Soho House sale called off
The sale of private members club business Soho House is reported to have been called off.
The Daily Telegraph reported that owners Richard Caring and Nick Jones had agreed to postpone any sale of the company, which some private equity firms had valued at as much as £300m, for another 12 months.
Reports of a potential sale originally emerged in April and it is understood that Jones, who has a 20% stake in the company, wanted to buy out Caring.
But the paper said Caring has persuaded Jones to wait while the brand is developed further.
New sites are planned in Singapore, Brazil and India and the firm is said to have plans to expand to 80 sites worldwide eventually.
A five-year agreement between the two men expires in 2013, after which one can buy the other out, depending on financial performance.
Soho House Group to open second Pizza East restaurant in West London >>
Richard Caring buys Soho House - For more hospitality stories, see what the weekend papers say >>
By Neil Gerrard
E-mail your comments to Neil Gerrard here.
Caterersearch.com jobs
Looking for a new job? Find your next restaurant job here with Caterersearch.com jobs
|
