Richard Caring, the rag-trade entrepeneur and restaurant owner, is believed to be in talks to buy a majority stake in Soho House, the luxury private members’ club group, in a deal that could value the business at £120m. The Sunday Times
The group’s high-profile shareholders include Nick Jones, its founder, who is married to news reader Kirsty Young; Gavyn Davies, the former BBC chairman; Hani Farsi, a restaurateur and private-equity investor; Tom Singh, founder of the New Look fashion chain, and Geordie entertainment duo Ant and Dec.
It is believed that Jones would retain a significant minority stake of around 20%. Caring would buy out the other investors, who could net huge profits.
Eight months ago Soho House was reported to be worth about £70m, but Jones has since opened its biggest club yet: the £6.5m Shoreditch House in east London. It also owns the Electric, a small club and cinemain Notting Hill; High Road House, a hotel and private members’ club in Chiswick; and Babington House in Somerset.
New sites are planned for Miami, Berlin, Istanbul, Madrid and Los Angeles, and there are proposals for clubs in Tokyo, Shanghai, Cairo and Sydney by 2010.