Upmarket members club Soho House returns to profit
Soho House roars back to post-Covid profits: Upmarket member club signs thousands of new clients
Soho House turned a profit again last year as members returned en masse to the bars, hotels and guesthouses.
The posh members’ club roared back to life as lockdowns eased, ending the year £51.4m in the black after losing £20m a year earlier.
The return of customers buying food and drink and paying for hotel stays nearly doubled sales to £822 million.
Expansion: Soho House ends the year £51.4m in the black – the first full year results without founder Nick Jones (pictured) who stepped down as chief executive after beating cancer
The wealthy clientele was not deterred by the rising cost of living, with a waiting list for new members at an all-time high.
It has 226,830 members, up from 155,836 a year earlier. The number of people waiting to become a member stands at 86,000.
Soho House opened seven branches last year, including one in Brighton and a club in London. Last month it opened a location in Bangkok and has locations in Manchester and Mexico City lined up.
It was the chain’s first set of full-year results without founder Nick Jones, who stepped down as CEO of U.S.-based parent company Membership Collective Group after beating prostate cancer.
Shares of Soho House rose more than 18 percent in New York.