Membership Collective Group announces 2022 financial results and planned name change

2 min reading time

Published on 09/03/23 - Updated on 09/03/23

Soho House Stockholm

Membership Collective Group Inc., the parent company of Soho House, has announced its fourth quarter and fiscal year 2022 results. It also revealed that it will change its name to Soho House & Co.

Fourth Quarter 2022 Financial Results

The company opened Soho House Stockholm and Miami Pool House in Q4 2022, and Soho House Bangkok opened in February 2023. Its total revenues for the period were $270.4 million, 46.5% year-over-year growth, of which $120.7 million was generated from in-house revenues and $77.1 million came from membership revenues. Total Members grew to 226,830 from 211,351 in Q3 2022 and 45.6% year-over-year. Finally, the company’s adjusted EBITDA was $23.2 million, up $20.6 million from the fourth quarter 2021.

Fiscal Year 2022 Financial Results

Over the course of 2022, seven new houses were opened: Nashville, Brighton Beach House, Holloway House, Little House Balham, Copenhagen, Stockholm, and Miami Pool House. Total revenues for the year grew to $972.2 million, an increase of 73.4% year-over-year. Of this total, $426.6 million (an increase of 95.7% year-over-year) and $272.8 million (an increase of 44.2% year-over-year) were generated by in-house revenues and membership revenues, respectively. Following a $24 million loss in fiscal year 2021, last year saw an adjusted EBITDA of $60.7 million.

Membership Collective Group has taken the decision to change its name to Soho House & Co. in the coming weeks in order to align it more clearly with its biggest and best-known brand, Soho House.

We had a strong fourth quarter, with revenues up 47% year on year and Adjusted EBITDA outperforming our guidance range. Demand remains strong despite concerns around the economic environment, and we ended the year with a 32% increase in Soho House members. I would like to thank our members for their continued support and our teams for their hard work and passion throughout the year. Looking ahead to 2023, we’re confident in the resilience of our growth and are more focused than ever on improving member value and driving profitability. We have also decided to change our company name to Soho House & Co, which will become effective in a few weeks, taking us back to our roots and reflecting the unique brand that Nick spent 28 years creating.

Andrew Carnie, CEO of Membership Collective Group

It’s great to see Soho House continue to go from strength to strength and I could not be prouder of Andrew and the wider team. Members have always been at the heart of everything we do; introducing new menus to better reflect our Houses, more focus on training, and the evolving design of our new openings, proves this continues to be our philosophy.

Nick Jones, Founder of Membership Collective Group

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