Time Out has signed a management agreement with global real estate company Ivanhoé Cambridge to open its Market format in Montreal, Canada.
It is the first agreement of its type that the company has entered into and will allow it to epxnad without capital expenditure.
Ivanhoé Cambridge will invest to provide the environment for Time Out Market to operate, with the group receiving a guaranteed management fee and a share of profit in return for operating the market.
Didier Souillat, chief executive of Time Out Market, said: “Montreal has developed into a culinary hotspot and is now one of the world’s foodie capitals. This is a city with incredibly creative chefs and an audience with a love for great food. As if this wasn’t enough, Montreal also has a buzzing cultural scene with over 100 festivals each year. All of this makes this city a perfect spot for Time Out Market and we look forward to opening our first site in Canada. Time Out Market continues to be a great success story and is now recognised as one of the most visionary formats: our first site in Lisbon is Portugal’s most visited attraction, we have an exciting pipeline of new sites and for our upcoming opening in Miami we have all kitchens signed up with the city’s ‘who’s who’ of the most celebrated chefs. We are proud to now also bring our unique Time Out Market experience to the great city of Montreal.”
Time Out currently operates one Market in Lisbon, with five new sites in the pipeline over the next 18 months.
Last week saw the end of the appeal inquiry over Time Out’s plans to bring its Market concept to Spitalfields.
The global publisher has been waging a long-running battle with Tower Hamlets Council and the Sptalfields Society over its plans to open a market with 17 kitchens in a site on Commercial Street.
Following the conclusion of the inquiry the planning inspectorate will make a ruling within two to eight weeks.