Bermuda Co. Buys Into On-Line Venture
A Bermudian private equity company has acquired half of ”Time Out”, the travel, entertainment and leisure magazine publisher, attracted by its strong on-line potential. Oakley Capital Investments announced the purchase on November 25th in a rumoured £10 million deal.
Oakley’s chairman is Bermudian lawyer James Keyes, previously a partner of the law firm Appleby for 11 years and now managing director of Renaissance Capital.
It is the culmination of a long search by “Time Out’s” founder, Tony Elliott, to find an investment partner. He said: “I have considered many potential investors over the last seven years to help the brand with the next phase of development and I believe that Oakley Capital, with its entrepreneurial operational focus, will help us with this. I genuinely believe that I have found a real partner for what I expect to be a hugely successful worldwide digital journey.”
He set up “Time Out” as a London listings guide in 1968 with a £70 investment and over the years exported the concept to many of the world’s major capital cities. He also extended the brand into travel guides. “Time Out” magazines now have 36 weekly versions in 24 countries. These are complemented by 22 travel magazines and city guides to some 50 cities. In March, “Time Out” was appointed as the official publisher of travel guides for the London 2012 Olympic Games. It is thought that “Time Out” has a worldwide audience of more than 17 million people a year.
Its digital publications are also growing in popularity, with two million uniques browsers per month in London alone. “Time Out”, which also launched iPhone apps recently, has been appointed as the official publisher of travel guides for the London 2012 Olympics.
Oakley, which operates out of Flatts, clearly feels “Time Out” has a lucrative online future. Its Bermuda-based director, Peter Dubens, said: “It is very rare to be able to help with such a renowned, iconic brand as ‘Time Out’, which over the last 42 years has provided first class editorial on culture and entertainment to over 50 cities around the world. We believe that we will help this brand both in its traditional media and the continued transition to digital over the coming years.”
