Membership Collective Group Announces Third Quarter 2022 Results
LONDON--(BUSINESS WIRE)--Membership Collective Group Inc. (NYSE: MCG) (“MCG,” “Company,” “we” or “our”), a global membership platform that connects a vibrant, diverse, and global group of members, today announced results for the third quarter ended October 2, 2022. Third Quarter 2022 Financial Results Total Members grew to 211,351 from 193,370 in the second quarter 2022 and 46.3% year-over-year Soho House Members grew to 152,165 from 142,250 in the second quarter 2022, and 29.3% year-over-year Soho House Members grew to 152,165 from 142,250 in the second quarter 2022, and 29.3% year-over-year MCG Membership waitlist now sits at an all-time high of ~85,000 and retention rates continue at pre-pandemic levels Total revenues of $266.0 million, 48.2% year-over-year growth Membership revenues of $71.0m increased by 38.8% year-over-year, accounting for 26.7% of Total revenues In-House revenues grew to $108.5 million up 62.3% year-over-year Revenue Per Available Room (“RevPAR”) was 18.2% higher year-over-year on a Like-for-Like basis Revenue Per Available Room (“RevPAR”) was 18.2% higher year-over-year on a Like-for-Like basis Net loss attributable to Membership Collective Group Inc. was ($91.7m) or ($0.46) per share, inclusive of a $53.9 million non-cash foreign exchange charge Adjusted EBITDA of $20.3m, up $11.4m from the third quarter 2021 As part of a leadership succession plan, CEO Nick Jones will transition to Founder, with President Andrew Carnie becoming CEO “The key demand drivers of our business continue to remain strong, with Soho House members growing almost 30% year-on-year to over 152,000, and revenues for the Group up almost 50% in the quarter. Our expectations for strong revenue growth and membership this year remains unchanged. Given the continued appeal in Soho House, we expect to reach 190,000 Soho House members by the end of 2023,” said Nick Jones, Founder of MCG. “However we have lowered our EBITDA guidance to reflect costs and FX. Looking ahead, to reduce pressure on the business and give our members the best experience as we open, we are returning to our original target of 5-7 new Houses a year, reflective of our current signed pipeline until 2025. This includes delaying Mexico City and Bangkok to 2023.” “By prioritizing the business against what our members value and putting initiatives in place to operate more efficiency, we expect to achieve >10% EBITDA margins in 2023.” Summary of Financial Results for the Quarter Ending October 2, 2022 For the 13 Weeks Ended (in thousands, except shares and per share amount unless otherwise noted) October 2, 2022 October 3, 2021 Total revenues $ 266,046 $ 179,559 Membership revenues $ 71,023 $ 51,162 In-House revenues $ 108,488 $ 66,859 Other revenues $ 86,535 $ 61,538 Operating loss $ (70,581 ) $ (53,444 ) House-Level Contribution(1) $ 32,599 $ 23,950 House-Level Contribution margin (%)(1) 19 % 21 % Other Contribution(1) $ 19,753 $ 11,890 Other contribution margin (%)(1) 21 % 18 % Net loss attributable to MCG Inc. $ (91,668 ) $ (77,027 ) Adjusted EBITDA(1) $ 20,260 $ 8,820 Adjusted EBITDA margin (%)(1) 8 % 5 % Net debt(1)(2) $ 462,640 $ 326,226 (1) See “Non-GAAP Financial Measures” on page 6 for reconciliations of Non-GAAP measures to GAAP measures. (2) Net Debt is presented as of October 2, 2022 and October 3, 2021 respectively. Expenses listed below are not added back in Adjusted EBITDA: For the 13 Weeks Ended (in thousands, unless otherwise noted) October 2, 2022 October 3, 2021 Pre-opening expenses 2,555 $ 4,672 Non-cash rent 4,654 1,191 Deferred registration fees, net (489 ) 974 We delivered the following highlights in the third quarter of Fiscal 2022 1. Grow and Enhance Membership Membership continues to reach new highs benefitting from a record waitlist and continued high retention rates Soho House members grew to 152,165 from 142,250 in the second quarter 2022, and 29.3% year-over-year New Soho House openings continue to enhance membership value, with Soho House Balham and Copenhagen opening in the quarter In August 2022 we merged our HOME+ members into Friends members to enhance the value for HOME+ members while increasing our share of wallet We have adjusted focus on digital to align with member interest, re-aligning content and no longer pursuing a separate digital membership 2. Operational Excellence to Drive Profitability We saw continued recovery of In-House revenues growing by 62.3% to $108.5 million in Q3 2022, up from $66.9 million in Q3 2021 Our accommodation performance also continued to be strong, with RevPAR for Q3 2022 18.2% higher than Q3 2021 We achieved third quarter 2022 Adjusted EBITDA of $20.3 million, an increase of $11.4 million compared to the third quarter of 2021 While inflationary pressures persist during 2022, we have been able to offset some through pricing power and continued improvements in our purchasing across F&B For example, food and beverage cost of sales ratios have improved 120bps versus the third quarter 2019 We continue to see inflationary pressures and are recalibrating expenses to better match member behavior and utilization We are re-focusing our general and administrative spending on membership growth and experience, with target reductions on content, digital and other corporate functions without impacting the member experience Membership Summary for the Quarter Ending October 2, 2022 As of October 2, 2022 October 3, 2021 Total Members 211,351 144,503 Soho House 152,165 117,728 Frozen members 2,187 6,752 Soho Friends 52,698 17,898 Soho Works 6,488 4,497 HOME+ — 4,380 SH.APP Active Users 156,769 93,410 As of October 2, 2022 October 3, 2021 (Unaudited) Number of Soho Houses 38 32 North America 13 11 United Kingdom 13 11 Europe/RoW 12 10 Number of Soho House Members 152,165 117,728 North America 57,221 44,067 United Kingdom 58,106 47,341 Europe/RoW 30,374 22,013 All Other 6,464 4,307 Number of Other Members 59,186 26,775 North America 16,200 6,385 United Kingdom 35,969 18,372 Europe/RoW 7,017 2,018 Number of Total Members 211,351 144,503 Number of Active App Users 156,769 93,410 Memberships Total Members in the third quarter 2022 grew to 211,351 from 193,370 in the second quarter 2022 and by 46.3% year-over-year Total Soho House Members grew to 152,165 from 142,250 in the second quarter 2022, as retention rates remained strong, alongside membership intakes in both new and existing Houses Frozen Members declined to 2,187 at the end of the third quarter 2022, a further decrease of 423 since the end of the second quarter 2022. Frozen members as a % of total membership is below pre-pandemic levels Other Memberships including Soho Friends and Soho Works increased to 59,186 members, an increase of 8,066 from the end of second quarter 2022 and +121% increase year-on-year. In August 2022 we merged our HOME+ members into Friends members to enhance the value for HOME+ members while increasing our share of wallet Financing Membership Collective Group Inc. ended the third quarter 2022 with Cash and cash equivalents and Restricted cash of $235 million On November 10, 2022, we amended the existing £75.0 million senior revolving facility to extend the maturity date from January 25, 2024 to July 25, 2026 The Company repurchased 2,362,083 shares for $15 million during the third quarter 2022 Fiscal Guidance We’re updating our fiscal 2022 guidance. Our total Soho House members and revenue targets remains unchanged, but we lower EBITDA targets: FY2022 Guidance Old Range New Range** New Range YoY % Soho House Members 160,000 to 165,000 Unchanged 30% to 34% Total Membership Revenues $265 million to $275 million Unchanged 40% to 45% Total Revenues $910 million to $985 million Unchanged 62% to 76% Adjusted EBITDA* $70 million to $80 million $55 million to $60 million N/A *without adding back pre-opening costs, non cash rent and deferred registration fees of ~$35 million combined for fiscal 2022 as a whole **Assumes EUR/USD at 0.95 and GBP/USD at 1.04 for Q4 2022, to reflect latest bank estimates Conference Call and Webcast: A conference call and live webcast will be hosted to discuss these results on Wednesday, November 16, 2022, at 09:00 ET / 14:00 GMT. A live broadcast and accompanying presentation will be available at MCG’s website www.membershipcollectivegroup.com. To listen to the live conference call, please dial; USA: Participant Toll-Free Dial-In Number: +1 (800) 715-9871 Participant Toll Dial-In Number: +1 (646) 307-1963 UK: Participant UK Toll-Free Dial-In Number: +44 (0) 800 260 6466 Participant UK Toll Dial-In Number: +44 (0) 20 3481 4247 Conference ID: 7633905 A replay of the webcast will be available on the MCG website following the call for up to 90 days. Non-GAAP Financial Measures This presentation contains certain financial measures, including Adjusted EBITDA, House-Level Contribution and Margin, Other Contribution and Margin, Net Debt and certain financial measures presented on a Constant Currency basis that are not required by, or presented in accordance with, accounting principles generally accepted in the United States of America (‘GAAP’). We refer to these measures as ‘non-GAAP financial measures.’ We use these non-GAAP financial measures when planning, monitoring and evaluating our performance. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues or net income (loss), in each case as recognized in accordance with GAAP. In addition, other companies may calculate one or more of these measures differently, which reduces the usefulness of any such measure as a comparative measure. See Appendix for a definition of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures. We provide earnings guidance using both GAAP and non-GAAP financial measures. A reconciliation of the Company’s Adjusted EBITDA guidance to the most directly comparable GAAP financial measure cannot be provided without unreasonable efforts and is not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that are made for future changes in foreign exchange and the other adjustments reflected in our reconciliation of historical non-GAAP financial measures, the amounts of which, could be material. The information in this presentation should be read in conjunction with our Quarterly Report on Form 10-Q and other information that we file with the SEC. The reconciliations of non-GAAP financial measures are an integral part of the information presented herein. You can access these documents on our website, www.membershipcollectivegroup.com, free of charge, as well as amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. The information contained on our website is not incorporated by reference into, and should not be considered a part of, this presentation. In addition, the SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers, including the Company, that file electronically with the SEC at www.sec.gov. The non-GAAP financial measures we use herein are defined by us as follows: ADJUSTED EBITDA. Adjusted EBITDA is a supplemental measure of our performance. Adjusted EBITDA is defined as Net income (loss) before Depreciation and amortization, Interest expense, net, Income tax (expense) benefit, adjusted to take account of the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These other items include, but are not limited to, Gain (loss) on sale of property and other, net, Share of loss (profit) from equity method investments, Foreign exchange, Share of equity method investments adjusted EBITDA and Share-based compensation expense. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses (income) that do not relate to ongoing business performance. HOUSE-LEVEL CONTRIBUTION AND MARGIN. House-Level Contribution is defined as House Revenues less In-House operating expenses, which includes expense items such as food and beverage costs, labor costs, variable overheads and fixed costs, such as rent. It does not reflect the impact of depreciation, amortization, impairment, gain or loss on sale of property, or general and administrative expenses. House-Level Contribution Margin is defined as House-Level Contribution as a percentage of our House Revenues and is a key determinant of our performance and profitability and our return on the investment we make in each of our Houses. Given that all costs associated with providing our members with the Soho House experience, including the costs associated with maintaining our Houses and providing services to members while in the Houses, are included in In-House operating expenses, we use House Revenues (inclusive of House Membership Revenues) in calculating House-Level Contribution and House-Level Contribution Margin to assess the overall profitability of our Houses. Accordingly, our management considers House-Level Contribution and House-Level Contribution Margin to be an important management measure to evaluate the performance of each House, and growth in aggregate House-Level Contribution allows us to leverage our general and administrative costs and improve overall profitability. HOUSE MEMBERSHIP REVENUES. House Membership Revenues are comprised primarily of annual membership fees and one-time legacy registration fees from Soho House members which are amortized over 20 years. The one-time registration fee is no longer applicable to new members admitted from April 4, 2022, see House Introduction Credits below. HOUSE INTRODUCTION CREDITS. New members admitted from April 4, 2022 are required to purchase House Introduction Credits as part of their membership, per the House rules. House Introduction Credits are credits of an equivalent value to cash within Houses and are redeemable against purchases of food and beverage items, and bedroom stays, at the Houses. House Introduction Credits expire after the first three months from the date of issuance, where legally permitted in the regions we operate, if not utilized or if the Company terminates a member’s House membership. IN-HOUSE REVENUES. In-House revenues include all revenues realized within our Houses, including food and beverage, accommodation and spa products and treatments. HOUSE REVENUES. House Revenues is defined as House Membership Revenues plus In-House revenues, less Non-House Membership Revenues. Our management views House Membership Revenues and In-House revenues as interrelated and their aggregation as important in tracking House performance. Although there is no minimum spend for any member on In-House offerings, nevertheless in practice most members consume food and beverage, accommodations and other offerings at our Houses. The pricing of our In-House offerings is reflective of the fact that the significant majority of In-House offerings that generate In-House revenues are consumed by members who also pay a membership fee in relation to that House, with pricing of such In-House offerings being identical for both members and non-members. OTHER CONTRIBUTION AND MARGIN. Other Contribution is defined as Other revenues plus Non-House Membership Revenues less Other operating expenses, which includes expense items not related to the operation of Houses, such as labor costs, variable overheads and fixed costs, such as rent. It does not reflect the impact of depreciation, amortization, impairment, gain or loss on sale of property, or general and administrative expenses. Other Contribution Margin defined as Other Contribution as a percentage of our Other revenues and is a key determinant of our performance and profitability and our return on the investment in our non-House business. Our management considers Other Contribution and Contribution Margin to be an important management measure. NET DEBT. Net Debt reflects the total debt, comprising long-term debt, property mortgage loans and related party loans, less cash, cash equivalents and restricted cash. Net Debt is an important measure to monitor leverage and evaluate the balance sheet. A limitation associated with using Net Debt is that it subtracts Cash and cash equivalents and Restricted cash and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. Management believes that investors may find it useful to monitor leverage and evaluate the balance sheet. REVENUE PER AVAILABLE ROOM. The key industry standard for measuring hotel-operating performance is RevPAR, which is calculated by multiplying the percentage of occupied rooms by the average daily room rate realized. CONSTANT CURRENCY. Some of our financial and operational data that we disclose in this release is presented on a ‘constant currency’ basis to isolate the effect of currency changes during the period. Where we refer to a measure being calculated in ‘constant currency,’ we are calculating the dollar change and the percentage change as if the exchange rate that is being used in the current period was in effect for all prior periods presented. We believe that this calculation provides a more meaningful indication of actual year over year performance and eliminates any fluctuations from currency exchange rates. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues or net income (loss), in each case as recognized in accordance with GAAP. In addition, other companies may calculate one or more of these measures differently, which reduces the usefulness of any such measure as a comparative measure. A reconciliation of Net loss to Adjusted EBITDA for the 13 weeks ending October 2, 2022 and October 3, 2021 is set forth below: For the 13 Weeks Ended Percent Change October 2, 2022 October 3, 2021 Actuals Constant Currency(1) Actuals (Unaudited, dollar amounts in thousands, except share and per share amounts or unless otherwise noted) Net loss $ (91,373 ) $ (76,221 ) (20 )% (41 )% Depreciation and amortization 26,971 21,500 25 % 47 % Interest expense, net 18,453 20,827 (11 )% 4 % Income tax expense 3,013 2,868 5 % 23 % EBITDA (42,936 ) (31,026 ) (38 )% (62 )% Loss on sale of property and other, net 12 31 (61 )% (54 )% Share of profit of equity method investments (686 ) (949 ) 28 % 15 % Foreign exchange⁽²⁾ 53,910 14,599 n/m n/m Share of equity method investments adjusted EBITDA 1,978 1,848 7 % 26 % Adjusted share-based compensation expense⁽²⁾⁽³⁾ 3,980 15,281 (74 )% (69 )% Operational reorganization and severance expense⁽⁴⁾ 4,046 — n/m n/m Membership credits (rebate) expense⁽⁵⁾ (44 ) 898 n/m n/m COVID-19 related rebate⁽⁶⁾ — (376 ) n/m n/m Corporate financing and restructuring costs⁽⁷⁾ — 8,514 n/m n/m Adjusted EBITDA $ 20,260 $ 8,820 n/m n/m A Reconciliation of Operating loss to House-Level Contribution & Other Contribution for the 13 weeks ending October 2, 2022 and October 3, 2021 is set forth below: For the 13 Weeks Ended October 2, 2022 October 3, 2021 Change % October 3, 2021 Constant Currency Constant Currency Change % Actuals (Unaudited, dollar amounts in thousands) Operating loss $ (70,581 ) $ (53,444 ) (32 )% $ (45,561 ) (55 )% General and administrative 30,807 24,369 26 % 20,775 48 % Pre-opening expenses 2,555 4,672 (45 )% 3,983 (36 )% Depreciation and amortization 26,971 21,500 25 % 18,329 47 % Share-based compensation 7,778 15,281 (49 )% 13,027 (40 )% Foreign exchange loss, net 53,910 14,599 n/m 12,446 n/m Other 912 8,863 (90 )% 7,556 (88 )% Non-House membership revenues (7,700 ) (4,731 ) (63 )% (4,033 ) (91 )% Other revenues (86,535 ) (61,538 ) (41 )% (52,461 ) (65 )% Other operating expenses 74,482 54,379 37 % 46,358 61 % House-Level Contribution $ 32,599 $ 23,950 36 % $ 20,417 60 % House-Level Contribution Margin 19 % 21 % 21 % For the 13 Weeks Ended October 2, 2022 October 3, 2021 Change % October 3, 2021 Constant Currency Constant Currency Change % Actuals (Unaudited, dollar amounts in thousands) Operating loss $ (70,581 ) $ (53,444 ) (32 )% $ (45,561 ) (55 )% General and administrative 30,807 24,369 26 % 20,775 48 % Pre-opening expenses 2,555 4,672 (45 )% 3,983 (36 )% Depreciation and amortization 26,971 21,500 25 % 18,329 47 % Share-based compensation 7,778 15,281 (49 )% 13,027 (40 )% Foreign exchange loss, net 53,910 14,599 n/m 12,446 n/m Other 912 8,863 (90 )% 7,556 (88 )% House membership revenues (63,323 ) (46,431 ) (36 )% (39,582 ) (60 )% In-House revenues (108,488 ) (66,859 ) (62 )% (56,997 ) (90 )% In-House operating expenses 139,212 89,340 56 % 76,162 83 % Total Other Contribution $ 19,753 $ 11,890 66 % $ 10,136 95 % Other Contribution Margin 21 % 18 % 18 % A reconciliation of Net Debt as of October 2, 2022 and October 3, 2021 is set forth below: As of Percentage change October 2, 2022 October 3, 2021 Actuals Constant Currency Current portion of debt, net of debt issuance costs $ 897 $ 3,903 (77 )% (72 )% Debt, net of current portion and debt issuance costs 559,169 454,633 23 % 48 % Property mortgage loans, net of debt issuance costs 116,012 114,947 1 % 22 % Current portion of related party loans 21,663 21,565 0 % 21 % Related party loans, net of current portion and imputed interest — — n/m n/m Total debt 697,741 595,048 17 % 42 % Less: Cash and cash equivalents 227,896 259,341 (12 )% 6 % Less: Restricted cash 7,205 9,481 (24 )% (8 )% Net debt $ 462,640 $ 326,226 42 % 71 % Key Performance and Operating Metrics Evaluated by Management In assessing the performance of our business, we consider a variety of operating and financial measures. These key measures include: NUMBER OF SOHO HOUSES. The number of Soho Houses reflects the total number of Soho Houses in operation in any period, irrespective of whether each House is (i) controlled by us, (ii) operated through a non-controlling interest in a joint venture or (iii) operated through a management contract. We review the number of members from all Houses to assess new member growth, total House Revenues, and House-Level Contribution. NUMBER OF SOHO HOUSE MEMBERS. Our Soho House membership model is an integral part of our business and has a significant impact on our profitability and financial performance. Typically, members hold an Every House membership or a Local House membership. Member count is the primary driver of Membership Revenues and is also a critical factor in In-House Revenues as members utilize the offerings that are provided within the Houses. Soho House members include all active, frozen and non-paying members. The extent to which we achieve growth in our membership base, retain existing members and periodically increase our membership fee rates will impact our profitability. We have historically enjoyed strong member loyalty, reflected by very high retention rates. Robust demand for our memberships is also evidenced by considerable wait lists for our Houses. The year-over-year increase in our total number of Soho House members is driven by a combination of increases in membership at existing Houses and members from new Houses. NUMBER OF OTHER MEMBERS. Other members include members of Soho Works, Soho Friends and SOHO HOME+ and are key to our growth strategy and enhancing our Soho House member experience. Like Soho House members, other memberships are an integral part of our business and we believe will have a significant impact on our profitability and financial performance in the future. FROZEN MEMBERS. Frozen Members refers to Soho House members who have elected to suspend their membership payments on a six, nine- or twelve-month basis during which period the member is not able to gain access to a Soho House site as a member, access our membership Apps, or book bedrooms or Cowshed treatments or products on discounted member rates. Frozen Members are not included in Adult Paying Members, but are included in the total number of Soho House members. MEMBERSHIP REVENUES. Membership revenues are comprised of House Membership Revenues (as defined below) and Non-House Membership Revenues (as defined below). House Membership Revenues and Non-House Membership Revenues are each comprised primarily of annual membership fees and one-time registration fees which are amortized over 20 years. Membership revenues are a function of the number of members, membership mix, and membership pricing. For GAAP, we report Membership revenues only from Houses and sites in which we own a controlling interest. Our membership pricing varies by geographic segment and membership offering and, as such, our mix of House and Soho Works club openings can affect our revenue growth and profitability over time. Prices are generally higher in North America and the rest of the world compared with the UK and Europe. Membership revenues provide a stable and recurring source of revenues which have few direct costs and, as such, is a reliable and predictable source of cash flow. HOUSE MEMBERSHIP REVENUES. House Membership Revenues is an important performance indicator and is defined above in the NON-GAAP reconciliation. IN-HOUSE REVENUES. In-House revenues refer to all revenues realized within our Houses, and primarily includes revenues from food and beverage, accommodation, and spa products and treatments. HOUSE REVENUES. House Revenues is an important performance indicator and is defined in “Non-GAAP Financial Measures." OTHER REVENUES. Other revenues are defined as total revenues that are not realized within our Houses, including revenues from Scorpios, Soho Works and our stand-alone restaurants, procurement fees from Soho House Design, Soho Home and Cowshed retail products and other revenues from products and services that we provide outside of our Houses, as well as management fees from The Ned sites and The LINE and Saguaro hotels. NON-HOUSE MEMBERSHIP REVENUES. Non-House Membership Revenues are comprised of Soho Works membership revenue, Soho Friends membership revenue and SOHO HOME+ membership revenue which was merged into Soho Friends membership at the beginning of August 2022. SH.APP ACTIVE USERS. SH.APP Active App Users is defined as unique users who have logged into our membership App within the last three months. Forward Looking Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our expected financial performance and operational performance for the fourth quarter of fiscal 2022, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including important factors discussed under the caption “Risk Factors” in our annual report on form 10-K for the fiscal year ended January 2, 2022 and as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. In addition, we operate in rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. In addition, the forward-looking statements made in this release relate only to events or information as of the date on which the statements are made in this release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. About Membership Collective Group: The Membership Collective Group (MCG) is a global membership platform of physical and digital spaces that connects a vibrant, diverse and global group of members. These members use the MCG platform to work, socialize, connect, create and flourish all over the world. We began with the opening of the first Soho House in 1995 and remain the only company to have scaled a private membership network with a global presence. Members around the world engage with MCG through our global collection, as at October 2, 2022, of 38 Soho Houses, 9 Soho Works, The Ned in London and New York, Scorpios Beach Club in Mykonos, Soho Home – our interiors and lifestyle retail brand – and our digital channels. The LINE and Saguaro hotels in North America also form part of MCG’s wider portfolio. For more information, please visit www.membershipcollectivegroup.com. Source: Membership Collective Group (MCG)
Nov 16, 2022 | www.businesswire.com
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