New role: Soho House founder Nick Jones with his wife Kirsty Young
The company behind the glamorous Soho House chain of private members’ clubs will this week reveal its first set of full-year results without founder Nick Jones at the helm.
Jones, who is married to broadcaster Kirsty Young, stepped down from his role as chief executive of parent company Membership Collective Group (MCG) in November after overcoming prostate cancer.
He handed over day-to-day running to Andrew Carnie, but remains involved.
MCG, whose shares are traded in the US, is expected to post operating profit of £50 million – in line with recent guidance.
It is also set to reveal new clubs in Mexico City and Sao Paolo to add to its 40-strong stable.
MCG floated on the New York market in July 2021 at $14 a share. They have since more than halved in value, to around $6, as the company struggled to recover from the pandemic. But shares have bounced back a bit recently, and are up 23 per cent this year.
It has not made a pre-tax profit since its inception in 1995 and analysts remain concerned that members might cancel subscriptions if there is another downturn.
Soho House may have struggled to make a return for shareholders, but it has always attracted the rich and famous, from the Duke and Duchess of Sussex to singer Ellie Goulding.
In November, Jones, 59, said of his cancer battle: ‘Inevitably, this experience has changed my perspective and focus. As a result I’m transitioning to my original role as founder and will focus on the creative and membership aspects of Soho House.’
