Time Out signs deal to open market in Budapest

17th Apr 2024 15:32

(Sharecast News) - Media and hospitality company Time Out Group announced plans for a new Time Out Market in Budapest on Wednesday, through a management agreement with Corvin Food Market.

The AIM-traded firm said the market, set to open its doors next year, would be the the ninth site in development by the group set to launch between 2024 and 2027.

Located in the historic Corvin Palace, Time Out Market Budapest would occupy a central position at Blaha Lujza Square.

With 25,000 square feet indoors on the first floor and an additional 9,000 square feet outdoors on the rooftop, the market would include 14 kitchens, four bars, and an event space.

The market would have a seating capacity of around 800, the company said.

Operating under a management agreement, Time Out would benefit from a share of revenues and profits, with a guaranteed consultancy fee, while abstaining from capital contributions toward the site's development.

"Budapest is amongst Europe's most beautiful cities in which both locals and tourists love to go out - to open a Time Out Market in one of the city's top locations, together with our partners in Budapest, is very exciting for us," said Time Out Group chief executive officer Chris Ohlund.

"Budapest offers both traditional, classic and modern, hip elements - it has a vibrant and diverse food scene which we will bring together under one roof at Time Out Market Budapest."

At 1153 BST, shares in Time Out Group were down 4.76% at 50p.

Reporting by Josh White for Sharecast.com.