Time Out for magazine chief after £3m losses

A year after taking the job of chief executive at Time Out, Aksel van der Wal has exited the post at the listings guide.

Mr van der Wal, who took the magazine free last year, announced his departure a week after it emerged that entrepreneur Peter Dubens's investment company Oakley Capital had to pump a further £5.5m into the lossmaking business.

The former Vodafone finance chief advised Mr Dubens on his 2010 takeover of 51 per cent of Time Out London and was previously chief operating officer. Oakley's additional investment this year was for working capital for the UK business, to buy Time Out Chicago and make the brand's websites capable of allowing readers to click through to buy items featured on it.

The company has admitted it is suffering from "subdued print advertising demand". It lost £3.1m before one-off items last year.

The editor-in-chief Tim Arthur will be the stand-in chief executive while Mr van der Wal continues advising Oakley.