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Soho House back on track as it plans new clubs

New role: Soho House founder Nick Jones with wife Kirsty Young

The company behind the prestigious chain of private clubs Soho House is set to unveil the first set of annual results without founder Nick Jones at the helm

New role: Soho House founder Nick Jones with wife Kirsty Young

New role: Soho House founder Nick Jones with wife Kirsty Young

The company behind the prestigious private club chain Soho House will release its first set of annual results this week without founder Nick Jones at the helm.

Jones, who is married to broadcaster Kirsty Young, stepped down as chief executive of parent company Membership Collective Group (MCG) in November after beating prostate cancer.

He has entrusted day-to-day management to Andrew Carnie, but remains involved.

MCG, whose shares are traded in the United States, is expected to post an operating profit of £50m, in line with recent forecasts.

He is also set to reveal new clubs in Mexico City and Sao Paolo to complete his stable of 40.

MCG was introduced to the New York market in July 2021 at $14 a share. Their value has since more than halved, to around $6, as the company struggles to recover from the pandemic. But stocks have rebounded a bit recently and are up 23% this year.

It has not made a pre-tax profit since its inception in 1995 and analysts remain concerned that members could cancel subscriptions if there is another downturn.

Soho House may have struggled to make a comeback for shareholders, but it has always attracted the rich and famous, from the Duke and Duchess of Sussex to singer Ellie Goulding.

In November, Jones, 59, said of his battle with cancer: “Inevitably this experience changed my perspective and my focus. Accordingly, I am transitioning into my original role as Founder and will focus on the creative and membership aspects of Soho House.

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