Richard Caring set to sell the Ivy in landmark £1bn deal

Richard Caring is on the verge of selling The Ivy in a deal worth around £1 billion, marking the first change of ownership for the iconic London establishment in nearly two decades.

The billionaire entrepreneur, known as “the King of Mayfair”, is reportedly ready to divest almost all his holdings in The Ivy Collection, which encompasses Ivy cafes, brasseries, and grills across the UK. The sale is expected to include the flagship Ivy restaurant in Covent Garden, a historic venue favoured by actors, celebrities, and notable figures like Diana, Princess of Wales, Margaret Thatcher, and Laurence Olivier.

According to reports by Sky News, the buyer is set to be Si Advisers, a London-based firm led by Hamza Ben Abderahmen, a former TPG associate, and Ameel Somani, a previous investor at Helios Investment Partners. The transaction is expected to conclude within weeks, valuing The Ivy at approximately £1 billion.

However, the deal will not encompass Mr Caring’s other renowned establishments, such as Sexy Fish in Mayfair, the seafood eatery J Sheekey near Leicester Square, or the exclusive private members’ club Annabel’s.

Investor documents suggest that Richard Caring may remain involved with The Ivy post-sale, retaining a minority stake and potentially contributing to the business’s future operations. Despite this, Mr Caring has not commented on the reports, and The Ivy has also declined to respond.

This potential sale comes shortly after news emerged of Mr Caring’s plans to expand The Ivy brand into the United States, following the footsteps of other British icons like Fortnum & Mason in exploring the American market.

Having acquired The Ivy in 2005, Caring transformed the single restaurant, founded in 1917, into a prominent chain from 2014 onwards. The Ivy now boasts over 40 locations across the UK and Ireland, with revenues reaching £316 million in 2023. Investor documents indicate the possibility of expanding to an additional 25 locations in the UK over the coming years.

A representative for Mr Caring previously stated: “We are opening new sites in the UK and Northern Ireland and are looking at sites in America for The Ivy in 2025.”

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Richard Caring set to sell the Ivy in landmark £1bn deal