Time Out Group to establish foodie Market concept in Canada
AIM-listed media and entertainment firm Time Out Group plc is bringing its Market business to Canada.
The London-headquartered firm has entered into a management agreement with real estate business Ivanhoé Cambridge to launch a Time Out Market in Montréal.
The concept brings together a mix of restaurants, bars and cultural experiences.
Ivanhoé Cambridge will invest to create a complete environment for the market to operate, with Time Out receiving a guaranteed management fee and share of the profits in return for running the site.
Time Out’s primary responsibilities will cover branding, curation and day-to-day management.
The Montréal site will span 36,000 sq ft and accommodate around 550 seats. It will encompass 16 food offerings and two bars along with a demo kitchen, cooking academy, retail shop and cultural stage.
Time Out opened its first Market in Lisbon four years ago. It has since become Portugal’s most popular attraction, drawing 3.6 million visitors in 2017.
Julio Bruno, chief executive of Time Out Group plc, said: “We are delighted to announce our first management agreement for Time Out Market.
“It allows us to accelerate our global expansion, grow our brand and drive additional revenue.”
Julio continued: “The fact that Ivanhoé Cambridge chose us as strategic partner and will make a significant investment to bring Time Out Market to Montréal is proof of the strength of the format and the brand.”
Time Out Market CEO Didier Souillat commented: “Montréal has developed into a culinary hotspot and is now one of the world’s foodie capitals.
“This is a city with incredibly creative chefs and an audience with a love for great food. As if this wasn’t enough, Montréal also has a buzzing cultural scene with over 100 festivals each year.”
Didier added: “All of this makes this city a perfect spot for Time Out Market and we look forward to opening our first site in Canada.”
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