Richard Caring is reportedly considering selling a major stake in his Ivy Collection of restaurants in a deal that could value the business at around £1 billion.
According to Sky News the restaurateur has approached bankers at HSBC - a major lender to his companies - about advising on a potential sale. However, he is said not to have taken a final decision.
Any disposal of a holding would not include his other London hospitality businesses, such as restaurants Scott’s, Sexy Fish and J Sheekey, and Berkeley Square club Annabel’s.
Caring took control of The Ivy restaurant near Covent Garden in 2005 when he bought Caprice Holdings.
He has since opened dozens of spin-out restaurants all over London and the rest of the UK bearing The Ivy name as well as a new brand, Ivy Asia.
The expansion has been hugely successful. Latest accounts from parent company Troia (UK) Restaurants, revealed that sales grow by half to £302.9 million in 2022, while pre-tax profits were up from £20.4 million to £29 million.
The company made a strong recovery from the pandemic but is believed to have had a tougher year in 2023 due to the cost of living crisis and soaring energy, food and staff costs. However, more Ivy openings are planned in locations such as Belfast and Bournemouth.
The Ivy was founded on West Street in 1917 by two friends, Abel Giandolini and Mario Gallati and became one of London’s best known celebrity haunts.
There was no comment from Mr Caring.
