New Loan Facility for Time Out Group plc
Time Out Group
Time Out Group plc, is a leading global media and hospitality business that curates and creates the best of the world’s greatest cities through its two divisions – Time Out Media and Time Out Market. Time Out launched in London in 1968 to help people discover the exciting new urban cultures that had started up all over the city. Today, across the group’s digital and physical platforms, Time Out’s professional journalists curate the best things to do, see and eat in 333 cities in 59 countries.
The group currently operates seven editorially curated food and cultural markets across North America, Europe and the Middle East and is set to expand its Time Out Market concept with a strong pipeline of new sites, further extending its global reach.
Despite macroeconomic volatility, Lincoln International was able to position the business effectively whilst working with the team to put in place a new and enlarged facility. This has enabled Time Out to refinance its existing facility and arrange additional working capital to support the group’s further growth, providing a flexible financing solution for the business and a supportive lending partner to drive forward its ambitious plans. Lincoln’s capital advisory team worked jointly from the initial meeting with Lincoln’s consumer mergers and acquisitions (M&A) team, who led a 3rd party valuation process and provided invaluable sector insight and process support.
Xenia Sarri, Managing Director in Lincoln’s Capital Advisory Group, commented, “Time Out is an iconic global brand and a leading global media and hospitality business. It’s been a pleasure working with Time Out Group in this capital raise, which will support the digital-first strategy of its Time Out Media division as well as the ongoing expansion of Time Out Market with its strong pipeline of new sites around the world. By effectively communicating Time Out Group’s unique proposition to lenders, we are delighted to have supported the management team in securing capital to continue the execution of their growth strategy.”
The Lincoln team ran an extensive financing process, providing invaluable advice to the business, in navigating the lending markets and securing a strong financing package that will provide us with an improved balance sheet and the ability to continue delivering our ambitious plans and profitable growth.
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