19th Sep 2025 14:26
(Alliance News) - Time Out Group PLC on Friday said it is opening its twelfth food and cultural market in Budapest on Saturday.
The London-based media and hospitality business has a management agreement for the site, the first to open in its Central & Eastern Europe portfolio.
Time Out manages six other sites spanning Canada, Japan, South Africa and the Middle East, and has signed management agreements for an additional four.
These include another European location in Prague, alongside markets in Vancouver, Abu Dhabi and Riyadh, which target openings from 2026 onwards. Negotiations for more locations are "advanced", Time Out added.
Its Owned & Operated portfolio includes six markets across the US, Spain and Portugal, with a second New York location under development to launch on September 25, 2025.
The Budapest offering is situated in former department store Corvin Palace, now a mixed-use retail, leisure and hotel property. The venue is being operated in partnership with Budapest's Corvin Food Market KfT and houses around 540 seats.
Time Out described the multi-kitchen offering as "showcasing a curated mix of the best culinary and cultural talent of the city and beyond."
The announcement follows a subdued trading statement from the global business. Back in August, Time Out estimated annual revenue had declined 4% on-year to GBP75 million in the six months ended June 30. Adjusted earnings before interest, tax, depreciation, and amortisation are expected between GBP7 million and GBP9 million are expected, falling from GBP12.4 million the year prior. The firm's previous outlook guided for adjusted Ebitda ranging from GBP11 million and GBP13 million, though this was later withdrawn.
In the final quarter, Media revenue was below forecast, while "extreme heat" hurt market revenues, though Time Out said this has since improved. The company publishes results later in autumn.
Time Out shares were trading flat at 13.80 pence on Friday afternoon in London.
By Holly Munks, Alliance News reporter
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