Soho House lines up US float that would value the Ned-operator at $3bn

Soho House, the operator of City private members’ club The Ned, is reportedly poised to go public after making a confidential filing with US regulators as the first step towards an initial public offering.

The chain of private clubs has submitted a confidential filing for a New York IPO that would value the company at more than $3bn, Sky News reported.

The filing with the US Securities and Exchange Commission (SEC) is the first stage of the IPO process in the US.

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A spokesperson for Soho House declined to comment.

The business was founded by Nick Jones in 1995 on Greek Street in Soho above his restaurant, Cafe Boheme.

It has since expanded across the UK, Europe, the US and Asia.

US billionaire Ron Burkle is the group’s majority owner with restaurateur Richard Caring and Jones holding minority stakes and Jones remaining as chief executive.

The business had previously eyed a New York listing but instead raised $100m from private investors in 2019. Burkle reportedly injected a further $100m into the company last year as the coronavirus pandemic slowed sales.

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The Ned, a club in the old Midland Bank at 27 Poultry in the heart of the City, was designed and is operated by Soho House but owned by Burkle.

JPMorgan and Morgan Stanley are reportedly leading on the float.

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