Soho House files confidentially to go public

Members-only club reportedly seeking $3B valuation

New York /
Apr.April 09, 2021 01:15 PM
Soho House founders Nick Jones and Ron Burkle (Getty)

Soho House founders Nick Jones and Ron Burkle (Getty)

Soho House is once again taking steps to go public.

The exclusive members-only club this week submitted a confidential filing for an initial public offering with the U.S. Securities and Exchange Commission, Sky News first reported. The IPO would value the company, headquartered in London, at more than $3 billion.

In February, the company hired JPMorgan Chase and Morgan Stanley to advise on its latest IPO attempt, according the Times of London.

The company has been toying with the idea of going public on the New York Stock Exchange since at least 2018, but has opted to raise money privately in the years since.

Soho House was founded in 1995 by British hospitality executive Nick Jones, and its London clubs quickly hotspots thanks to their discreet service and celebrity clientele. Now, the company operates 27 members-only clubs in 10 countries, including three locations in New York City. The company also runs a series of co-working spaces, comparable to WeWork, dubbed Soho Works. Billionaire businessman Ron Burkle now owns a majority stake in the company.

But it suffered similar issued that plagued other hospitality firms during the pandemic: After being forced to close its locations due to Covid-19, Soho House furloughed the vast majority of its staff.

However, less than 10 percent of Soho House’s 110,000 members canceled their accounts during the pandemic. In part, that’s because the company has offered select perks to its members, despite its locations being inaccessible.

[Sky News, Times of London] — Sasha Jones





    Related Articles

    arrow_forward_ios
    Madison Square Garden Entertainment's James Dolan and 369 West 16th Street (Google Maps, Getty)
    Dolan eyes auction for Tao nightclub and restaurant chain
    Dolan eyes auction for Tao nightclub and restaurant chain
    A photo illustration of Carolines on Broadway owner Caroline Hirsch and 750 Seventh Avenue (Getty)
    Famed comedy club Carolines nixes Times Square lease renewal
    Famed comedy club Carolines nixes Times Square lease renewal
    JK Hotel Group founder Jeff Klein and 113 Jane Street (Getty, Beyond My Ken, CC BY-SA 4.0 - via Wikimedia Commons, JK Hotel Group)
    Jane Hotel keeping its doors open after all
    Jane Hotel keeping its doors open after all
    David Marvisi and the Bowery Savings Bank at 130 Bowery Street (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images, Beyond My Ken, CC BY-SA 4.0 - via Wikimedia Commons)
    Former Bowery Savings Bank owners buy time with bankruptcy
    Former Bowery Savings Bank owners buy time with bankruptcy
    Major Food Group managing partner Jeff Zalaznick in front of 37 Hudson Yards (Major Food Group, Google Maps)
    Major Food Group bringing members club to Hudson Yards
    Major Food Group bringing members club to Hudson Yards
    Robin Birley with 828 Madison Avenue in Manhattan, NYC (Google Maps, Getty)
    Robin Birley to open dining club on Upper East Side
    Robin Birley to open dining club on Upper East Side
    (Getty, iStock; Photo-illustration by Kevin Rebong for The Real Deal)
    Crashing the party: New SPAC rules could slash proptech deals
    Crashing the party: New SPAC rules could slash proptech deals
    Robert Reffkin, founder & ceo, Compass (Getty Images, iStock, Illustration by Kevin Cifuentes for The Real Deal)
    Residential brokerage shares take a hit in first week of 2022 trading
    Residential brokerage shares take a hit in first week of 2022 trading
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...