Richard Caring Nears £1 Billion Sale of Ivy Restaurant Collection
Posted by Emily on 7th Sep 2024
Richard Caring is reportedly on the verge of selling a significant portion, if not all, of his controlling stake in The Ivy Collection for an estimated £1 billion. The prospective buyer, Si Advisers, is a relatively unknown investment firm, surprising industry insiders who had expected more familiar names in the bidding process.
Caring, often called the "King of Mayfair," is known for his lavish lifestyle and high-profile ventures. His ability to expand the glamour of London's West End beyond the capital and into regional cities has been a remarkable achievement, particularly in the face of initial scepticism.
The Ivy Collection, a group of restaurants and brasseries, has grown substantially under Caring's ownership. It now boasts 15 locations in London and 18 in other major cities such as Glasgow, Edinburgh, Cardiff, and Birmingham. Additionally, the brand has one overseas outpost in Dublin. An offshoot of the collection, Ivy Asia comprises eight restaurants in various locations across the UK, including London, Brighton, and Cardiff.
Also potentially included in the deal are three venues under the Harry's brand, located in London's Victoria, Marylebone, and near Harrods. In total, 46 restaurants are believed to be up for sale. However, several of Caring's other high-profile ventures, such as Sexy Fish, Scott's, and J Sheekey, all part of his Caprice Holdings, will remain under his control and are not part of the deal.
The deal was first set in motion in December when rumours of a sale surfaced. Caring, 76, enlisted HSBC to oversee an auction of the Ivy businesses, which include The Ivy Club, the iconic Ivy restaurant in London's West End, and The Ivy Asia. The sale has drawn interest from various prominent investors, though Si Advisers appears to be the front-runner. The firm is led by Hamza Ben Abderahmen, 38, and Ameel Somani, 40, a private equity investor and arts enthusiast.
Kolforn (Wikimedia), CC BY-SA 4.0, via Wikimedia Commons
Caring's journey in the restaurant business began in 2005 when he acquired Caprice Holdings, which owned The Ivy and Le Caprice. Under his stewardship, The Ivy, which opened in 1917, evolved into a celebrated nationwide chain. Le Caprice closed its doors in 2020 after the expiration of its lease, but The Ivy has continued to grow. In 2019, Caring sold a 25% stake in Caprice Holdings to Hamad bin Jassim bin Jaber al-Thani, the former prime minister of Qatar, for an estimated £200 million.
Recent financial reports reveal that Troia (UK) Restaurants, which operates The Ivy businesses, saw its revenue rise from £200.4 million to £302.9 million for the year ending January 2023, spurred by the opening of new venues. Profits also grew, with underlying earnings increasing from £37.9 million to £54.8 million.
As the sale edges closer to completion, it will mark a significant chapter in Richard Caring's career, further solidifying his reputation as a shrewd dealmaker in hospitality.