Billionaire Richard Caring Nears £1bn Sale of The Ivy Collection

Richard Caring, the billionaire restaurateur, is reportedly on the verge of relinquishing control of The Ivy Collection in a deal valued at approximately £1 billion. This transaction could result in the first change of ownership for the renowned London establishment in almost 20 years.

The Ivy Collection, which encompasses The Ivy cafes, brasseries, and grills, is expected to be acquired by Si Advisers, a London-based firm. This company is led by Hamza Ben Abderahmen and Ameel Somani, both with backgrounds in private equity and investment.

The Ivy, founded in 1917 as an unlicensed Italian cafe, has a rich history spanning over a century. Its name originated from a phrase overheard by the original owner: "We will meet like old friends and never be separated." The restaurant has long been a favorite among actors, the wealthy, and notable figures, including Diana, Princess of Wales, Margaret Thatcher, and Laurence Olivier.

Caring purchased the original Ivy restaurant in 2005 and expanded it into a chain in 2014. Today, the collection boasts over 40 locations across the UK and Ireland. In 2023, the group reported impressive sales of £316 million, demonstrating its strong financial performance.

While the deal is expected to include the iconic Covent Garden location, it will not encompass Caring's other ventures such as Sexy Fish, J Sheekey, or Annabel's private members club. Interestingly, documents suggest that Caring may retain a minority stake and continue involvement in future operations.

"Richard Caring is open to retaining a minority stake and also remaining a part of future operations as required."

The Ivy has undergone several transformations throughout its history. It closed during World War II and reopened in 1950. In 1990, its acquisition by Caprice Holdings led to a revival and increased popularity. The restaurant's interior was redesigned in 2015, featuring famous stained-glass windows created by artist Harry Warren Wilson.

Looking ahead, The Ivy Collection has ambitious expansion plans. Recent reports indicate intentions to enter the US market, following in the footsteps of other British brands like Fortnum & Mason. A spokesperson for Caring stated in July, "We are opening new sites in the UK and Northern Ireland and are looking at sites in America for The Ivy in 2025."

The potential sale and expansion plans come as The Ivy celebrates over a century of operation. Known for its signature shepherd's pie, which has been on the menu since the 1930s, and its strict smart casual dress code, The Ivy continues to be a symbol of London's culinary scene.

As the deal nears completion, it marks a significant moment in the history of this iconic institution, potentially setting the stage for a new era of growth and international recognition for The Ivy Collection.