Time Out's losses jump to £3.1m after free move

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The Independent Online

The listings magazine Time Out, whose parent company is the private equity firm Oakley Capital, saw operating losses jump to £3.1m last year as it moved to a free print model in London and its sister New York title suffered from "slower than anticipated" trading.

Time Out's London revenues leapt 12 per cent against a year earlier, as the decision to go free in September boosted weekly circulation from 50,000 to 305,000 and lifted print advertising. Digital sales jumped 79 per cent. Time Out's group sales were £28m, the same as a year earlier.