Richard Caring Sells Ivy Annabels and Scotts for £1.4 Billion

Richard Caring has successfully sold a majority stake in his illustrious restaurant and private members’ club empire, which includes the Ivy, Annabel’s, and Scott’s, to an Abu Dhabi luxury investor. This landmark deal, valued at 1.4 billion, was concluded with Diafa, an Abu Dhabi-based luxury and hospitality investor affiliated with IHC Group.

Richard Caring, often referred to as the “King of Mayfair,” will continue to serve as the executive chairman of the group. Despite the sale, he remains focused on expanding the Ivy Brasserie concept, which has enjoyed remarkable success in the UK, into the United States market.

Diafa’s portfolio already features notable establishments such as Zuma and Roka. The new management team is expected to be led by Ravi Thakran, who previously held the position of chairman at Bernard Arnault’s LVMH business in Asia and is the founder of L Capital Asia, a private equity arm backed by LVMH.

This significant sale marks a resolution to a prolonged period of uncertainty surrounding the group’s ownership. The British hospitality sector has been grappling with increasing labour costs, taxes, and regulatory requirements, making this sale a promising opportunity.

Reports indicate that the valuation for the group exceeds 1.4 billion, providing a substantial multiple on the business’s earnings. Troia (UK) Restaurants, which encompasses the restaurant segment of the businesses sold, reported adjusted earnings of 58 million on a turnover of 303 million last year.

The sale draws a clear line under previous uncertainties and positions the combined entity for potential future growth. The strategic move also highlights the ongoing interest from international investors in the UK hospitality landscape.

Industry experts will be watching closely to see how the new ownership structure influences these historic venues and their standing in the competitive hospitality market.