Group’s platforms.


Company directors

Peter 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 A1.1 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 Bruno, Chief Executive Officer
Mr Bruno joined the Group in October 2015 as Executive Chairman and was appointed Group Chief Executive Officer in May 2016. Mr Bruno has assisted a range of companies on their global expansion plans and investment strategies in the travel, media, e-commerce and technology sectors. Mr Bruno was previously Global Vice President of Sales for TripAdvisor, leading a global sales team with bases in Newton, Massachusetts, London, Oxford and Singapore. Prior to working for TripAdvisor, Mr Bruno worked at Travelport as Vice President for Canada, Latin America & the Caribbean, during which time Travelport opened new offices in Colombia, Chile and Uruguay. Prior to working at Travelport, Mr Bruno worked at Cendant Corporation, where he was Managing Director (President) of Continental Europe & South America, leading several business units within their B2B division, namely, Galileo, Gulliver’s Travel (GTA) in-bound, Octopus Travel B2B and Travelwire. Prior to joining Cendant, Mr Bruno held several senior positions 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, managing third party sales operations and services for Latin America and the Caribbean. In parallel with his operational work, Mr Bruno also engages with the entrepreneurial community, acting as an angel investor and board adviser to a number of start-up businesses worldwide, including, and Mr Bruno is a director of Alma Mundi Ventures, a venture capital firm focussed on technology start-ups, and is also a 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.

Richard Boult, Chief Financial Officer
Mr Boult joined the Group in April 2016 as Chief Financial Officer. 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 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 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 Petersen, Non-Executive Director
Ms Petersen joined the Group in February 2016 as a Non-Executive Director. Ms Petersen is the Chief Consumer Officer and CMO of Treato, an Israel-based venture-backed start-up company in the digital healthcare sector. Ms Petersen previously spent nine years with TripAdvisor, serving as President of TripAdvisor for Business from 2010 to 2013 and as Chief Marketing Officer from 2004 to 2010. Prior to working for TripAdvisor, Ms Petersen served in a variety of management roles in digital travel and financial services, including Preview Travel, Travelocity (upon Preview Travel’s acquisition by Travelocity), Charles Schwab and Co. and Fidelity Investments. Previously, Ms Petersen began her career with American Express in 1989. Ms Petersen serves as a Board Director to Bankrate, Inc. (a NYSE-listed company), sitting on both the audit and remuneration committees, and acts as an adviser and/or investor in several start-up businesses. Ms Petersen is an MBA graduate of Columbia University and previously graduated from Colby College with a BA in Economics.

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 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 26 October 2016, the percentage of the Company’s issued share capital that is not in public hands is 90.0%.


Major shareholders



TO (Bermuda) Limited


Oakley Capital Investments Limited


Woodford Investment Management LLP


Invesco Asset Management Limited


Insight Investment Management (Global) Limited


TONY (Bermuda) Limited



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 14 June 2016.