Lord Rose set for payday from Time Out food markets sell-offComments Off on Lord Rose set for payday from Time Out food markets sell-off
Former Marks & Spencer boss Lord Rose stands to make millions from a sale of Time Out’s food markets venture when the media group decides to spin off the budding business.
Time Out Group this week confirmed plans to raise £90 million through a float on AIM next month with a valuation of between £185 million and £225 million. About £20 million being raised in the listing — for which orders close today — is earmarked for the international expansion of its food markets, which only operates in Lisbon, where it hosts fashion shows. It plans to open in London and New York.
Rose (pictured), who leads the pro-EU Britain Stronger in Europe campaign, chairs the food markets business and has subscribed for shares in the subsidiary. He will split a 14% stake in the recently acquired business with two other senior managers, but his exact stake is unknown.
Under the so-called “equity incentive plan” for Time Out Market seen by the Evening Standard, the retail veteran cannot part with his shares until October 2019 unless all or part of the food markets business is sold or is floated on the stock market.
Time Out confirmed that a sale of the food business was a long-term option.Time Out Market is seen as one of the ways the company can combat declining advertising revenues from its famous free magazine. Losses widened to £21 million last year as it invested heavily in the food markets arm.