Time out founder sells 50 per cent stake

Tony Elliott, who launched the magazine and travel guide 42 years ago, struck a deal with Oakley Capital Investments, said to value Time Out at around 20m.

The stake sale will allow Time Out to step up its move into online guides.

Mr Elliott - who has been looking for an investor for seven years - said he hoped the deal would help begin "a hugely successful worldwide digital journey".

He is thought to be using some of the cash from the sale to pay down debts, with the remainder going into expansion projects such as a new series of 'what's on' online-only guides to cities including Paris, Rome and Berlin.