Nick Jones, the Soho House chief executive, has said the group has no immediate plans to go ahead with an initial public offering.
Speaking to The Times, Jones confirmed the group had hired banking advisers from Goldman Sachs and JP Morgan this year, adding: “We’re just looking at our strategic options, but we don’t have to do anything.”
The company said that a combination of its strong cashflow and the £275m debt refinancing signed with Permira Debt Managers last year meant that it was under no pressure to pursue an IPO.
Jones said that he and his fellow shareholders Ron Burkle and Richard Caring were all “very happy to stay in because the potential is great”. In the past there have been suggestions of tensions between the trio but Mr Jones said: “I think in any relationship there are such moments but [the relationship] is very good at the moment.”
Jones was speaking on the back of the publication of Soho House’s financial results for the year to the end of December 2017, during which turnover grew 23% to £360.1m. Like-for-like sales increased by 8% during the year.
Underlying earnings on an adjusted basis grew 59% to £50.5m, although at a pre-tax level it reported a £60m loss, flat on 2016. The number of members grew by 18% to 71,000, with a waiting list of 51,000.
Occupancy at the 50% of its properties that have hotel rooms averaged 91%, with the average room rate up 8% to £306.