Company behind glamorous Soho House chain of private members’ clubs to reveal first set of annual results without founder Nick Jones at the helm
New role: Soho House founder Nick Jones with his wife Kirsty Young
The company behind the glamorous Soho House chain of private clubs will unveil its first set of full-year results this week without founder Nick Jones at the helm.
Jones, who is married to broadcaster Kirsty Young, stepped down as CEO of parent company Membership Collective Group (MCG) in November after beating prostate cancer.
He handed over the day-to-day management to Andrew Carnie, but remains involved.
MCG, whose shares are traded in the US, is expected to post an operating profit of £50 million – in line with recent guidance.
It also plans to unveil new clubs in Mexico City and Sao Paolo to add to its 40-man stable.
MCG went public in July 2021 in New York at $14 per share. Since then, they’ve more than halved in value, to about $6, as the company struggled to recover from the pandemic. But the shares have rebounded a bit lately and are up 23 percent this year.
It hasn’t made a pre-tax profit since its inception in 1995, and analysts remain concerned that members could cancel subscriptions if another downturn hits.
Soho House may have struggled to make a return for shareholders, but it has always attracted the rich and famous, from the Duke and Duchess of Sussex to singer Ellie Goulding.
In November, Jones, 59, said of his battle with cancer: “Inevitably, this experience has changed my perspective and focus. As a result, I am transitioning to my original role as founder and will focus on the creative and membership aspects of Soho House.”