Time Out Group has confirmed that it no longer intends to proceed with the development of its market in London's Waterloo due to the impact of the Covid-19 pandemic.
In a statement, the group said the decision did not change the company's need to secure additional funding and it is reviewing an equity funding proposal "that would ensure the group has financial and operational flexibility". It is anticipated that an update will be provided with the company's interim results announcement on or around 30 March.
The market had been expected to open this year, occupying 32,500 sq ft over two floors in the redeveloped Waterloo station with space for 500 covers.
The media and entertainment company opened its first Time Out Market in Lisbon, Portugal in 2014, which welcomed 4.1 million visitors in 2019. It has since opened markets in Miami, New York, Boston, Montréal and Chicago with a further pipeline including Dubai, Porto and Prague. The group has also previously announced plans to open a market in London's Spitalfields.