Caprice Holdings reports pre-tax loss despite modest sales growth

Richard Caring

Richard Caring's restaurant business Caprice Holdings saw a modest 3% rise in sales to £53.3m in 2013.

The parent company of J Sheekey, Scott's and the Ivy also saw a rise in underlying earnings, according to figures seen by the Financial Times, as did sister business Mark Birley Holdings, which owns Harry's Bar and achieved 2% growth to £20.6m.

Meanwhile Mayfair members' club Annabel's posted a 1% rise in sales to £8.5m

It wasn't all good news as Caprice and Mark Birley were forced to stomach pre-tax losses for the same period, which was reported to be due in part to a punitive hedging device known as an interest rate swap.

However Caring is understood to have paid £9m to a high street bank last September to break the swap, which is expected to save his businesses about £6m a year.

Accounts for all three companies are overdue and expected to be filed at Companies House soon.

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