The investment values the Time Out group at more than £20 million. Founder Tony Elliott will retain a 50 per cent stake, AIM-listed Oakley confirms.

Time Out has a global audience of over 17 million per annum and has seen the number of international unique users per month increase 38 per cent year on year to 7.5 million.

It recently launched its location-based iPhone applications and has had over 500,000 downloads in 2010.

Peter Dubens, director of Oakley Capital Investments, says, ‘We will help this brand both in its traditional media and the continued transition to digital over the coming years.’

Time Out was established in 1968 and delivers entertainment, cultural guidance and information through magazines, online, mobile, travel guides, events and partnerships.