Time Out Group PLC on Wednesday said it has struck a management deal with Corvin Food Market Kft for the opening of a new Time Out Market in Budapest.

The London-based global media and hospitality business said the Budapest Time Out Market will be located in the Hungarian city’s historic department store, Corvin Palace.

Time Out Market will be its primary food offering, and is set to open in 2025.

The Budapest market will comprise of 25,000 square feet indoors on the first floor and a further 9,000 square feet outdoors on the rooftop. It will feature 14 kitchens, four bars and one event space.

Under the management agreement, Time Out Market will receive a share of revenues and profits, but will not contribute to the capital cost of the site.

The deal brings Time Out’s number of hospitality sites in development to nine, which are scheduled to open between 2024 and 2027. Time Out currently has seven markets already open, in cities such as Lisbon, Miami and New York. It also has a pipeline of further locations in advanced negotiation, Time Out said.

Time Out Chief Executive Officer Chris Ohlund said: ‘Budapest is amongst Europe’s most beautiful cities in which both locals and tourists love to go out - to open a Time Out Market in one of the city’s top locations, together with our partners in Budapest, is very exciting for us. Budapest offers both traditional, classic and modern, hip elements - it has a vibrant and diverse food scene which we will bring together under one roof at Time Out Market Budapest.’

Shares in Time Out were down 4.8% at 50.00 pence each in London on Wednesday morning.

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