Soho House & Co has confirmed that it is on the verge of securing a £275m debt facility which will finance the expansion of the hospitality group over the next five years.
The new loan deal signed with Permira Debt Managers will provided reduced interest rate terms until 2022, enabling the company to repay £152.5m of existing bonds and £40m of high-interest payment-in-kind notes.
Soho House currently has 18 private members club (11 which double as hotels) and 16 restaurant brands worldwide.
The newly restructured debt will put the business on a sound footing to move forward with its expansion plans which includes the opening in May of the Ned, the UK's most ambitious hotel opening this year with 252 bedrooms and nine restaurants. Soho House has combined forces with US-based Sydell Group in a joint venture to launch the property on the site of the former headquarters of the Midland Bank in the City of London.
Further openings later this year are scheduled for Brooklyn, New York, and Mumbai, India; with launches set in London in the former BBC TV Centre in White City and in Greek Street during 2018. Other future international openings have been earmarked for Amsterdam, Hong Kong, Los Angeles and Austin, Texas.
Soho House & Co was founded in 1995 by Nick Jones (pictured), who was named Hotelier of the Year by The Caterer in 2015. American investor Ron Burkle acquired a 60% stake in the business for around £250m in 2012, while 30% is held by Richard Caring of Caprice Holdings and 10% by Jones.
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