|Billionaire Fashion Tycoon Buys 80% of Soho House Group|
|Minority stakeholders including Ant & Dec bought out in £105m deal
Billionaire tycoon Richard Caring has paid £105m for 80% of the Soho House Group which includes Chiswick's High Road House.
The deal, which leaves founder and chief executive Nick Jones with 20% of the business, sees 28 minority investors including Ant and Dec and former BBC chairman Gavyn Davies being bought out.
In a letter issued to the group's 15,000 members, Nick Jones said, "As you might already be aware, last week we concluded an important deal with Richard Caring who has bought out our existing shareholders. The deal doesn’t affect anything in the day-to-day management of the Houses and sees no change to the executive management team.
"Equally, my personal enthusiasm and passion, as well as my financial interest in the business, remains unchanged. It will, however, assist with our extensive growth plans."
He concluded "I would like to take this opportunity to thank our outgoing shareholders for all their support over the years."
Caring adds Soho House to an already comprehensive portfolio of elite restaurants and private members’ clubs including The Ivy, Le Caprice and J Sheekey as well as Annabel’s nightclub and Wentworth golf club in Surrey.
January 22, 2008