Soho House sees revenues rise to $288.9m in Q2 2023

Soho House, a global membership platform, has reported that its total revenues increased 18.5% to $288.9m (£227.2m) in the second quarter, according to its trading update ended 2 July 2023.

In-House revenues also grew to $125.5m (£98.3m) up 14.4% year-over-year and Revenue Per Available Room (“RevPAR”) was 13% higher year-over-year on a Like-for-Like basis.

As its members grew to 176,305 from 168,685 in the first quarter of 2023, its membership revenues also increased 35.4% to $89.2m (£70.17m) year-over-year, accounting for 30.9% of total revenues.

Additionally, its Adjusted EBITDA increased to $31.8m (£25.02m), up $16.4m (£12.90m) from the second quarter of 2022.

Number of Soho House members in the UK also grew from 54,764 to 65,591.

Looking ahead, the group plans to open new Soho Houses in Mexico City, Portland and Sao Paulo through the end of the year. However, the opening of Soho House Manchester, which was also planned for this year, has been postponed until 2024.

The Manchester opening will be the 13th UK Soho House club and fourth outside of London, following the group’s launch in Brighton last year.

Members’ clubs are also located in Oxfordshire and Somerset.

Andrew Carnie, CEO of Soho House and Co, said: “We delivered another strong quarter of results with good membership growth and the highest quarter on quarter increase in our waitlist since Q1 2022, demonstrating the continued appeal of our membership. Total revenues grew by 19% year-on-year, underpinned by growth in recurring membership revenues, and Adjusted EBITDA more than doubled, supported by 11% margins.

“These second quarter results, as well as confidence in the outlook, lead us to increase our annual guidance for membership, Total revenues and Adjusted EBITDA. I couldn’t be prouder of our teams as they continue to grow and enhance the experience for our members, whilst operating efficiently and leading us towards greater profitability.”