What is the new name for Soho House?
On March 20, 2023 Membership Collective Group became Soho House & Company. Their stock symbol changed from MCG to SHCO. As of 2024, the company had never made a profit; pre-tax losses for 2024 were forecast to be about US$73m. American retail billionaire Ron Burkle is the controlling shareholder of Soho House. The company went public in 2021 at a listing price of $14. Its share price has since fallen around 60 per cent. In 2022, Jones stepped down from his role as CEO and promoted Andrew Carnie to lead the company.
What is the controversy with the Soho House?
The GlassHouse report called out Soho House for alleged poor accounting measures, climbing debt and financial shortfalls. Those claims ricocheted throughout the finance world and then on to the very members who pay thousands of dollars every year in dues. Down the swanny. According to GlassHouse Research, Soho House had a “broken business model” with “questionable accounting”, and had expansion “into less affluent cities for revenue growth, the persistent lack of profitability, overcrowding, a perceived decline in service quality” to blame.