Richard Caring sells Ivy Collection, Annabel’s and Scott’s for £1.4b

Richard Caring has sold the Ivy Collection, Annabel’s and Scott’s to Abu Dhabi-based hospitality investor Diafa for £1.4b. 

According to reports in The Times, Caring will remain executive chairman of the group, which will seek to expand the Ivy Collection into the US.

Last year Diafa secured a significant stake in Azumi, which operates the Zuma and Roka brands worldwide. At the time it said its ambition was to become the world’s largest F&B business. 

This deal, which is expected to be formally announced imminently, takes Diafa closer to that goal.

Diafa is an affiliate of IHC, which is chaired by Sheikh Tahnoon bin Zayed al-Nahyan, the deputy ruler of Abu Dhabi and younger brother of the UAE president, Sheikh Mohamed bin Zayed al-Nahyan.

It has been reported that Ravi Thakran, former chairman of LVMH Asia and founder of L Capital Asia, will be named the combined group’s new chief executive.

The global F&B chief executive of the group is Ashley Saxton, the former director of restaurants at Harrods.

Rumours of a sale have been circulating since 2024, when a deal looked likely for the Ivy Collection. This sale to Diafa is a wider agreement, including Annabel’s and Scott’s as well as the Sexy Fish and Harry’s Bar restaurants.

Collectively they make up Troia Restaurants, which last year posted earnings of £58m on £303m of turnover.