A 3.4% increase in turnover to £293.4m in 2016 across the consolidated companies of Soho House & Co was driven by a 44% growth in global membership.
Membership, as a result, stood at nearly 70,000 on 1 January 2017, with a worldwide waiting list of more than 44,000, according to the group’s annual results for last year.
Launched in London in 1995 by 2015 Hotelier of the Year Nick Jones as a members’ club for people in the film, media and other creative industries, Soho House & Co also achieved a 22.9% increase in adjusted EBITDA to £31.7m.
Revenue for the core business, which includes food, beverage, bedrooms and memberships, but not the design and build element of the company, was up 21.2% to £273.6m.
Growth in food and beverage in the celebrity-driven business was particularly strong, up 20% and 15% respectively during 2016.
Peter McPhee, who joined Soho House & Co as chief financial officer from Tesco 20 months ago, said that the company was now on a more sound financial footing to move forward with its ambitious expansion plans following a £275m refinancing deal with Perimira Debt Managers announced earlier this year.
Soho House & Co currently operates 18 houses, one hotel, 43 public restaurants, 15 spas, two cinemas and 527 hotel rooms across its portfolio in the UK, North America, Berlin, Barcelona and Istanbul.
Future UK openings for Soho House & Co include clubs in London at 40 Greek Street and Kettner’s Townhouse in Soho, and in White City as part of the redevelopment of the former BBC TV Centre; and in Brighton. Meanwhile, launches overseas are set to take place in Amsterdam, Mumbai and Hong Kong.
In April, the company opened its most ambitious development to date – the 252-bedroom the Ned in the City of London – in a joint venture with US-based Sydell Group.
Hotelier of the Year 2015: Nick Jones >>
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