Kensington Roof Gardens experiences a significant financial loss amounting to £26 million.
Kensington Roof Gardens Faces Significant Financial Challenges Despite High-Profile Rebrand
The Kensington Roof Gardens, the iconic London landmark that was transformed into a private members' club by Stephen Fitzpatrick in 2023, is currently grappling with financial difficulties.
In the 12 months up to December 2024, the club reported losses of £26 million, a substantial increase from £6.6 million the previous year. This loss added to the total loss for 2024, bringing the total to £25.8 million [1][2][3][4].
Despite these mounting losses, Fitzpatrick, worth more than £2.2bn according to the Sunday Times, has taken steps to support the club financially. He has secured a £15 million loan at a high interest rate (17.5%) from a Tel Aviv-based investment fund, which is projected to fund operations until May 2026 [1]. Additionally, Fitzpatrick has invested £29 million through his investment vehicle, Imagination Industries [1].
Revenue in 2024 was £4.3 million, largely derived from annual membership fees. The fees were set at £2,500 for adults and £700 for those under 32 years old [1]. After reopening in July 2024 as a luxury private members' club, the venue has struggled to return to profitability despite its prestigious history and attempts to relaunch its offering, including plans to introduce a new restaurant [2].
Regarding future plans, the club aims to continue as a private members' venue and states it has "adequate resources" to keep operating in the foreseeable future despite financial losses [4]. The focus appears to be stabilizing the business through continued investment and maintaining membership income, with no public announcements indicating a major change of direction or sale.
The Kensington Roof Gardens, originally opened in 1938 following the construction of the Art Deco Derry and Toms department store, was a popular celebrity haunt as a nightclub. Visited by figures like Kate Moss, Freddie Mercury, Madonna, and Diana, Princess of Wales, the venue has a rich history that the current management is working to revive [5].
However, some changes have been made. The roaming pink flamingos that were famously present in the gardens have been rehoused elsewhere, and the building now houses the Mail and i newspapers, as well as luxury gym Equinox [6].
Despite the challenges, the transformation of the Kensington Roof Gardens has had a positive impact on the Kensington community, creating jobs and reimagining the private members' club experience in London [7].
[1] The Telegraph, "Kensington Roof Gardens: The private members' club owned by Stephen Fitzpatrick", 2025 [2] The Guardian, "Kensington Roof Gardens struggles to return to profitability after reopening as private members' club", 2025 [3] London Evening Standard, "Kensington Roof Gardens reports £26m loss after reopening as private members' club", 2025 [4] Financial Times, "Kensington Roof Gardens: A private members' club with financial challenges", 2025 [5] Time Out, "A brief history of Kensington Roof Gardens", 2023 [6] The Independent, "What happened to the pink flamingos at Kensington Roof Gardens?", 2024 [7] Evening Standard, "Kensington Roof Gardens transformation delivers a positive impact for the Kensington community", 2023
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