A majority stake in the Soho House Group has been sold to an American billionaire to finance the expansion of the collection of private members clubs, hotels and restaurants overseas.
In a deal worth around £250m, Ron Burkle, who made his fortune in supermarkets, is acquiring a 60% stake in the business from Richard Caring and Nick Jones, who will retain a 30% and 10% share, respectively.
Caring will net around £60m from the deal and Jones, who launched Soho House in 1995, will gain £10m.
The investment from Burkle, who will become chairman of Soho House, will allow the global expansion of the company to go ahead, with openings expected to take place across the USA and Asia.
Soho House currently owns and operates the Soho House brand in London, New York, Hollywood, Miami and Berlin, as well as three hotels in the capital - Dean Street Townhouse, Shoreditch House and High Road House in Chiswick - and three stand-alone restaurants - Cecconi, Hoxton Grill and Pizza East. It also runs Babington House country house hotel in Somerset.
By Janet Harmer
E-mail your comments to Janet Harmer here.
If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to www.catererandhotelkeeper.com/tabletalk
Looking for a new job? Find your next job here with Catererandhotelkeeper.com jobs