Dining tycoon Richard Caring is considering selling a stake in his Ivy Collection of restaurants, which could be worth £1billion.
Caring – known as ‘the King of Mayfair’ for his empire of venues – has called in bankers at HSBC to advise on a sales process.
The billionaire has not made a final decision over The Ivy and Ivy Asia chains, according to Sky News.
Fine dining: Richard Caring pictured with his wife, Patricia
But it is thought a deal would not include businesses such as the Scott’s and Sexy Fish restaurants or celebrity haunt Annabel’s. The first Ivy opened in Covent Garden in 1917 and became an acclaimed dining spot.
Caring, 75, took control of the Ivy restaurant in 2005 and has steered an ambitious expansion, including sites in Birmingham, Leeds, Manchester and York.
In the most recent accounts filed for Troia (UK) Restaurants – the company behind The Ivy Collection – profits swelled to £29m for the year to January 1, 2023, compared with £20.4m the year before. Turnover hit £302.9m, up from £200.4m in 2022.
