Woodford expected to take TimeOut stake

Woodford-Neil-700x450.jpgUK equity manager Neil Woodford is expected to take a stake in TimeOut when it lists on the stockmarket today.

The media group is floating on the London AIM market today, with an expected valuation of between £185m and £225m. Woodford, head of investment at Woodford Investment Management, is expected to be among those taking an early stake, reports CityAM.

TimeOut is expected to raise £90m from the listing, using £25m to pay down debt and the rest to expand into new geographies.

The business has undergone a transformation under Oakley Capital, which is the controlling shareholder. However, it is expected to remain loss-making for a few years yet as it continues to invest in the business.

Time Out and Oakley Capital declined CityAm’s requests for comment.