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Time Out Group
Who owns Time Out Group?
Understanding Time Out Group's ownership is key to its strategy and influence. A major change happened in May 2011 when founder Tony Elliott sold a large stake to Oakley Capital, shifting its focus.
Time Out Group, a global media and hospitality company, began in 1968 as a London event listing pamphlet. Today, it reaches 333 cities and operates digital platforms and food halls. As of July 23, 2025, its market cap is $86.5 million with 357 million shares outstanding.
We will explore Time Out's ownership journey, from its founders to major shifts, identifying key investors and public shareholders to see how these changes impacted its path.
The evolution of Time Out Group's ownership structure, including its Time Out Group BCG Matrix analysis, reflects significant transformations in its business model and market positioning.
Who Founded Time Out Group?
Time Out Group's journey began in 1968, founded by Tony Elliott with Bob Harris as co-editor. Initially a modest one-sheet pamphlet in London, it evolved into a significant publication. The publication's early days were characterized by a counter-culture ethos, championing social causes.
Founding Vision
Tony Elliott established Time Out in 1968, aiming to provide a voice for counter-culture movements. The publication initially focused on advocating for social issues.
Early Operations
Starting as a one-sheet pamphlet, Time Out's early print runs were around 5,000 copies. It grew significantly over time, reaching a weekly circulation of 110,000.
Financial Hurdles
The company experienced financial difficulties in its early stages. Tony Elliott personally invested £3 million in January 2010 to manage banking relationships.
Ownership Transition
A pivotal ownership change occurred in May 2011. Elliott sold half of Time Out London and 66% of Time Out New York to Oakley Capital.
Impact of Sale
This transaction enabled Elliott to repay the emergency loan. It marked a shift from sole founder ownership to a partnership with private equity.
Founder's Continued Role
Following the sale, Tony Elliott continued to serve as the chairman of the company. His initial investment was reportedly £70 from his aunt.
The initial ownership structure of Time Out Group was primarily driven by its founder, Tony Elliott. While the exact equity split at inception is not detailed beyond Elliott's initial personal investment, the company's history shows a significant shift in its ownership landscape. This evolution is crucial for understanding Time Out Group ownership and who owns Time Out Group today. The early days saw Elliott personally inject substantial funds, highlighting his commitment and the financial challenges faced. The subsequent sale of significant stakes to Oakley Capital in 2011 fundamentally altered the Time Out Group company ownership structure, moving towards a more diversified stakeholder base. This period is key to understanding the Target Market of Time Out Group and its strategic direction.
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How Has Time Out Group’s Ownership Changed Over Time?
Time Out Group's ownership journey reflects a significant transformation from its origins as a publication to its current status as a publicly traded entity. Key events, including private equity investment and an Initial Public Offering, have reshaped its shareholder landscape.
| Event | Date | Impact |
|---|---|---|
| Oakley Capital Investment | May 2011 | Initial significant private equity investment |
| Initial Public Offering (IPO) | June 2016 | Listing on London's AIM stock exchange, raising £90 million |
| Post-IPO Ownership Structure | As of May 2, 2025 | 76.7% of issued share capital not in public hands |
The evolution of Time Out Group's ownership structure has been marked by strategic investments and public market entry. Following Oakley Capital's initial investment in May 2011, the company pursued an Initial Public Offering (IPO) in June 2016, listing on London's AIM stock exchange. This move raised £90 million and established a new phase of ownership with institutional investors playing a more prominent role. As of May 2, 2025, a substantial 76.7% of the company's issued share capital remains outside public float, indicating concentrated ownership among key stakeholders.
Major Stakeholders in Time Out Group
Understanding who owns Time Out Group involves looking at its primary shareholders and other significant institutional investors.
- Oakley Capital Ltd. is the largest shareholder, holding 38.08% of the issued share capital as of May 2, 2025.
- Lombard Odier Asset Management (Europe) Ltd. is another major investor, with a stake of 27.64%.
- Richard Caring holds 6.544% of the company's shares.
- Other institutional investors include Janus Henderson Investors UK Ltd., Lombard Odier Asset Management (USA) Corp., Canaccord Genuity Wealth Ltd., and Herald Investment Management Ltd., contributing to the diverse ownership base.
- As of December 31, 2024, Time Out Group had 357 million shares in issue, providing a basis for calculating these ownership percentages.
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Who Sits on Time Out Group’s Board?
The board of directors for Time Out Group plc comprises individuals representing significant shareholder interests and the company's executive leadership. Key figures include Peter Adam Dubens, serving as Non-Executive Chairman and also the founder and Managing Partner of Oakley Capital, a major shareholder. Chris Ohlund holds the positions of CEO and Executive Vice Chairman, while Matthew Robert Pritchard functions as the CFO and Executive Director. The board also includes non-executive directors Alexander Collins, Stuart Alan Rose (Lord Rose of Monewden), and David John Till, who co-founded Oakley Capital Group with Peter Dubens.
| Director Name | Position | Affiliation |
|---|---|---|
| Peter Adam Dubens | Non-Executive Chairman | Oakley Capital |
| Chris Ohlund | CEO and Executive Vice Chairman | Executive Leadership |
| Matthew Robert Pritchard | CFO and Executive Director | Executive Leadership |
| Alexander Collins | Non-Executive Director | |
| Stuart Alan Rose (Lord Rose of Monewden) | Non-Executive Director | |
| David John Till | Non-Executive Director | Oakley Capital |
Regarding voting power and ownership structure, as of June 30, 2025, Time Out Group plc had 357,408,117 ordinary shares issued and fully paid, with each share carrying one vote. The company does not hold any treasury shares, confirming a straightforward one-share-one-vote system without any preferential voting rights. Oakley Capital Limited is identified as a substantial shareholder, holding approximately 38.08% of the company's issued share capital as of February 21, 2025. Chris Ohlund, the CEO, held about 200,000 ordinary shares, representing roughly 0.06% of the issued share capital, also as of February 21, 2025. This structure indicates that while Oakley Capital holds a significant portion of the shares, the Time Out Group ownership is not concentrated in a single entity, and the company operates with a clear voting framework for its shareholders. Understanding the Growth Strategy of Time Out Group is closely tied to its ownership and board composition.
Time Out Group Ownership Snapshot
Oakley Capital Limited is the largest shareholder in Time Out Group plc. The company operates on a one-share-one-vote principle.
- Oakley Capital Limited holds 38.08% of issued share capital (as of Feb 21, 2025).
- Total issued ordinary shares: 357,408,117 (as of June 30, 2025).
- No treasury shares held by the company.
- CEO Chris Ohlund holds approximately 0.06% of issued share capital.
- Voting power is distributed based on share ownership.
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What Recent Changes Have Shaped Time Out Group’s Ownership Landscape?
Recent developments in the ownership of Time Out Group plc indicate a period of strategic financial maneuvering and continued expansion. The company has been actively seeking growth capital, with existing shareholders playing a key role in providing this funding.
| Financial Period | Revenue | Market Net Revenue | Adjusted Group EBITDA (FY25 est.) | Total Issued Shares |
|---|---|---|---|---|
| Six Months Ended Dec 31, 2024 | £50.9 million (-3% YoY) | £36.5 million (+12% YoY) | ||
| Full Year Ended June 30, 2025 (Estimate) | £11-£13 million | |||
| As of July 3, 2025 | 357,408,117 |
In February 2025, Time Out Group secured £5.0 million in convertible loan notes to fuel its growth strategy. A significant portion, £4.5 million, was provided by Oakley Capital Limited, a key existing shareholder. The CEO, Chris Ohlund, contributed £0.5 million to this funding round. The loan carries a conversion price of 50 pence per ordinary share and is set to mature on December 31, 2026. This infusion of capital supports the company's ongoing expansion of its Time Out Market division, which saw two new openings in Barcelona and Bahrain by December 2024. Four additional market openings are slated for calendar year 2025, including Osaka, Vancouver, Budapest, and Abu Dhabi, with further opportunities under negotiation. To bolster cash generation, the company has also implemented operational expenditure reductions, achieving annualised savings of £7 million.
Capital Infusion from Existing Stakeholders
Oakley Capital Limited and CEO Chris Ohlund provided substantial growth capital through a convertible loan note in February 2025. This demonstrates continued confidence from major Time Out Group stakeholders.
Strategic Expansion of Time Out Market
The company is actively expanding its Time Out Market footprint with multiple new openings planned for 2025. This expansion is a core part of the group's growth strategy.
Focus on Operational Efficiency
Significant operational expenditure reductions have been actioned to improve cash generation. These savings are crucial for maintaining financial health during expansion phases.
Understanding Time Out Group's Ownership Structure
The ownership structure involves key existing shareholders like Oakley Capital Limited, alongside executive leadership. Understanding the Mission, Vision & Core Values of Time Out Group provides context for their strategic decisions.
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