Time out plans to open second food market in Porto
By Bianca Boorer
Date: Wednesday 05 Oct 2016
(ShareCast News) - Time out Group, the AIM-listed global multi-platform media and e-commerce business with food and cultural markets, is opening a new Time Out market in São Bento train station in Porto Portugal.
The market will be the second following the success of the group's flagship market in Lisbon, which opened in May 2014.
In the first half of this year, the Lisbon market reported strong year on year revenue growth of 106% and reached a record 1.3m visitors. Earnings before interest, tax, depreciation and amortisation (EBITDA) have also been positive in each month of the year.
Porto's historic and busy São Bento train station is 22,000 square feet and will offer 500 seats, 15 restaurants, four bars, four shops, one café and one art gallery.
The opening, which is anticipated for the second half of next year, is part of the company's global expansion strategy for the Market and plans are in place for more openings in London, New York and Miami.
Chief executive Julio Bruno said: "With the iconic São Bento train station, we have found a truly magnificent and hugely popular location right in the centre of Porto and this is where we will bring the soul of the city to life. Like our Time Out Market Lisbon, I'm sure Time Out Market Porto will quickly become a top attraction in a city that many refer to as Portugal's culinary capital."
The share price fell 0.37% to 135p at 0945 BST on Wednesday.
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