Private equity fund buys 50% of Time Out

Private equity fund buys 50% of Time Out

<p>Time Out founder Tony Elliott has sold half his stake in the business to the private equity fund Oakley Capital Investments in a deal thought to be worth around &pound;10m.</p><p>The private equity fund now owns 50% of Time Out, which encompasses both the magazine and publishing arms. Oakley said it would &quot;provide financial and strategic support for the continued growth of the Time Out brand across all channels&quot;. </p><p>Time Out founder and chairman Tony Elliott said: &quot;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.&nbsp;I genuinely believe that I have found a real partner for what I expect to be a hugely successful worldwide digital journey.&quot;<br /><br />Peter Dubens, director of Oakley Capital Investments, said: &quot;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.&nbsp; We believe that we will help this brand both in its traditional media and the continued transition to digital over the coming years.&quot;<br /><br /><a href="../news/109646-time-out-founder-to-plug-3m-gap-in-finances.html">In January this year it was announced that Elliott was to put &pound;3m into the company in an attempt to cover losses of the same amount made during 2008, and keep the company running as a &quot;going concern&quot;.<br /></a></p>