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The owner of Soho House files for flotation in New York

The owner of Soho House, the club of private members, has introduced a first public offering, as the company seeks to exploit investors ’growing interest in entertainment activities.

Membership Collective Group, which owns 28 Soho Houses worldwide among other properties and a retail brand, said Monday it plans to list its shares on the New York Stock Exchange under the ticker “MCG”.

The company said in a presentation with the Securities and Exchange Commission that it intends to raise $ 100 million, a figure that is often used as a place holder for the calculation of registration fees. It should also not determine the number of shares it will offer or a price range for those shares.

A spike in travel and food demand heading into the summer, bolstered by vaccinations against Covid-19, has sparked speculation that MCG is targeted. evaluation larger than the $ 2 billion mark set in a $ 100 million funding round last year.

The hospitality group, backed by US billionaire Ron Burkle, said its membership numbers had been halted by the pandemic. It retained 92% of Soho House members in the 2020 financial year and received more than 30,000 applications for its membership marks, according to the S-1 presentation.

Revenues in the first quarter of this year were $ 72m, down from $ 142m in the same period a year earlier. It also reported a net loss of $ 93 million, compared to a loss of $ 45 million in 2020.


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