Can Time Out’s Tony Elliott Weather the Storm?

The founder of iconic magazines cedes control to keep his dream alive

Tony Elliott, founder and chairman of the Time Out empire, is not a man used to begging. But in 2008, his company, which had already been battered by the digital revolution, was in dire straits thanks to the recession. So Elliott went to his lender, Lloyds Banking Group, hat in hand. The meeting was tense, unpleasant.