Richard Caring's Ivy group up for auction at £1b

Richard Caring has launched an auction for his share in the Ivy group starting at £1b.

The Sunday Times revealed that the billionaire's advisers put a £1b price tag on the original Ivy restaurant in London's West End and its spin-off restaurants, the Ivy Collection and Ivy Asia sites.

HSBC has started distributing marketing materials to potential buyers of the restaurant group, which Caring owns via a 50-50 joint venture with former Qatari prime minister Sheikh Hamad Bin-Jassim Bin-Jaber Al Thani.

Saudi Arabia's Public Investment Fund (PIF) is expected to be interested in the bid. At the end of last year, the fund took a 49% stake in Sir Rocco Forte's hotels group, valuing the company at £1.2b.

Richard Caring's Caprice Holdings saw turnover jump by 71% in 2022, but restaurants operated under this brand including Scott's, Sexy Fish and J Sheekey, plus the Mayfair nightclub Annabel's, are not included in the sale.

Meanwhile, his 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 site 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.