Investors are eyeing a bid to buy Soho House amid fears of bankruptcy
- This could mean the company leaves the New York stock market in the fall
Tough times: Soho House’s first location was opened in 1995 by Nick Jones (pictured)
Soho House’s biggest backers are considering taking over the company after it was compared to bankrupt office company WeWork.
The private members club said yesterday that some of its board had started looking at ‘certain strategic transactions’.
It said this could mean the company would exit the New York stock market in the fall, but added there were “no guarantees” about what would happen.
It comes after US short seller Glass House criticized the company, describing its listing and performance as “eerily similar” to the collapsed WeWork.
After a successful listing in New York in 2021, the share price has more than halved.
In response to Glass House, Soho House said it “fundamentally rejects” the report, which stated the company “has a broken business model and terrible accounting.”
It operates 41 affiliated clubs worldwide and has more than 250,000 members. It launched in Soho, London, with the first location opened in Greek Street in 1995 by Nick Jones, promising ‘a home away from home for creatives’.
Jones, 60, stepped down as CEO in November 2022 after 27 years.
He made this decision while recovering from cancer.