Ivy and Annabel’s owner agrees £1.4bn sale of hospitality empire to Abu Dhabi-backed buyer

‘King of Mayfair’ Richard Caring’s majority stake in the business behind The Ivy, Annabel’s and a string of London restaurants and clubs is being sold in a deal that includes a planned £1bn investment

Richard Caring has agreed the sale of his hospitality empire in a deal valuing the business at £1.4 billion, according to reports.

The sale covers his majority stake in the group behind The Ivy, Annabel’s and a number of other high-profile restaurants and private members’ clubs. 

The buyer is Diafa, an affiliate of IHC Group, which is owned by Sheikh Tahnoon bin Zayed al-Nahyan, deputy ruler of Abu Dhabi and the UAE’s national security adviser.

The deal also includes a planned £1 billion investment into the business.

Caring, 77, is expected to remain as executive chairman of the group, according to reports.

The portfolio being sold includes The Ivy, Annabel’s, Harry’s Bar, Scott’s, George and Mark’s Club.

Under Caring’s ownership, The Ivy expanded from its original West End base into a broader collection of restaurants, including 16 locations in London as well as sites in Wales, Scotland and Ireland.

The report said Diafa and IHC were interested in expanding The Ivy Brasserie concept into the United States.

Caring, one dubbed the ‘King of Mayfair’, said: “I am delighted to partner with the visionary Diafa team, and I am confident thatwe 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.”

Diafa is to be led by Ravi Thakran, the former chair of LVMH’s Asia business.

“This transaction marks the beginning of a new chapter in global luxury hospitality,” reported TradeArabia.

“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. Together with Richard Caring, we are building a platform of enduring value and global influence.”

The valuation is significantly higher than the most recently reported earnings of part of the business. Troia (UK) Restaurants, representing the restaurant operations included in the sale, reported adjusted earnings of £58 million on turnover of £303 million last year.

The sale represents one of the biggest recent deals in the UK hospitality sector at a time when operators have been grappling with rising taxes, regulation and labour costs.

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_{Main image: Annabel’s private members’ club in Berkeley Square, Mayfair, one of the flagship venues in Richard Caring’s hospitality portfolio. Credit: No Swan So Fine / CC BY-SA 4.0}