Time Out (TMO) , a global media and hospitality business, announced a management agreement with Majid Al Futtaim Properties Bahrain to open a new Time Out Market at City Centre Bahrain by the end of 2024.
The new agreement increases the number of Time Out Markets in development to 9, all set to open between 2023 and 2027, adding to 6 Markets already operational. Spanning 35,000 sq ft and 900 seats over 2 levels, Time Out Market Bahrain will feature a curated mix of 11 kitchens, a dessert counter, a coffee shop, 2 bars, one exhibition space, one stage, and an al fresco rooftop, the company explained.
Under the management agreement, Time Out Market will receive a share of revenues and profits (subject to a guaranteed consultancy fee), but will not contribute to the capital cost of the site.
Sandy Hayek, CEO, commented: "We are delighted to partner with Majid Al Futtaim to open Time Out Market Bahrain in a very popular location. This is where we will bring the best of Bahrain's vibrant culinary scene together under one roof - the food here is incredibly diverse and culturally rich and we are looking forward to showcasing the best local talent at Time Out Market Bahrain."
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Time Out adds a new major location in Bahrain, adding to its 6 operational Markets as expansion continues with 9 more under development and a pipeline of opportunities in advanced negotiations. Five new sites are planned by end of 2024, including Market Bahrain, and another 4 by 2027.
City Centre Bahrain is a major shopping, leisure and entertainment destination in Bahrain, home to more than 340 brands and attracting 14.6 million visitors annually. Owned and managed by the Majid al Futtaim conglomerate spanning 16 countries across the Middle East, Africa and Asia, the shopping centre provides 1.7 million sq ft of retail space including 2 five-star hotels, giving Time Out's Market plenty of exposure.
TMO shares gained 2.1% on the announcement.
Time Out's rapid rebound was reflected in its most recent half-year results that detailed net revenue and gross profit gains of 78% and 61% respectively year-on-year, with profits clocking in at £31.8m. Adjusted EBITDA swung to £2.4m from an £8.5m loss in 2021, and cash was £5.3m at the end of 2022 with an adjusted net debt of £26m. The company is well-positioned to fund further expansion as it refinanced its debt last year with a new 4-year facility of €35.0m, €5.8m of which remains undrawn, with a possible extension to €47.5m.
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