​Caprice Holdings' Remarkable Financial Comeback

London's luxury dining scene sees a bright spot as Caprice Holdings, the entity behind esteemed restaurants Scott's and Sexy Fish, reports a profitable turnaround since the pandemic hit.

Mtaylor848, CC BY-SA 4.0, via Wikimedia Commons

During the year leading up to this January, the lifting of hospitality business constraints saw Caprice Holdings' sales surge by a significant 70% to reach £74.4 million.

Under the proprietorship of Richard Caring, Caprice Holdings boasts a remarkable portfolio, including The Ivy Collection, Annabel's, and Bill's. The company recorded a pre-tax profit of £1.2 million in the past year. While this figure shows a positive bounce-back from a £3.9 million loss the preceding year, it still shadows the £19.1 million profit before the pandemic hit. Their revenue in the last year saw a boost due to the inauguration of two new dining establishments: Scott's Richmond and Bacchanalia.

The company's wage expenses increased slightly, accounting for 35.7% of the sales, up from 33.7% in the previous year. Additionally, there was a marginal decline in the gross margin, settling at 77% compared to 78.7% the year before.

The restaurant industry has been grappling with escalating costs, notably in the labour, energy, and food sectors.

Expressing his elation over the performance, Caring remarked, "We are thrilled by the results. An amazing job has been done by all our teams. We believe our customers should only have the finest service, food and wine."

Philafrenzy, CC BY-SA 4.0, via Wikimedia Commons

Having accumulated wealth in the fashion industry, Caring made his illustrious entry into London's restaurant arena in 2005 with the acquisition of Caprice Holdings. Furthermore, Troia UK Restaurants, which encompasses The Ivy Collection and Bill's, observed a revival in sales in the recent year, recording a turnover of £303 million, a significant leap from £200 million in the preceding year. Its pre-tax profits also showed an impressive growth, standing at £29 million in comparison to the earlier £20.4 million.

Beneficially, the firm has a fixed-price contract for its gas and electricity. This strategic decision shielded it from the severe price hikes that have plagued others in the industry.

It's noteworthy to mention that Caprice Holdings operates as a subsidiary under Caring's Continental Partners International, a company registered in the British Virgin Islands.

Sources:

• Ivy restaurant owner Caprice Holdings returns to profit
• Richard Caring's restaurant empire reports strong revenue growth
• Sales surge at owners of high-end restaurants Sexy Fish and The Ivy
• Caprice Holdings announces return to profit
• Thumbnail Photo Attribution: Tony Hisgett from Birmingham, UK, CC BY 2.0, via Wikimedia Commons