Soho House reports losses increase to $33.9m in second quarter, UK membership numbers up 33% in two-and-a-half years: Members’ club group Soho House has reported its net loss in the 13 weeks to 30 June 2024 increased to $33.9m from $2.6m the year before. Total revenue increased 5.6% to $305.1m compared with $288.9m the previous year. Adjusted Ebitda was $33.3m, up $1.6m on the year before. The number of UK members was up to 72,543 from 65,591 the previous year and that figure has increased 33% since January 2022, when the number of members was 48,575. The number of UK houses remained at 13 compared with the previous year and was up from 11 in January 2022. Globally, the number increased to 44 from 41 the year before. Meanwhile, the company’s overall waitlist now sits at approximately 111,000, an all-time high Total members in the second quarter of 2024 grew to 264,540 from 261,571 in the first quarter and by 6.6% year on year. Soho House members grew to 204,028 from 198,021 in the first quarter of 2024, and 16% year-on-year. Membership revenue grew to $103.6m, a 16.1% increase year on year, accounting for 33.9% of total revenue. In-house revenue of revenue of $128.4m was up $2.9m on the previous year. Revpar was flat year-over-year on a like-for-like basis. The company said like-for-like food and beverage margins improved compared with the second quarter of 2023, despite cost inflation. Soho House ended the second quarter of 2024 with cash and cash equivalents and restricted cash of $154m. The company opened Soho House Sao Paulo and Scorpios Bodrum in the quarter. Soho House has increased its membership guidance to more than 212,000 from 210,000. As a result, membership revenue is now expected to be between $410m and $420m, up from between $405m and $415m. All other guidance remained the same, with total revenue expected to be between $1,200m and $1,250m and adjusted Ebitda guidance between $157m and $165m. Chief executive Andrew Carnie said: “Our second quarter results reflect the strong appeal of Soho House globally, with Soho House membership growing 16% year on year and our waitlist increasing to approximately 111,000. 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. Total revenue grew 6% in the second quarter, with underlying in-house trends improving versus the first quarter. Our strategic focus on operational efficiencies and delivering the best member experience also drove strong adjusted Ebitda growth. I’d like to thank our teams for their passion and hard work, and members around the world for their continued loyalty.” Soho House features in the Who’s Who of UK Hospitality, which is one of six databases exclusive to Premium Club members. The latest edition features 880 companies. The companies, listed in alphabetical order, have their most recent results reported as well as broader information around Ebitda, plans and trading style available. The database merges Companies House information, interviews and other public information to provide an easy to reference and exhaustive guide to the sector. Email kai.kirkman@propelinfo.com today to sign up.

Pret staff to wear body cameras amid fears over crime: Pret A Manger is giving body cameras to staff amid a sharp jump in shoplifting and attacks on retail workers. The company has launched a trial of the body-worn cameras in six shops across London and put up signs informing customers about them, reports The Telegraph. It comes as retailers and other high street brands grapple with surging rates of shoplifting and aggressive behaviour towards staff in the wake of the pandemic that is costing them millions in lost stock and extra security measures. A Pret spokesman said the cameras, which rolled out last month, would only be worn by team leaders or managers and would be turned on only in specific circumstances. Only Pret’s security team will have access to footage captured. There were more than 430,000 reported shoplifting cases in England and Wales last year, according to the Office for National Statistics, the highest number since records began in 2003. Meanwhile the British Retail Consortium (BRC) has estimated as much as £2bn worth of goods could be lost to customer theft in 2024, double the amount lost in 2023. Attacks on retail workers have reportedly surged too, with as many as 1,300 cases of violence and abuse every day, according to BRC data. It found that there were 50% more incidents in the year to last September than during the previous 12 months. Pret’s trial began before far-right riots hit British high streets over the last week and is not linked to them.