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Wed 3rd Oct 2012 - Breaking News
Soho House UK Ebitda hit £10.8m: Soho House, the upmarket members’ club business headed by Nick Jones, has reported sales rose by 4.4 per cent to £63.9m in the year to 1 January 2012 after making an allowance for the previous 40-week financial year. Group Ebitda was £10.8m, an increase of 14.2 per cent when compared to the previous year (after making an allowance for a 40-week period). The company stated that its hotels – Dean Street Townhouse, Shoreditch Rooms, High Road House and Babington House – continue to perform well with 93 per cent occupancy. It said: “Existing sites have performed well with Ebitda growth on the prior period – Babington House (7.3 per cent), Soho House (4.6 per cent), Shoreditch House (13.5 per cent), Cecconi’s London (10.4 per cent), High Road House (25.2 per cent) Hoxton (43.3 per cent) and BKB (two per cent). This is a very strong performance from each of the company’s units. In May, the group opened Little House Mayfair, which is the first of what we hope will be a number of sibling clubs to Soho House in various locations. Envisioned as a slightly more grown-up concept, Little Houses will partner with an existing Soho House in a city to provide an additional private, sophisticated haven for our members.” In 2008, Richard Caring, the clothing magnate, took an 80 per cent stake in Soho House for a reputed £105m. Last year, US billionaire Ron Burkle invested £250m in return for a 60 per cent stake, with Jones owning ten per cent, and Caring the remaining 30 per cent. With Burkle’s investment, new clubs in Toronto, Barcelona, Chicago, Istanbul and Mumbai will open in the next two years. Gross profit margin in the UK is 80.8 per cent, Ebitda conversion is 16.8 per cent and operating profit margin is 10.6 per cent. Pre-tax profit was £6,071,183, up from £3,753,941 in the 40-week year to 2 January 2011.

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