Soho House increases members

During the year to July 3 2022, the private members club, which is owned by Membership Collective Group (MCG), opened one UK Soho House, in London's Balham.

In terms of other members, which includes Soho Friends, Soho Works and HOME+, the group nearly tripled its UK members, from 12,012 last year to 32,013.

The group now has 13 Soho Houses in North America, 12 in the UK and 11 in Europe and the rest of the world.

In its second quarter results, the group posted total revenues of $243.8m (£203m), 96.5% year-over-year growth.

MCG reported a net loss of $82m (£68.2m). Adjusted EBITDA was $15.4m (£12.8m).

Five Soho Houses opened in the year-to-date, with the group on track for nine Soho House openings this fiscal year.

Nick Jones, founder and CEO of MCG, said: “We had a good second quarter, welcoming more than 21,000 new MCG members and successfully opening a new Soho House in Los Angeles and The Ned NoMad in New York City. We have since opened two more Soho Houses, in Balham (South London) and Copenhagen, in July. We were able to grow revenue almost 100% year-over-year, driven by continued strong membership growth, as well as recovery of our In-House and Other revenues. This growth was despite significant FX headwinds and some continued Covid impact, most noticeably in Hong Kong.

“We continue to increase our EBITDA and remain confident in our membership targets. We are on track to meet our target of nine new Soho House openings this year, as well as two new Ned sites in New York and Doha, and a new The LINE in San Francisco. We update our fiscal 2022 guidance primarily to reflect the impact of FX and Hong Kong on our reported numbers.”