Just Eat acquires major stake in hospitality platform with Time Out Group

Time Out Group plc has completed the sale of its stake in Flyt Limited to Just Eat plc, the global marketplace for online takeaway delivery.

Time Out has received £9.6m proceeds for its entire stake, representing a £4.5m profit on disposal - or 88 per cent increase over the previously reported investment holding.

Time Out made a strategic technology investment in Flyt in July 2015. During Time Out’s investment, Flyt is said to have scaled its operations, grown revenues and expanded to over 3,000 quick service and branded restaurants.

Just Eat made a minority investment in Flyt in 2016.

Julio Bruno, CEO of Time Out Group plc, said: “We would like to thank Flyt founders Tom Weaver and Chris Evans and the wider team for their excellent work in developing their business during the last three years.

“Just Eat’s investment announced today proves that this is a success story and we are proud to have been part of it.”

Time Out is set to use the proceeds to invest in one of its top strategic priorities, which remains the global rollout of Time Out Market following the success of the first site in Lisbon which attracted 3.6 million visitors in 2017.

Tom Weaver, CEO of Flyt, added: “I would like to thank the team at Time Out for their support over the last three years.

“During this period, we have significantly grown the business which now supports thousands of restaurants in both Europe and North America.

“We are excited to be part of Just Eat and look forward to working with them and our other partners to further develop the business.”