Publisher Time Out is to tap markets for £2 million more than initially planned as it prepares to make the most of a “renaissance” when Covid-19 restrictions lift.
The company said there has been strong demand from institutional investors – a group that includes banks, pension funds and hedge funds – to participate in its plan to raise £15 million.
Bosses have therefore increased the amount they are seeking to raise by £2 million to £17 million, representing around 17.1% of the company’s shares.
Chief executive Julio Bruno said: “Thanks to the support of our shareholders and new investors, this successful fundraise will allow Time Out to emerge from this period of disruption in a stronger position.
“We now look forward to once again opening the doors of our existing Time Out Markets and to opening new ones in great cities around the world.”
When restrictions finally lift, there will be a “renaissance of culture and going out”, Mr Bruno told London business newspaper City AM in February.
The company announced its plans to raise £15 million earlier this week, saying the cash could help expand its digital advertising proposition.
It will also be used to reopen Time Out Markets, events that showcase some of the food, drinks and cultural experience that make up a city, and to launch new ones.
Time Out writes reviews of restaurants, suggests things to do in cities around the world, catering to the tourism and experience market.
It is a market which has proved especially susceptible to Covid-19 restrictions that are intended to ensure people do not meet up.
As a result, Time Out’s gross revenue slumped by 74% in the six months to the end of December.
The business faced a hit from the closure of Time Out Markets and a drop in adverts placed in its publications.
Last week, Time Out was forced to cancel its market at London’s Waterloo, pushing it back to 2022 as restrictions drag on.