Soho House reports widening losses despite all-time high waitlist

Soho House & Co, which has its shares listed in New York, has been growing rapidly around the world.

Soho House reports widening losses despite all-time high waitlist (iStock/PA)

The owner of private members’ clubs Soho House has seen its losses grow to more than £25 million over the past few months, despite amassing an all-time high waitlist of about 111,000 people vying for a membership.

Soho House & Co, which has its shares listed in New York, has been growing rapidly around the world.

Its clubs, known as “houses”, have luxury club spaces, spas, gyms and restaurants for members who pay a fee of £2,950 a year to access all its houses.

The group, which also owns The Ned, has 44 Soho Houses globally including several in London and New York.

The company said it had about 204,000 members of Soho House at the end of June, 16% more than a year ago, and generated 104 million US dollars (£82 million) in membership revenues.

In-house revenues, which include food and drink sales and spa treatments, hit 128 million US dollars for the quarter (£100 million).

It had a waiting list of about 111,000 at the end of the quarter, with people needing their application to be approved by a committee of existing members in order to join.

But the company revealed its net losses grew to nearly 34 million US dollars (£27 million) in the three months to the end of June, significantly higher than the 2.6 million dollar (£2 million) loss reported the same time last year.

Soho House & Co said this was driven primarily by higher losses from foreign exchange effects.

On an adjusted basis, which strips out one-off costs it believes do not reflect business performance, earnings grew to about 33 million US dollars (£26 million) for the quarter.

Chief executive Andrew Carnie said: “We opened Soho House Sao Paulo with great feedback from members, and have continued to see significant demand for other recent openings including Mexico City and Portland.

“These positive membership trends have led us to raise our outlook for membership for the full year.”