Soho House CEO says IPO plans ‘parked’, confirms appointment of Goldman Sachs and JPMorgan to consider strategic options
03 OCT 2018
Soho House Group’s chief executive Nick Jones has said the UK-based private club operator is not planning an initial public offering in the near future, The Times reported. Jones confirmed that Soho House Group had hired the investment banks JPMorgan and Goldman Sachsas advisers this year, but said the company is merely considering strategic options and does not need to take any action.
Sky News reported in February that Soho House had hired JPMorgan and Goldman Sachs to advise on a listing in New York that would value the business at about USD 2bn (GBP 1.54 bn) The report cited banking sources for the information.
Soho House said the GBP 275m debt refinancing agreed with Permira Debt Managers in 2017 and the company's robust cashflow means it is not under pressure to proceed with an IPO, The Times reported.
The US-based private investor Ron Burkle holds a 60% stake in Soho House, while the UK-based restaurateur Richard Caring holds a 30% stake, the item noted. The owners are all happy to retain their investments due to the company’s “great” potential, Jones said.
Soho House Group reported its FY17 results on Tuesday, 2 October, which showed a 23% increase in turnover to GBP 360.1m for the year ending December. Like-for-like revenues at Soho House’s sites increased by 8% year-on-year, the report noted.