What goes around, comes around.
Back in 2010, swanky hangout space Soho House—where annual memberships can cost up to $2,800—purged about 5,000 of its members, mainly suits who were harshing its artsy vibe. As the New York Post reported at the time:
“When I went there, it didn’t have the right feel anymore,” [Soho House founder Nick] Jones sniffed. “It has always been a creative, friendly place with a relaxed feel. If there are too many corporate types around then that atmosphere doesn’t occur.”
Five years later, the British company, with outposts in London, New York, Berlin, and other metropolitan locales, has reportedly found itself rebuffed by corporate types after trying to refinance a £145 million ($220 million) bond with a £200 million note at a lower rate. Although Soho House’s high leverage was the main reason the planned offering flopped with financiers, its too-cool-for-school aura rubbed some people the wrong way. Per Reuters:
“It’s pretty funny,” said one bond investor. “They say that we’re not cool enough to join their club but they’re perfectly willing to take our money when they need it.”
Quartz has contacted Soho House for a comment and will update this post as warranted.