Richard Caring reportedly looking to sell a ‘big’ stake in The Ivy Collection
According to Sky News, the restaurant mogul has appointed HSBC - which is a big lender to his companies - to advise on the process.
The Ivy Collection business includes The Ivy brand and the more recently launched Ivy Asia brand.
The rest of Caring's restaurants - which include Sexy Fish, Scott's, J.Sheekey and Bacchanalia - and private members club are understood to be excluded from the deal, Sky News reports.
The broadcaster also said that its sources had cautioned that ‘it was not certain that Caring would decide to sell a controlling stake in The Ivy and Ivy Asia concepts’.
Caring took over Caprice Holdings in 2005 in a deal which included the original The Ivy site in Covent Garden, which was at the time one of London's most high-profile restaurants and a magnet for celebrities.
He started expanding the The Ivy brand in 2014 and launched The Ivy Asia in 2018.
Earlier this year, Troia (UK) Restaurants, the parent company of The Ivy Collection, reported ‘strong growth’ across both sales and profits, driven by the expansion of The Ivy Asia brand.
Turnover for the Richard Caring-backed group grew by more than £100m in the year ended 1 January 2023, rising to £302m from £200m the year before.
Profit before tax increased from £20.4m to £29m, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose from £37.9m to £54.8m.
