Private members club Soho House waitlist at ‘record high’ says owner
Strong growth has been recorded for the Membership Collective Group (MCG) – the company that owns Soho House – for the Q2 2021 period. The growth has been recorded amid surging interest in membership.
The company increased revenues for the second quarter by 118 per cent, taking $124m in the three months to 4 July.
Revenue from MCG restaurants jumped by 267 per cent to $33m as the lifting of Covid restrictions gave the business a massive boost.
Soho House – a private membership club frequented by celebrities such as Kendall Jenner, saw its waitlist grow to 63,700 in the period.
Nick Jones, CEO of Membership Collective Group, commented on surging demand, saying “The total size of our waitlist for MCG memberships has reached a record high – providing confidence in the platform’s future growth.”
If additional Soho Houses in London and Austin open the waitlist could be eased. The company is on track to build a total of seven new houses in 2021.
But Jones says the company will continue to take a “cautious approach” to accept new Soho House members having “prioritised existing members’ enjoyment of the Houses when they have reopened.”
During the quarter frozen memberships fell by almost 6,000 as members returned to Soho Houses, but just 599 new applicants were admitted.
The strategy has had mixed results with MCG running a net loss of $57m for the period.
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