Time Out looks to shareholders for cash
Time Out made a £17.1 million cash-call yesterday in an attempt to finance its international expansion.
The company placed 13.5 million shares on the Aim market as it tries to raise money to support the growth of its branded food markets.
It is understood that the sale will also help it to reduce existing debts.
As The Times reports, the company said the move had been completed just after trading ceased last night.
Time Out is pushing a series of branded international food ventures called Time Out Markets, operating on the same principles as other food markets such as Street Feast and Hawker House.
The first such market was opened in Lisbon in 2014, and it has launched four additional sites since then.
A London site is understood to be in the works, along with locations in Dubai, Montreal, and Prague.