The Ivy Collection sees turnover double amid expansion drive

By Sophie Witts contact

- Last updated on GMT

The Ivy Collection sees turnover double amid expansion drive

Related tags: Casual dining, Restaurant, richard caring

The Ivy Collection saw turnover double to £98.4m last year as it continued its expansion outside London.

Accounts for the year to 29 July 2018 show EBITDA increased to £11.53m, up from £4.71m the previous year.

The group, owned by restaurateur Richard Caring, opened 14 sites during the period – including its first in Dublin.

However, the investment in expansion included significant pre-opening costs, which led to the group reporting a post-tax loss for the financial period of £3.49m, compared to £3.45m the previous year.

In late 2018 The Ivy Collection also opened in Norwich, Leeds and Canary Wharf, and launched its first dual-concept site with two restaurants – including the debut Ivy Asia – in Manchester.

But the group says it expects the rate of new openings to slow going forward​ given "uncertainty around Brexit".

The original Ivy restaurant launched in London in 1917 and was bought by Caring alongside five sites in the Caprice Holdings group for £20m in 2005.

Its first spin-off, The Ivy Market Grill, opened in Covent Garden in 2014 and it has since grown to over 30 sites in the UK and Ireland.

Related topics: Business

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