Soho House has filed for an initial public offering (IPO) in New York that is “expected to value the celebrity members’ club chain at more than $3bn”, says Dominic Walsh in The Times. The group will list under the name of the Membership Collective Group, reflecting the “variety of venues and services” it now offers.
These not only include the “twenty-eight Soho House members’ clubs and nine Soho Works workspaces”, but also “The Ned hotel and members’ club in London, the Scorpios beach club in Mykonos and Soho Home, an online platform that sells the products used in its properties”. Lockdowns “hit the company hard”, say Jack Sidders and Crystal Tse on Bloomberg. Sales fell from $642m in 2019 to $384m in 2020. While the firm has never been able to turn a profit, losses rose to $235m in 2020.
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