Time Out signs agreement that could see its markets open under franchise model for first time: Time Out Group has signed an agreement that could see its markets open under a franchise model for the first time. The company has entered into the agreement with Quint Digital, India's leading media-tech company, to launch Time Out India. As part of the franchise agreement, Quint Digital will later this year launch digital Time Out India channels – alongside social media as well as video – all featuring curated content by local experts about the best things to do, see and eat across India's top cities and travel destinations. Time Out stated: “Over the past decades, Time Out Media has expanded its global footprint – alongside owned and operated cities such as London, Lisbon, New York and others – through franchisees, examples of which are the Middle East, Japan and South Africa. Now for the first time the franchise agreement with Quint Digital will also include a three-year exclusive option for the franchisee to explore future opportunities in India to invest in, open and operate Time Out Markets on behalf of and in alignment with the group's global Time Out Market concept. The company currently uses two operating models for markets: management agreements under which it receives a share of revenues and profits (subject to a guaranteed consultancy fee) but does not contribute to the capital cost of the site; and owned and operated markets, with Time Out receiving 100% of site profits. In contrast, this new franchise agreement – combining both media and potential market opportunities – will drive revenues via ongoing franchise fees and in addition for markets exclusivity and site pre-development fees without capital expenditure for the group. This agreement offers the opportunity to further expand the brand and build a vibrant, city-focused ecosystem in India – through digital content and physical markets – for consumers and a wide range of advertisers for which the team will create bespoke multi-channel campaigns spanning both digital content channels and, once markets in India have become operational, digital screens within the markets themselves.” Chris Ohlund, chief executive of Time Out Group, said: “This is the first time that a franchise partner in one country will not only operate Time Out Media but will also explore Time Out Market opportunities. This partnership comes at a time when we increasingly operate media and market – an unmatched digital and real-life model – as one brand to cement Time Out as a unique proposition, both for consumers and commercial partners to connect with this valuable audience.” Ritu Kapur, managing director and chief executive of Quint Digital, added: "Urban India, especially its younger, always-curious crowd, is craving something fresh, bold, and out of the box when it comes to lifestyle and food. With Time Out, we're excited to bring a game-changing experience to the country.” Time Out features in the Who’s Who of UK Hospitality, which is one of six databases exclusive to Premium Club subscribers. The latest edition features 922 companies. The companies, listed in alphabetical order, have their most recent results reported as well as broader information around Ebitda, plans and trading style available. The database merges Companies House information, interviews and other public information to provide an easy to reference and exhaustive guide to the sector. Email kai.kirkman@propelinfo.com today to sign up.

Bettys & Taylors reports record sales and profit: Family-owned Bettys & Taylors Group has reported a third successive year of record sales as its profit also grew to record levels in the year to 31 October 2024. Sales at the company, which also owns Yorkshire Tea, rose 27% to £319,222,000 from £295,738,000 the year before. Of this, £294,004,000 came from the UK (2023: £275,919,000), £15,726,000 from the US (2023: £13,377,000) and £9,492,000 from the rest of the world (2023: £6,442,000). Pre-tax profit surged to £28,837,000 from £12,395,000 the previous year. A dividend payment for the period of £133.70 per share was recommended but had not been approved before the year-end. Dividends of £81.43 per share relating to the previous year were paid during the year. The group, which employs around 1,600 staff, had cash balances of £24.2m at the year end, up from £16.9m the previous year. The company continued to operate its five Yorkshire tea rooms, cookery school, craft bakery and online business alongside its tea and coffee merchant business, Taylors of Harrogate. In their report accompanying the accounts, the directors stated: “The continued focus on delivering operational efficiencies, combined with investment in upgrades to our production capability, enabled the business to increase capacity to meet the growing demand for Yorkshire Tea. Supported by this approach, we enhanced the competitiveness of our customer proposition, increased product availability and strengthened our position as the leader in the UK black tea market, with a value share of 40%. Our drive to increase tea sales internationally continues to positively impact on our overall financial performance. In coffee, sales of Taylors of Harrogate coffee bags have increased 8% to £12m, leading the market with a 76% share of this growing segment.”