Time Out to pursue online expansion
Tony Elliott, founder of the travel guide Time Out, is embarking upon a significant digital expansion following the sale of a 50% stake in the business he founded 42 years ago.
The stake was purchased by private equity firm Oakley Capital Investments in a rumoured £10m deal which leaves the publisher debt free and provide a “significant” amount of working capital.
This will fund a series of online exclusive ‘what’s on’ guides to cities such as Paris and Rome as the title seeks to become a “search engine-cum-portal” for anyone contemplating a city break.
Other mooted initiatives include an iPad app to build upon the success of Time Out’s location based iPhone app.
Speaking to The Times Elliott said: “As of today, we are debt-free but more to the point, we now have a very entrepreneurial partner that is prepared to invest a lot of money in the business. Better still, they are very nice people.”