A-list private members’ clubs chain Soho House eyes £2bn New York stock market float
The Soho House chain of private members’ clubs is set to join the stock market in New York with a valuation of up to £2billion.
The company first made a bid for the public markets in 2018, but pulled the £1.5billion float blaming market conditions.
It has hired JP Morgan and Morgan Stanley for a second attempt, The Times reported, and is expected to file in the US next month.
Pandemic pressure: Soho House founder Nick Jones (pictured with wife Kirsty Young) has cut 1,000 jobs of its 8,000-strong global workforce
The chain, which has 27 clubs around the world, was founded in 1995 by Nick Jones in central London as ‘a home for creative people to come together’.
It has attracted the A-List with fine dining, expensive interior design and roof-top swimming pools, and now also owns 20 restaurants, 16 spas and two cinemas.
The float comes after a dire year for city centre hospitality businesses. Jones has cut 1,000 jobs of its 8,000-strong global workforce.
It is likely to post £5million earnings this year, down from an expected £85million, but has managed to retain over 90 per cent of its members, who typically pay £1,750 per year, during the pandemic.