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Caring reportedly eyeing £1bn sale of The Ivy Collection
(Sharecast News) - British restaurateur Richard Caring is considering the sale of a significant stake in The Ivy Collection, it was reported on Thursday, possibly valuing the business at around £1bn. According to Sky News, Caring engaged HSBC to advise on the potential sale.
The Ivy Collection started near Leicester Square in 1917 and has grown into a significant player in the upscale dining sector under Caring's ownership since 2005.
The potential sale could include the Ivy and Ivy Asia brands, Sky said, although Caring's other brands, including Scott's, Sexy Fish and J Sheekey in London, as well as his private members' clubs like Annabel's and Mark's Club, would not be part of the deal.
Caring's strategy had seen The Ivy extend its presence across London and to locations in England, Ireland, Scotland, and Wales.
In its latest financial results, Troia UK Restaurants, which includes The Ivy Collection, reported nearly £303m in turnover and over £54m in EBITDA for the year ended 1 January.
Caring sold a 25% stake in Caprice Holdings to Hamad bin Jassim bin Jaber Al Thani, the former prime minister of Qatar, for an estimated £200m in 2019.
Reporting by Josh White for Sharecast.com.
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