Soho House to be taken private in £2bn deal: Members’ club group Soho House is to be taken private in a $2.7bn (£2bn) deal by a group led by New York-based MCR Hotels, the third-largest hotel owner-operator in the US and owner of the BT Tower in London. Actor-turned-investor Ashton Kutcher will lead a consortium providing new funding to the business and will join Soho House’s board of directors once the transaction is complete, while MCR chief executive Tyler Morse will be vice-chair. Apollo Global Management, the investment firm and backer of The Restaurant Group, is expected to provide more than $800m in debt and equity financing to support the transaction. Soho House was founded by Nick Jones, who has a 5% stake, although the biggest investor is the US retail billionaire Ron Burkle, who holds 40% of the company. Richard Caring, the owner of the Ivy restaurant chain, has a 21% stake. All three will retain their stakes, as will the US investment bank Goldman Sachs, which has 8%. The new investors will pay $9 a share for about 15% of the Soho House’s shares that trade publicly. The company said the deal implied an enterprise value of about $2.7bn, although that included $700m of debt. The offer leaves the value of its shares – at about $2bn – well below the $2.8bn level it achieved shortly after listing in 2021. The company has traded below $9 a share since May 2022, although it said that the offer represented an 83% premium to the price before investor interest was revealed in December. Andrew Carnie, chief executive of Soho House, which is listed in New York, said: “This transaction reflects the strong confidence our existing and incoming shareholders have in the future of Soho House & Co, and the transformation we’ve led since becoming a public company. Since our IPO in 2021, we’ve focused on building a stronger, more resilient business. Against a backdrop of challenging economic conditions and global uncertainty, from 2022-2024 we delivered consistent, disciplined growth with revenue increasing at an average annual rate of double-digit growth, and adjusted Ebitda growing at over 50% annually during the same period. We’ve expanded our global footprint, welcoming new members into Houses in creative and culturally important cities such as São Paulo, Mexico City, Nashville, and Paris, while continuing to build strong connections with members and invest in Houses that we’ve called home for many years. Behind the scenes, we’ve embarked on a significant transformation of our finance and operational systems, giving us the tools to scale efficiently and position the business for long-term success. Returning to private ownership enables us to build on this momentum, with the support of world class hospitality and investment partners. I’m incredibly proud of what our teams have accomplished and am excited about our future, as we continue to be guided by our members and grounded in the spirit that makes Soho House so special.” Morse said: “Soho House is a place of creative connection, where freedom of expression and character thrive. All of us at MCR are excited to be part of the Soho House journey, helping to create more experiences, interactions and memories alongside friends and members. We have long admired Soho House for bringing together cultures from around the world into a global network of 46 Houses, and we look forward to the continued growth of that fabric, starting with four new Houses opening soon. MCR’s investment in Soho House represents a strategic opportunity to combine our operational expertise with one of the most distinctive brands in hospitality. Our shared goal is to safeguard the member experience, drive sustainable international growth for House members and protect and expand the cultural and creative foundation that has made Soho House a global industry leader. Together, we are confident in our ability to deliver long-term value for members, employees and shareholders alike.” Earlier this month, the business reported a return to profit in its second quarter, with adjusted Ebitda up 46%. It reported net profit of $24,885,000 for the 13 weeks to 29 June 2025 compared with a loss of $33,205,000 the year before. Adjusted Ebitda grew 46% to $46,130,000 from $31,525,000. Total revenue increased 8.9% to $329,804,000 compared with $302,947,000 the year before. 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 will features 1,035 companies when it is released on Friday (22 August). 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.

BrewDog CEO – right now, the headline numbers do not make happy reading: BrewDog's chief executive James Taylor has told investors in the brewer and bar operator that its recent headline financial figures did “not make for happy reading” but that it was “on the right path” and “doing the right things”. The Daily Mail reports that when addressing investors on the Equity for Punks forum at the end of June, Taylor said: “Right now, the headline numbers do not make happy reading. Revenue and Ebitda remain behind budget and last year. That underperformance isn’t across the entire business and there are areas of real momentum and solid fundamentals, but there are clear challenges in our Bars that have had a material impact on group profitability. Year-to-date, our group revenue is tracking circa 9% behind prior year after a poor first quarter. That said, there are positive signs that things are moving in the right direction, and I’m confident the second half will be meaningfully stronger. Some of our key growth engines are performing well. Grocery and impulse are in growth, and we are seeing our highest market share. With new beers and Christmas plans locked in, these channels will continue this momentum. In on trade, our fantastic new partnerships with Lords and London Stadium will bring growth in the second half. In our bars, we are already starting to see gradual improvement in performance, but there is a long way to go. These ‘shoot of recovery’ are being delivered by all the hard work the team is delivering, and with second half bookings in our key icons sites significantly ahead of plan and 2024, we remain confident that, after a period of inertia, our bar business will be buoyant again. Our fresh launch has had an excellent response internally from the crew, from consumers and from our retail partners. We’ve refreshed menus, energised teams, introduced new benefits, introduced a new charter, brought in new structures and redesigned headliner cans. But this is just the start of what we want to do to bring that energy and excitement back to our business. A whole series of initiatives and innovation is planned and will be delivered. There’s still a lot of work ahead to do across our business. But I’m confident that the second half will reflect the progress we’re making. We’re on the right path, doing the right things and the results will follow.” Taylor's statement came before it was revealed that the company's range of draught beers have disappeared entirely from around 1,860 pubs in the last two years, according to private industry data, meaning its UK distribution has been cut by more than a third. Last month, the business closed ten of its bars in the UK after a strategic review, as it looks to position its bar portfolio under “destination hubs” and “community bars” for “long-term, profitable growth”.