- Caring is known as 'the King of Mayfair' due to its empire of locations
Food magnate Richard Caring is considering selling a stake in his Ivy Collection restaurants, which could be worth £1 billion.
Caring – known as 'the King of Mayfair' due to its empire of locations – has engaged bankers from HSBC to advise on a sale process.
According to Sky News, the billionaire has not yet made a final decision about The Ivy and Ivy Asia chains.
Good food: Richard Caring in the photo with his wife Patricia
But it is thought a deal would not include companies such as Scott's and Sexy Fish restaurants or Annabel's, a celebrity restaurant. The first Ivy opened in Covent Garden in 1917 and became an acclaimed dining venue.
Caring, 75, took over the management of Ivy restaurant in 2005 and has driven an ambitious expansion, with branches in Birmingham, Leeds, Manchester and York.
In the latest annual accounts for Troia (UK) Restaurants – the company behind The Ivy Collection – profits rose to £29 million for the year to January 1, 2023, up from £20.4 million the year before.
Turnover was £302.9 million, compared to £200.4 million in 2022.