LONDON (Alliance News) - Time Out Group PLC on Tuesday said it completed the sale of its stake in Flyt Ltd to takeaway delivery firm Just Eat PLC for GBP9.6 million.
The media and entertainment business said that the price represented a GBP4.5 million profit on disposal, or a 88% increase over the previously reported investment holding.
Time Out invested in Flyt, a integration platform provider connecting point of sale systems to restaurants, in 2015. Just Eat acquired a minority stake in Flyt in 2016.
Time Out will use the sale proceeds to invest in the roll-out of Time Out Market, with five new markets set to open in North America, including Miami, New York, Boston, Chicago and Montreal.
Time Out shares were untraded at 69.50 pence each, while Just Eat's were up 2.0% at 676.00p.
Time Out (TMO)