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News
The Ivy goes to America
Restaurateur and billionaire Richard Caring has revealed plans to launch The Ivy chain in the US, according to reports.
According to documents obtained by The Sunday Telegraph, Caring is planning to launch the chain in the US, as well as potentially Dubai, almost 10 years after leaving the Middle Eastern country — although sources have since claimed the latter plan has already been scrapped.
In addition, the reports claim as many as 25 new outlets in the UK could be opened.
A spokesperson for Caring confirmed the US plan, stating to the news paper that it was “looking at sites” in the States with the aim of opening in 2025.
Cashing out
The news comes after Caring appeared to be walking away from the business after almost two decades at the helm.
Troia restaurants, of which Caring currently has a controlling shareholding, includes The Ivy restaurant in central London, and The Ivy Asia and Ivy Café brands, Granary Square and the Brasserie of Light at Selfridges.
According to The Times, Caring is expected to walk away from the company completely, despite earlier reports that he would retain a minority stake of around 25% following its sale.
Caring ‘s financial interest in the group is split 50/50 with Sheikh Hamad bin Jassim, the former prime minister of Qatar. In January 2024 it was announced the restaurateur would sell his £1bn stake in the business.
Sell
The Abu Dhabi Investment Authority, where Manchester City owner Sheikh Mansour is a director, is understood to have bid £700 million for Caring’s Troia group of restaurants, according to The Times.
Meanwhile, Caring’s Caprice Holdings saw turnover increase by 71% in 2022. Restaurants operated under this brand, including Scott’s, Sexy Fish and J Sheekey, plus the Mayfair nightclub Annabel’s, will not be included in the sale.
Caring, who initially built a business supplying Hong Kong-manufactured fashion to UK retailers, first approached Le Caprice restaurant in summer 2005. during discussions it emerged that the management of Caprice Holdings group was looking for a buyer. Six weeks later, Caring secured a £31.5m deal to take over Caprice Holdings, owner of The Ivy, Le Caprice and J Sheekey, among others. The Ivy was later developed into restaurant chain The Ivy Collection.