Richard Caring Puts Stake in Ivy Group up for Auction at £1bn

Richard Caring, the billionaire businessman, has initiated an auction for his share in the highly regarded Ivy group, starting at £1 billion. As reported by the Sunday Times, Caring’s advisers have attached a £1 billion price tag to the original Ivy restaurant in London’s West End, as well as its associated establishments, the Ivy Collection and Ivy Asia sites.

HSBC has already begun distributing marketing materials to potential buyers of the restaurant group, in which Caring holds a 50-50 joint venture with former Qatari Prime Minister Sheikh Hamad Bin-Jassim Bin-Jaber Al Thani. It is expected that Saudi Arabia’s Public Investment Fund (PIF) will show interest in the bidding process. Towards the end of last year, PIF reportedly considered a £1.2 billion valuation for the Ivy brand.

It is worth noting that Richard Caring’s renowned Caprice Holdings witnessed a 71% increase in turnover in 2022. However, the restaurants operated under this brand, including Scott's, Sexy Fish, and J Sheekey, along with the revered Mayfair nightclub, Annabel’s, are not part of this sale.

In contrast, Caring’s Troia (UK) Restaurants, the owner and operator of the Ivy brand, reported significant growth, with a profit before tax rising from £20.4 million in 2022 to £29 million. The Ivy group comprises the historic original Ivy site, which opened in 1917 and became a beloved haunt of theatre actors due to its proximity to the West End. Over the years, it has attracted many celebrities as well.