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Soho House secures £77.9m of funding to fuel global expansion

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Soho House has secured £77.9m ($100m) of funding as it lays plans to expand its global empire over the next few years.

The private members club firm, which operates 26 clubs around the world and was founded by Nick Jones, locked in the investment from real estate investment trust Simon Property Group and Raycliff Capital, founded by New York-based entrepreneur Bippy Siegal, for a 5% stake.

The deal valued the company at $2bn.

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Founder Jones, restaurateur Richard Caring and American billionaire Ron Burkle remain the majority owners of Soho House.

The company was valued at £250m when Burkle acquired it in 2012.

This new funding will help to fuel ambitious growth plans, as Soho House is said to be aiming to double its portfolio in the next ‘three to four’ years, according to reports.

New sites in the pipeline include properties in London, Paris and Mykonos in 2020 and 2021.

The news comes after Soho House posted a 20% jump in turnover to £432.5m in its latest company accounts, despite a pre-tax loss of £65m in 2018 and a £60m loss a year earlier due to expansion costs.

Soho House’s first property was in London’s Soho in 1995 and has since grown to encompass a total of 10 sites in the UK.

Andrew Carnie joined earlier this year from US retailer Anthropologie as chief commercial officer and has been tasked with leading Soho House’s drive to launch more ‘ Soho Works’ venues.

Tags : expansionfinancefundingglobalinvestmentNick Jonesprivate members clubrevenueSoho House
Zoe Monk

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