Time Out – the magazine publisher that recently listed on the London junior market – is expected to announce it has leased premises for a London food market in coming weeks, City A.M. understands.
The group is close to signing a deal for a location thought to be around Kings Cross, Covent Garden, or Camden.
The London food market is expected to follow the same model as Time Out's existing food venue in Lisbon, Portugal, and a second market announced today in Porto, planned for launch in the second half of next year.
The London market will be smaller however, at 25,000 square feet, compared to the Lisbon market's 75,000 sq ft. The London venue launch is expected towards the end of 2017.
“The deal to lease the premises is very close to being signed,” a source close the negotiations told City A.M.
It's thought London will become the flagship market for Time Out as it targets global expansion of the venues to offset struggling revenues from its traditional publishing business.
Talks for new markets in New York, Miami, and Berlin are underway, with locations set to be announced in coming months. Real estate advisory firm James Andrew International is working with Time Out to source locations in the cities.
The group's Lisbon market – opened in May 2014 – reported revenue growth of 106 per cent In the first six months of 2016, with 1.3m visitors.
Plans for a global network of food markets were laid out when Time Out floated on the London stock exchange earlier this year.