UK—According to reports by Sky News and The Standard UK, hospitality tycoon Richard Caring is close to completing a £1 billion (US$1.3 billion) sale of fine-dining restaurant Ivy Collection.
Si Advisors, a London-based investment company, is overseeing the sale.
According to the reports, the deal will exclude Caprice Holdings and Richard Caring’s other restaurants, including London’s Scott’s, Sexy Fish and J Sheekey.
Caring and former Qatari Prime Minister Sheikh Hamad bin Jassim bin Jaber al-Thani initiated the sale in the first half of 2024. The two control a majority interest in the restaurant.
The two are expected to sell their stake in the restaurant as part of the sale agreement.
In January, the Ivy Collection in London’s West End and its spin-off restaurants were valued at £1 billion (US$1.3 billion).
The valuation was based on recent performance, debt and equity less cash amount not used to fund operations.
In its most recent financial report before the valuation, the Ivy Collection delivered earnings of £54.8 million (US$71.6 million) and turnover of £303 million (US$396.4 million). Pre-tax profits also increased from £20.4 million (US$26.7 million) to £29 million (US$37.9 million) in the reported year.
According to analysts, Richard Caring’s vision and unique management style have contributed to the company’s success in the current challenging market environment.
Richard Caring bought the company via Caprice Holdings in 2005 before spinning the restaurant into its own unique brand. By the end of 2023, the Ivy Collection has expanded to include 50 outlets across the UK.
The tycoon has overseen the company’s rapid expansion since he acquired the company. The company managed stellar growth after the COVID-19 pandemic, amid strikes, rampant inflation and staff shortages.
The QSR market has faced declining demand because of these challenges, significantly increasing prices.
Through Caring’s leadership, the Ivy Collection has maintained its unique brand of affordable dishes and ‘greatest hits’ offerings that have remained popular with guests.
The Ivy Collection appeals to customers by offering a unique dining experience.
Caring and the Ivy Collection are yet to comment on the sale reports.
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