Richard Caring, acclaimed as Britain's foremost restaurateur, is reportedly considering a significant sale of his stake in The Ivy Collection, a globally acclaimed deluxe dining concept. This potential transaction, which could value the collection at around £1 billion, is being advised by HSBC, as first reported by Sky News. Known as 'the king of Mayfair,' Caring's deliberation on this sale emerges amidst a boom in post-pandemic profits.
Tracing its origins to 1917 near Leicester Square, The Ivy Collection was founded by Abel Giandolini and Mario Gallati. Under Caring's guidance, the brand has experienced a dramatic expansion, extending its presence beyond London to major cities across Ireland, Scotland, and Wales. This includes the development of The Ivy Asia, a newer concept with fewer outlets but significant growth potential.
Financially, The Ivy Collection has demonstrated impressive results. The latest accounts for Troia (UK) Restaurants, encompassing The Ivy Collection, showed a turnover close to £303 million and adjusted earnings of £54.8 million. In 2019, Caring notably sold a 25% stake in Caprice Holdings, which included The Ivy, to Hamad bin Jassim bin Jaber Al Thani for an estimated £200 million.
Caring's business portfolio is diverse, featuring prominent London restaurants such as Scott's, Sexy Fish, and J Sheekey, as well as exclusive private members' clubs like Annabel's and Mark's Club, which are not part of the proposed sale.
Caring's journey to success began in the clothing industry, with significant connections including Sir Philip Green. His potential decision to sell a large part of The Ivy Collection comes at a time when London's premium hospitality sector shows remarkable resilience despite the challenging economic climate in Britain.