Time Out inks management deal for Cape Town market

Media and hospitality company Time Out Group has entered into a management agreement with V&A Waterfront Holdings, it announced on Friday, to open a new Time Out Market in Cape Town.

The AIM-traded firm said it was its sixth Time Out Market management agreement, and its first location in Africa.

It said the venue would be located at the V&A Waterfront on the Atlantic shore, and was expected to open towards the end of 2023.

The V&A Waterfront - the oldest working harbour in the southern hemisphere - is one of the city's top destinations, attracting more than 20 million visitors each year.

Time Out said the market would include a “curated mix” of 14 chefs and restaurateurs, four bars, and one stage, with around 750 seats.

Under its management agreements, Time Out said it received a share of revenues and profits, subject to a guaranteed consultancy fee, but did not contribute to the capital cost of the site.

Its primary responsibility would be branding, design, curation and day-to-day operational management.

“Bringing Time Out Market to Cape Town is an exciting step as we continue to drive the global expansion of our food and cultural market,” said chief executive officer Chris Ohlund.

“The location at the V&A Waterfront is breath-taking alongside being one of South Africa's most visited destinations.

“Time Out Market is about the best of the city and celebrating local culinary and cultural talent - both award-winning and up-and-coming.”

Ohlund said the company was continuing to receive interest from landlords globally, wanting to bring Time Out Market to their city as part of a management agreement.

“The appeal of the markets for the world's leading real estate companies is proof of the strength of the format and the brand, and represents growth opportunities for Time Out Group”

Reporting by Josh White at Sharecast.com.