The Ned eyes new clubs in markets including Dubai and LA
First European members’ club in “advanced conversations”
Branded rural “estate” being built within 100 miles of London
Square Mile institution The Ned is pushing ahead with plans to roll out its brand across the globe, with an outpost in Europe imminent and Dubai and Los Angeles in the firm’s sights.
The Soho House spin-off has embarked on an “aggressive” expansion plan, with clubs now open in Doha, New York and Washington DC. It will also launch a significant rural “estate” within 100 miles of London in 2028 or 2029.
A senior figure inside The Ned confirmed LA and Dubai were both earmarked for potential deals, while talks about the European club are at an advanced enough stage that the design and food and beverage offerings are already being discussed.
A spokesperson for The Ned said: “There are no new Ned deals at the present time. Therefore, there is understandably nothing we can confirm or announce.
“The company remains very focussed on further expansion and continues to explore several speculative opportunities as well as having some more advanced conversations with prospective partners.
“This does include an ambition to open a Ned in Europe, however as is the way, negotiations often take longer than anticipated. We cannot talk to projects or share any details about specific concepts before deals are signed.”
The Ned rural ‘estate’ opening near London
Earlier this year City AM exclusively revealed The Ned is developing an entirely new rural concept that is set to rival Soho Farmhouse, the Cotswolds-based spin-off of The Ned’s sister company Soho House. A source inside The Ned said the word “estate”, used by managing director Gareth Banner to describe the venture, “very much alludes to the size of the development”.
Banner hinted at his international ambitions in an interview with City AM earlier this year, saying: “It stands to reason that once you’re in London, New York and DC, LA might be high on our list. [And] if you’re in Doha, Dubai might be high on our list.”
The Ned opened in 2017 in the former Midland Bank headquarters
He was bullish about The Ned’s expansion plans, saying: “We think this brand is only really getting started. We’re not [saying] ‘We’re gonna have five sites in five years’ but we are opportunistic and when we find the right site with the right DNA – and the architecture is a big part of that – I think we are aggressive.”
He also spoke about the challenges of building an entirely new estate: “To create something from scratch brings with it slightly different challenges. Everything else [we have opened] has been a repurposing or a refurbishment but this is a newly created concept. We think we’re probably three and a half years from opening doors, although there may be a phased approach.”
We think this brand is only really getting started… When we find the right site with the right DNA I think we are aggressive
The Ned, which opened in 2017 in the former Midland Bank headquarters in the Square Mile, last month received the Best Members’ Experience gong at City AM’s inaugural Toast the City Awards.
The members’ club space is going through a period of boom, fuelled by Millennials and Gen Z spending an increasing proportion of their income in the experience economy. The global members’ club industry grew an average of 18 per cent year-on-year between 2019 and 2023, according to Growth Market Reports. Growth will slow between 2025 and 2027 but the industry is still set to double in value to almost $60bn by 2033.
New London-based members’ clubs include The Lighthouse in Fulham, Aethos in Shoreditch, which opened last week, and The Sloane Club in Chelsea.
How The Ned was born from Soho House
The brainchild of Soho House founder Nick Jones, The Ned is now owned by US billionaire Ron Burkle, who is also a major shareholder in publicly listed Soho House. The two are separate entities. The Ned’s flagship London club features 10 restaurants, 12 bars and 250 hotel rooms, with exclusive areas for members, who pay around £4,000 a year.
The Ned NoMad opened in Manhattan in the summer of 2022, followed later that year by The Ned Doha. In February this year The Ned opened a club-only venue in Washington DC on the upper levels of The Walker Building, which has been a hit with the city’s political elite.
Jones founded Soho House in 1995, selling 80 per cent of the business to Richard Caring in 2008. Burkle acquired a 60 per cent stake in 2012, with Jones retaining 10 per cent and Caring 30 per cent.