Richard Caring is set to sell The Ivy in a deal worth around £1 billion, marking the first change of ownership for the iconic London establishment in almost two decades.
The billionaire entrepreneur, known as ‘the King of Mayfair’, is reportedly ready to divest almost all of his shares in The Ivy Collection, which includes Ivy cafes, brasseries and grills across the UK. The sale is also expected to include the flagship Ivy restaurant in Covent Garden, a historic venue favored by actors, celebrities and notable figures such as Diana, Princess of Wales, Margaret Thatcher and Laurence Olivier.
According to reports from Sky News, the buyer will be Si Advisers, a London-based firm led by Hamza Ben Abderahmen, a former TPG employee, and Ameel Somani, a former investor at Helios Investment Partners. The transaction is expected to close within weeks, valuing The Ivy at around £1 billion.
However, the deal will not include Mr Caring’s other renowned establishments such as Sexy Fish in Mayfair, the J Sheekey seafood restaurant near Leicester Square, or the exclusive private members club Annabel’s.
Investor documents indicate that Richard Caring may remain involved with The Ivy after the sale, retaining a minority stake and potentially contributing to the company’s future operations. Despite this, Mr Caring has not commented on the reports, and The Ivy has also declined to comment.
This potential sale comes shortly after news emerged of Mr Caring’s plans to expand The Ivy brand into the United States, following in the footsteps of other British icons such as Fortnum & Mason in exploring the US market.
After acquiring The Ivy in 2005, Caring transformed the only restaurant, founded in 1917, into a leading chain from 2014. The Ivy now has more than 40 locations across the UK and Ireland, with turnover set to reach £316 million by 2023. Documents from investors indicate the possibility of expanding to a further 25 locations in Britain in the coming years.
A representative for Mr Caring previously stated: “We are opening new locations in Great Britain and Northern Ireland and looking at locations in America for The Ivy in 2025.”