Richard Caring 'nears £1b sale' of Ivy Collection

Richard Caring is reportedly close to selling the Ivy restaurants to a “little-known” London-based firm.

According to Sky News, sources familiar with the matter said a deal could be formally sealed “within weeks” and was expected to be worth around £1b.

It is believed the sale will be made to Si Advisers, an investment company based in London’s Waterloo.

While Hamza Ben Abderahmen and Ameel Somani are listed as officers of the company, a new document filed on Companies House today (6 September) included the cessation of Abderahmen as a person with significant control on 1 June 2024.

Sky News suggested the deal would involve Caring offloading “close to all of his stake in the Ivy Collection”, which is due to open its 42nd site in Bournemouth later this autumn.

The eight Ivy Asia sites are also expected to form part of the sale.

In 2005, Caring secured a £31.5m deal to take over Caprice Holdings, owner of the Ivy.

Caprice Holdings saw turnover jump by 71% in 2022. However, the group’s other restaurants Scott’s, Sexy Fish and J Sheekey, plus the Mayfair nightclub Annabel’s, will not be included in the sale.

Caring’s Troia (UK) Restaurants, which owns and operates the Ivy brand, reported “strong growth” across the same period ending 1 January 2023, with profit before tax growing to £29m from £20.4m in 2022.

The original Ivy restaurant in London’s Covent Garden opened in 1917 and quickly became a favourite with theatre actors due to its proximity to the West End. It has been a popular haunt with celebrities ever since.

The Ivy Collection has been contacted for comment.

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