Richard Caring is on the verge of promoting The Ivy in a deal price round £1 billion, marking the primary change of possession for the enduring London institution in practically twenty years.
The billionaire entrepreneur, often called “the King of Mayfair”, is reportedly able to divest nearly all his holdings in The Ivy Assortment, which encompasses Ivy cafes, brasseries, and grills throughout the UK. The sale is predicted to incorporate the flagship Ivy restaurant in Covent Backyard, a historic venue favoured by actors, celebrities, and notable figures like Diana, Princess of Wales, Margaret Thatcher, and Laurence Olivier.
In accordance with reviews by Sky Information, the customer is about to be Si Advisers, a London-based agency led by Hamza Ben Abderahmen, a former TPG affiliate, and Ameel Somani, a earlier investor at Helios Funding Companions. The transaction is predicted to conclude inside weeks, valuing The Ivy at roughly £1 billion.
Nevertheless, the deal is not going to embody Mr Caring’s different famend institutions, resembling Attractive Fish in Mayfair, the seafood eatery J Sheekey close to Leicester Sq., or the unique non-public members’ membership Annabel’s.
Investor paperwork counsel that Richard Caring might stay concerned with The Ivy post-sale, retaining a minority stake and doubtlessly contributing to the enterprise’s future operations. Regardless of this, Mr Caring has not commented on the reviews, and The Ivy has additionally declined to reply.
This potential sale comes shortly after information emerged of Mr Caring’s plans to broaden The Ivy model into america, following the footsteps of different British icons like Fortnum & Mason in exploring the American market.
Having acquired The Ivy in 2005, Caring reworked the one restaurant, based in 1917, right into a outstanding chain from 2014 onwards. The Ivy now boasts over 40 areas throughout the UK and Eire, with revenues reaching £316 million in 2023. Investor paperwork point out the potential for increasing to a further 25 areas within the UK over the approaching years.
A consultant for Mr Caring beforehand acknowledged: “We are opening new sites in the UK and Northern Ireland and are looking at sites in America for The Ivy in 2025.”
