Soho House saw total turnover grow 3.4% to £293.4m in 2016 as its global membership grew by 23.9%.

Underlying turnover — which strips out “non-core elements” such as costs associated with designing and building properties — were up 21% to £273.6m.

In the first half of 2017, turnover grew 28%.

Chief executive Nick Jones told The Times that The Ned had contributed to a strong first half this year for the company, with turnover up 28% and adjusted earnings up almost 60%.

He said: “I was so worried it wasn’t going to work. But it’s going better than even we prayed for.”

He added: “It had been empty for 15 years. Every hotel company in the world had looked at it and couldn’t figure out what to do with the ground floor and had walked away. Also, they couldn’t figure out whether a hotel like that would work in the City.”

Jones admitted that margins were proving challenging amid rising costs, but the group had resisted putting up prices. “We have the advantage of being internationally spread, so we’re not reliant on one market.”

Last year the group completed a £275m debt refinancing through Permira.