Main Photo: The Soho House in Barcelona
Date: July 2021
Locations: Global – HQ in London, UK
Name: Soho House Group
Number of Keys: 28 Clubs as we speak, targeting 46 site by 2023
The Company: Soho House Group is looking to raise as much as US$480m through a US initial public offering as it prepares to go live on the New York Stock Exchange for the first time.
The UK-based chain of 28 private members’ clubs is targeting a valuation of around $3.21bn. Soho House, which was founded in 1995 and comprises over 119,000 members, has filed under the name Membership Collective Group Inc (MCG), and plans to sell 30 million shares of its Class A common stock priced between $14 and $16 apiece.
The Group will use the funding injection to open new locations across Europe, the Americas, Asia and Africa and launch new kinds of membership structures, founder and chief executive Nick Jones has said. It is targeting 46 Soho House sites by 2023.
Soho House owns 28 clubs around the world, as well as nine workspaces in London, Los Angeles and New York and home retailer Soho Home.
The brand also runs The Ned in partnership with New York-based Sydell Group.
Last year, founder Nick Jones cut his stake in the chain below 10 per cent and sold 1 per cent holding to majority owner Ron Buckle, a LA-based billionaire who holds about 60 per cent of the business.
Restaurateur Richard Caring is Soho House’s second-biggest investor with around 30 per cent. None of the existing shareholders are expected to sell down their stakes as a result of the listing.
THPT Comment: Soho House Group gave a new meaning to the concept of the boutique hotel, and hasn’t put a foot wrong yet. We wish them well with the IPO and continued success as they reach the 50 location mark.
First Seen: Boutique Hotelier
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