Hospitality billionaire Richard Caring has sold a majority stake in The Ivy, Annabel’s, Scott’s and the rest of his restaurant and private members’ club empire to Abu Dhabi-based investor DIAFA for £1.4bn.
The original Ivy, in London’s Covent Garden
DIAFA is an affiliate of International Holding Company (IHC), chaired by Sheikh Tahnoon bin Zayed al-Nahyan, the deputy ruler of Abu Dhabi. Its portfolio includes the Zuma and Roka Japanese restaurant brands.
The blockbuster deal includes The Ivy Brasseries, the luxury restaurant portfolio of Caprice Holdings, featuring Scott’s, Sexy Fish, and Noema, as well as the private members’ clubs of The Birley Clubs, including Annabel’s, George, Harry’s Bar and Mark’s Club.
The sale ends a long-running saga, with Caring first looking to sell his stake at the end of 2023. Caring will remain executive chairman while DIAFA has appointed Ravi Thakran, formerly group chairman of LVMH Asia and founder of L Capital Asia, as group chief executive.
Richard Caring
Thakran said: “This transaction marks the beginning of a new chapter in global luxury hospitality. We are curating a portfolio of the world’s most iconic and culturally defining brands, with the ambition to shape how the next generation experiences dining, social connection and lifestyle.”
Caring added: “I am delighted to partner with the visionary DIAFA team, and I am confident that we will bring our world-class brands to new markets and continue to elevate our vision for hospitality to exciting new heights. DIAFA’s commitment to investing in exceptional luxury brands makes them the right partner, and I look forward to building something truly enduring together.”
Caring took over the restaurant portfolio that became The Ivy Collection in 2005, which has since opened in dozens of locations across London and southern England, as well as Birmingham, Leeds, Manchester and York. The Ivy Collection now operates around 50 sites across the UK and Ireland.
Troia (UK) Restaurants, which represents the restaurant element of the businesses being sold, posted adjusted earnings of £58m on £303m of turnover last year.
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