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Wed 3rd Apr 2019 - Update: Time Out Market, Bruce Group and The Gate
Time Out Group to open Time Out Market in Dubai under management: Time Out Group has entered into a management agreement with Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, to open a new Time Out Market in one of Dubai’s most visited attractions. This is Time Out Market’s third management agreement, enabling further global expansion of this successful food and cultural market. Time Out Market Dubai will be located in Souk Al Bahar, an Arabic-style retail, entertainment and dining destination right at the heart of Downtown Dubai. With a unique waterfront position on Burj Lake, next to The Dubai Mall and the iconic Burj Khalifa, this is one of the region’s prime destinations, attracting millions of visitors each year. At Time Out Market Dubai, visitors will get to explore and enjoy food from 16 of Dubai’s top chefs and celebrated restaurateurs, three lounges and cultural experiences – it will be a carefully curated mix representing the very best the city has to offer. With the opening expected at the end of 2020, Time Out Market Dubai will occupy 30,000 sq ft, accommodating around 670 seats. The Time Out brand has a strong presence in Dubai, having launched in 2001 together with ITP Media Group as one of Time Out Group’s international franchises. Julio Bruno, chief executive of Time Out Group, stated: “We are pleased to have entered into our third management agreement, partnering with Emaar Malls to open Time Out Market Dubai. This enables us to scale this successful format globally and drive growth. Time Out Market Dubai will be the first site to open outside of Europe and North America – where we have a pipeline of new sites – demonstrating the strength of our brand and its appeal for the world’s leading real estate companies. Time Out launched in Dubai in 2001 and has established a very strong presence in what is one of the world’s most visited destinations and booming business hubs. Both locals and visitors rely on Time Out Dubai’s curated content – distributed across digital and print channels – to discover this exciting city.” Patrick Bousquet-Chavanne, chief executive of Emaar Malls, added: “The addition of the first Time Out Market in the region in Souk Al Bahar will add to the culinary attractions that await visitors and local residents to Downtown Dubai. The carefully curated lifestyle experience will define a new niche for the city and complements our rich culinary offering set along the Waterfront Promenade of The Dubai Mall and in Souq Al Bahar. Emaar Malls is committed to bringing innovative entertainment attractions by working with global partners such as Time Out.” Didier Souillat, chief executive of Time Out Market, added: “We are excited to open Time Out Market Dubai together with Emaar Malls in the beautiful Souk Al Bahar. In this city you couldn’t find a more iconic location, right next to the world-famous Burj Khalifa, the spectacular water fountains and the popular Dubai Mall – all attracting millions of visitors every year. Dubai is a top travel and culinary destination – its food scene is one of the world’s best. The concentration of excellent chefs and restaurants is extraordinary, and people come here for outstanding dining experiences and entertainment. We can’t wait to test, taste and select the very best curated mix of the city’s top chefs and cultural talent for Time Out Market Dubai. This will be a fantastic addition to the city and another must-visit destination in this part of Dubai.” The first Time Out Market opened in 2014 in Lisbon to bring the best of the city under one roof: its best chefs, drinks and cultural experiences, based on editorial curation. With a record 3.9 million visitors in 2018, Time Out Market Lisbon continues to be Portugal’s most popular attraction. With eight sites in the pipeline, the group is in the process of rolling out this successful format globally: Five new Time Out Markets are set to open in 2019 in Miami, New York, Boston, Chicago and Montréal; followed by Dubai in 2020, London-Waterloo in 2021 and Prague in 2022. The sites in Montréal and Prague are the group’s first management agreements.

Bruce Group reports turnover boost as it eyes expansion: Edinburgh-based pub operator Bruce Group has reported a 200% rise in annual turnover over the last three years, as it seeks funding to drive its portfolio expansion. Bruce Group Scotland has predicted a threefold increase in revenues to £12 million for the current financial year, up from £3.4m in 2016. The forecast comes after the group recorded turnover of £6m for the first six months of the financial period. It has also announced a 30% increase in profitability during the last 12 months as it pushes ahead with its long-term expansion plans. Bruce Group recently launched a £20m bond offer – first announced in December – as it seeks investment to accelerate growth. Proceeds will be used to fund acquisitions within its existing Edinburgh market and across the Central Belt. The bonds, which will be traded on the NEX exchange, will be secured on the venues and will attract 7.2% interest. The business said last month that it had ­identified a “substantial” pipeline of acquisition opportunities including a portfolio of 11 tenanted units as it looks to move into areas including Glasgow. Its portfolio consists of 19 bars, clubs and music venues in the capital and the surrounding areas, including the Royal Mile Tavern and La Belle Angele. Director Kevan Fullerton, who co-founded the business in 1999 with Scott Piatkowski, said the growth in turnover comes on the back of significant investments carried out in recent years. He said: “Over the last few years we have invested heavily in refurbishing many of our properties and this is beginning to pay off. Many of our pubs are experiencing turnover growth of 20 to 40% annually and we believe this will continue in the years to come. The Bruce Group has a strong presence in the very busy tourist areas of the Old Town in Edinburgh, and these continue to be successful and profitable outlets.” Fullerton added that the wider pub sector was currently enjoying “a resurgence in popularity” among tourists as well as locals. He said: “The strong performance of the company has led us to seek further funding through the £20m bond issue for Bruce Pubs PLC which will enable us to expand quickly over the next few years. Our latest figures confirm our confidence in expanding as there remains considerable room for growth. There are opportunities across Scotland for the right product at the right price and we believe that we can deliver this to existing and new markets. We think that the pub market is ripe for growth.” 

London-based vegan restaurant The Gate to open fourth site, in St John’s Wood on Thursday: London-based vegan restaurant The Gate is to open its fourth site in the capital, in St John’s Wood, on Thursday (4 April). The company acquired a 3,270 square foot unit in Allitsen Road last year that previously housed Delisserie restaurant. The Gate was established in 1989 and diners can expect to see similar signature dishes to its other sites in Hammersmith, Islington and Marylebone but with an extended menu. There will also be children’s, fixed-price lunch, and weekend brunch menus. A spokesman for The Gate said: “St John’s Wood is a top location and we are a stone’s throw from some other great restaurants in the area. The size of the unit is also brilliant, allowing us to do many different things with the space.” Emma Cousins, of CDG Leisure, who brokered the deal on behalf of both Delisserie and The Gate, added: “The Gate is guaranteed to be a welcome addition to the area. It not only carries the weight of a brand that has been focusing on plant-based dishes for almost 30 years, it also brings a dining offer in line with changing consumer tastes and lifestyles.”

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