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Richard Caring to cash out of The Ivy
Richard Caring, the billionaire owner of The Ivy, is 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.
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.
Also previously in the running was Saudi Arabia’s $700 billion (£550 billion) Public Investment Fund, which owns Newcastle United, but sources have said it has now also dropped out.
A preferred bidder has now been selected and is expected to be granted exclusivity this week, with a view to completing the sale by July, sources cited by The Times said.
Troia reported “strong growth” in the year ending 1 January 2023, with profit before tax growing to £29m from £20.4m in 2022.
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.