The company lost $93 million in the first quarter of this year. The company lost $235 million in 2020, $128 million in 2019, and $90 million in 2018. There was even a global 48,000-person wait list for membership at the beginning of this year.īut Soho House has never posted a profit, even before the pandemic. The company maintained a 92 percent membership retention rate for the duration of 2020, according to the filing. Soho House was somewhat of a resilient hospitality entity despite the pandemic leading to temporarily suspended operations at many of its clubs and layoffs of 1,000 staffers. “Offering a new digital-only option will make our membership truly global and diverse, enabling the best creatives from all over the world to make meaningful connections with each other: from an established producer in Ghana to a 22-year old scriptwriter in West Hollywood, or the founder of an emerging tech start-up in Jakarta to a digital designer in Beirut,” Jones wrote. There are also plans for a digital-only platform, Soho House Digital Membership, expected to launch later this year. There’s also a subscription platform for the company’s home retail brand. Other membership alternatives include Soho Friends, a type of membership that enables access to some - but not all - aspects of a Soho House like bedroom use and discounts to restaurants. There’s also a Soho Works coworking concept, the Scorpios beach club in Greece, and the Ned membership club in London. There are also “Cities Without Houses” memberships for those who live in cities without a physical Soho House but can access one of the clubs whenever they travel to a city where one is located. MCG plans to have 46 Soho Houses in operation by the end of 2023, with a long-term growth target of adding three to five properties each year. But more than 111,000 of those were part of Soho House, where annual memberships run at about $3,500 to access the entire global network. There were more than 119,000 members across various MCG platforms, as of early April. Physical Soho Houses are the bread-and-butter of the company. “We will continue to open physical Houses - expanding our footprint across Europe, the Americas, Asia and Africa - and launch new types of membership that can be scaled globally.” I’m incredibly proud of how we’ve grown memberships for social, work, and retail under Soho House, and have evolved our platforms to create new opportunities for our existing members, as well as potential new members,” Jones wrote in a letter included in the SEC filing. “After 25 years, we now find ourselves in the position of being a global platform for our memberships. Soho House founder Nick Jones indicated the IPO would help with further growth for the company, which has 30 clubs around the world, according to the company website.
There was no mention of how many shares would be offered.
While the filing indicates plans to raise as much as $100 million in the process, that figure is typically a placeholder on initial public offerings. The company plans to list on the New York Stock Exchange under the name Membership Collective Group and symbol “MCG,” according to a filing with the U.S. The parent company behind Soho House, the global chain of members-only clubs, put months of speculation to rest Monday by officially filing plans to go public.
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