The Membership Collective Group (MCG) who own Soho House, has delivered strong growth in Q2 2021 amid surging interest in membership.
The company, which raised $402 last month during its New York listing, increased revenues for the second quarter by 118 per cent, taking $124m in the three months to July 04. Revenue from MCG restaurants, which include The Ned and Scorpios, jumped by 267 per cent to $33m as the easing of lockdown restrictions gave the business a boost.
The Soho House waitlist grew to 63,700 in the period as demand for entry to the luxury members club, which is frequented by Victoria Beckham, Nicole Kidman and Kendall Jenner, soared.
Nick Jones, CEO of Membership Collective Group, commented on surging demand, saying “The total size of our wait list for MCG memberships has reached a record high – providing confidence in the platform’s future growth.”
The wait time could be eased by the opening of additional Soho Houses in London and Austin during the quarter which put the company on track to build a total of seven new houses in 2021.
However, Jones stressed the company would continue taking a “cautious approach” to accepting new Soho House members having “prioritised existing members’ enjoyment of the Houses when they have reopened.”
During the quarter frozen memberships fell by almost 6,000 as members returned to Soho Houses, but just 599 new applicants were admitted.
The strategy has had mixed results with MCG running a net loss of $57m for the period.