Flyt Stake Sold to Just Eat for £9.6m by Time Out Group
Tuesday, January 22, 2019
Media and entertainment business, Time Out Group, has just finalised the sale of its Flyt stake to Just Eat, gaining £9.6m to go towards its full stake, showing an increase of 88% over the last investment holding to be recorded. Time Out first invested in Flyt in July 2015 and during that time Flyt has taken Flight and has increased in operations, revenues and now has just over 3,000 branded establishments.
Just Eat had made a small investment in Flyt in 2016, meaning that the final outcome has made all companies happy. Time Out Group has plans to use the proceeds to invest in the global unveiling of new Time Out Markets in North America, following the successful opening of their first site in Lisbon. All of the kitchens in Miami have been sorted out and they have announced the line-up of some of the top chefs.
It will be interesting to see where Just Eat and Flyt go next, and to see the progression of Time Out Group.