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Wed 5th Oct 2016 - Update: Time Out signs lease on new 22,000 square foot food market
Time Out signs to open 22,000 square foot food market in Porto: Time Out Group, the global multi-platform media and e-commerce business with food & cultural markets, has signed a lease for a new Time Out Market in the iconic São Bento train station in Porto, Portugal. This will be the second Time Out Market, following the success of the Group’s flagship market in Lisbon which opened in May 2014. In the first six months of 2016, the Lisbon market reported strong year-on-year proforma revenue growth of 106%, record levels of visitors (1.3 million) and has been Ebitda positive in each month of the current financial year. Time Out Market brings together under one roof the vibe of a city: its best restaurants, bars, shops and cultural experiences, based on Time Out’s editorial curation. Located in Porto’s historic and busy São Bento train station, the new 22,000 square foot Time Out Market will offer 500 seats, 15 restaurants, four bars, four shops, one café and one art gallery. With a focus on supporting local businesses, a close connection with the city is at the heart of Time Out Market. Tenants will be provided with facilities, equipment and support services in exchange for a share of revenues, while bars will be directly managed by the group. The opening of the new Porto location, which is anticipated during the second half of 2017, is part of a broader strategy outlined at the time of the company’s IPO to develop Time Out Market’s global business and roll out additional markets in other cities. Plans are in advanced discussions for London, and are progressing well in New York and Miami. The company believes that in time, the uniquely designed Time Out Market format has the potential to attract many millions of customers and will enhance their connection to the Time Out brand. Julio Bruno, chief executive of Time Out Group, stated: “We’re very excited to announce that we will bring our successful Time Out Market format to Porto. The roll out of a second location is the next step in the globalisation of the Time Out Market business, one of our key strategic priorities. Our first Time Out Market in Lisbon has been a successful and profitable proof of the format, popular with both locals and visitors and attracting a record number of visitors. Porto is a city where our brand has built a very strong presence over the past six years through the magazine and digital channels and I can’t wait for the Time Out Market to open there. With the iconic São Bento train station, we have found a truly magnificent and hugely popular location right in the centre of Porto and this is where we will bring the soul of the city to life. Like our Time Out Market Lisbon, I’m sure Time Out Market Porto will quickly become a top attraction in a city that many refer to as Portugal’s culinary capital.” Didier Souillat, chief executive of Time Out Market, added: “Building on the incredible success of the Time Out Market in Lisbon, we will continue to bring the best of the city under one roof in our new location in Porto, curated by our local editorial team. For nearly 50 years, people have relied on Time Out to help them discover what their city has to offer and we look forward to continuing that tradition with Time Out Market. Time Out Market will allow us to use the power of the Time Out brand to curate food and cultural hubs in major cities around the world. We look forward to expanding this format internationally to other cities over the next few years to offer the finest food, the best drinks and fantastic cultural experiences of a city.”

Domino’s Pizza Poland raises £3.2m as it targets 100 stores by 2020: Domino’s Pizza Poland has announced a conditional placing of 6,667,000 new ordinary shares at a price of 48 pence per Placing Share to raise approximately £3.2 million before expenses. The Placing Shares represent approximately 5.1%. of the existing issued share capital of the company and the Placing Price represents a discount of approximately 1.3%. to the closing mid-market price of 48.625 pence per Ordinary Share on 4 October 2016. The company stated: “As at 30 June 2016 the group’s net cash balance was approximately £5.3 million. This level of cash resources is sufficient to fund the company’s plans for additional new stores in line with current market expectations. However, in light of store opening momentum building strongly and current trading, the board is confident in the company’s business model and intends to accelerate the roll-out of new stores. It is for this reason that the company is seeking further equity capital from new and existing investors by way of the Placing. The net proceeds of the placing are expected to provide the company with the funds required to open an additional 20 stores, over and above current market expectations, by 2020. It is expected the proceeds will either be used to fund corporately-owned stores, or will be loaned to high-calibre store managers to enable them to open their own sub-franchised stores. The group’s new target is to have 100 stores by 2020.”

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