Time Out has sold a 50 per cent stake in the business to Bermuda-based private equity firm Oakley Capital Investments.

The undisclosed investment from the AIM-listed company marks the end of a lengthy search for capital by the magazine's founder Tony Elliott.

Elliott said: "I have considered many potential investors over the last seven years to help the brand with the next phase of development and I believe that Oakley Capital, with its entrepreneurial operational focus, will help us with this.

"I genuinely believe that I have found a real partner for what I expect to be a hugely successful worldwide digital journey."

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