Soho House reports losses rise to $46m in first quarter, UK membership numbers up 48% in two years, overall waitlist exceeds 100,000 for first time: Members’ club group Soho House has reported its net loss in the 13 weeks to 31 March 2024 increased to $46.0m from $16.0m the year before. Revenue increased 3.1% to $263.1m compared with $255.2m the previous year. Adjusted Ebitda fell to $19.3m, down from $20.1m the year before. The number of UK members was up to 71,835 from 63,285 the previous year and that figure has increased 48% 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 43 from 41 the year before. Meanwhile, the company’s overall waitlist now sits at approximately 102,000, an all-time high. Total members in the first quarter of 2024 grew to 261,571 from 259,884 in the fourth quarter of 2023 and by 9.9% year on year. Soho House members grew to 198,021 from 193,865 in the fourth quarter of 2023, and 17.4% year on year. Membership revenue grew to $100.2m, a 20.4% increase year on year, accounting for 38.1% of total revenue. In-house revenue of $110.4 million was down 5% on the previous year. Revpar decreased 3% on a like-for-like basis with the year before. Soho House ended the first quarter of 2024 with cash and cash equivalents and restricted cash of $145m. The company has increased its adjusted Ebitda guidance for the full year from between $155m and $165m to between $157m and $165m. All other guidance remained the same, with total revenue expected to be between $1,200m and $1,250m and member revenue between $405m and $415m. The company opened Soho House Portland in March and is expected to open Soho House Sao Paulo soon. The company launched a new “best-in-class” HR system in the UK, ahead of rolling it out globally. The company said like-for-like food and beverage margins at its houses both improved compared with the first quarter of 2023, despite cost inflation. Chief executive Andrew Carnie said: “Our first quarter results are testament to the strong appeal of Soho House globally, with Soho House membership growing 17% year on year and our waitlist surpassing the 100,000 mark for the first time. Total revenue grew 3% in the quarter, and we have seen steady improvement in underlying trends since the start of the year. This, coupled with continued strong execution, gives us confidence to raise the midpoint of our adjusted Ebitda guidance. 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 865 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.