Richard Caring’s Ivy Collection: A Billion-Pound Sale on the Horizon
In the bustling heart of London, where celebrity culture and fine dining intersect, Richard Caring, a billionaire businessman, is poised to make headlines once again. Reports suggest that he is nearing a deal to sell his renowned collection of Ivy restaurants, a move that could reshape the landscape of high-end dining in the capital. This article delves into the details of this potential sale, the significance of The Ivy Collection, and the man behind it all.
The Ivy Collection: A Culinary Empire
The Ivy Collection, which began its journey in 1917, has become synonymous with glamour and exclusivity. Founded by Abel Giandolini and Mario Gallati near Leicester Square, The Ivy quickly established itself as a favorite among London’s elite. Over the years, it has expanded into a formidable brand, boasting dozens of locations across the UK, including Birmingham, Leeds, Manchester, and even cities in Ireland, Scotland, and Wales.
Richard Caring acquired Caprice Holdings, the parent company of The Ivy, in 2005. Since then, he has spearheaded a remarkable expansion, transforming The Ivy into a culinary empire that includes not only the flagship restaurant but also a variety of other dining concepts, including The Ivy Asia. The brand’s success is underscored by impressive financial results, with turnover reaching nearly £303 million and adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of £54.8 million for the year ending January 2023.
The Sale: A Strategic Move
Caring’s decision to explore a sale of The Ivy Collection comes after months of speculation and strategic planning. Sources indicate that he is close to finalizing a deal with Si Advisers, a relatively unknown London-based firm. The anticipated valuation for the sale is around £1 billion, a figure that reflects the brand’s prestige and profitability.
This transaction is expected to involve not only Caring’s stake in The Ivy Collection but also the participation of other shareholders, including a Qatari fund. However, it is important to note that the deal will not encompass Caring’s other high-profile establishments, such as Scott’s, Sexy Fish, and J Sheekey, nor his exclusive private members’ clubs like Annabel’s and Mark’s Club.
The Buyer: A Surprising Choice
The identity of the prospective buyer has raised eyebrows, especially given the array of prominent sovereign and private investors who had previously expressed interest in acquiring The Ivy Collection. Si Advisers, led by directors Hamza Ben Abderahmen and Ameel Somani, is not a name typically associated with high-profile restaurant acquisitions. Somani, a private equity investor with a passion for the arts, brings a unique perspective to the table, having previously worked with Helios Investment Partners, an Africa-focused private equity firm.
Richard Caring: The King of Mayfair
Richard Caring, often referred to as the "king of Mayfair," has established himself as a titan in the hospitality industry. His journey began in the clothing trade, where he became a long-term business associate of Sir Philip Green, the former owner of Arcadia. Over the years, Caring has diversified his investments, becoming a significant shareholder in the Soho House chain of private members’ clubs and earning a reputation as one of the most successful investors in upmarket hospitality assets of his generation.
The potential sale of The Ivy Collection represents a significant milestone for Caring, crystallizing a substantial windfall while allowing him to focus on his other ventures. Despite the challenges posed by Britain’s economic landscape, the top tier of the London hospitality industry has shown remarkable resilience, making this an opportune moment for such a transaction.
Conclusion: A New Chapter for The Ivy Collection
As Richard Caring edges closer to finalizing the sale of The Ivy Collection, the implications of this deal extend beyond mere financial figures. It marks a pivotal moment in the evolution of one of London’s most iconic dining brands. The new ownership could usher in fresh ideas and innovations while maintaining the essence of what has made The Ivy a beloved destination for celebrities and food enthusiasts alike.
In the coming weeks, as the deal is expected to be formally struck, the hospitality world will be watching closely. Will Si Advisers successfully carry the legacy of The Ivy forward, or will the brand undergo a transformation that redefines its place in London’s culinary scene? Only time will tell, but one thing is certain: The Ivy Collection’s story is far from over.