Soho House group to open five new venues after profits surge
SOHO House Group, a members-only chain of luxury clubs, has confirmed ambitious plans to open five new venues by 2014 after reporting a jump in full-year revenue and profits.
The owner of Shoreditch House and Dean Street Townhouse in London, which famously shuns City executives in favour of artists, said yesterday it will open new clubs in Barcelona, Istanbul, Mumbai, Toronto and Chicago.
The news comes five months after American retail tycoon Ron Burkle acquired a major stake in the group and assumed the role of chairman in a £250m deal to help fund its expansion.
Soho Group’s founder Nick Jones said: “I’m delighted that the Soho House family is set to grow – we’ve been working on these projects for a long time, seeking out the right properties and locations in the cities we want to be in.”
The first site to open will be Soho House Toronto in the fall followed by Mumbai in spring next year.
Revenue rose 19 per cent to £132m in the 52 weeks to 1 January, while earnings before interest, tax, depreciation and amortisation climbed by 16 per cent to £18m.