The Oakley Capital Private Equity L.P. 50% stake holder in Time Out has had to invest an extra £5.5m in the London listings magazine “for working capital” in the last six months after the title went free a year ago.
Time Out has been suffering from “subdued print advertising demand”, but circulation has hit a record of 305,000 and website visitors are up 35 per cent.
Time Out lost £3.1m before exceptionals items last year.