Fri 6th Sep 2024 - Richard Caring close to clinching £1bn sale of Ivy Collection Richard Caring close to clinching £1bn sale of Ivy Collection: Richard Caring is close to clinching a sale of his collection of Ivy restaurants, paving the way for a new owner of the business. Sky News reported Caring, who began exploring an auction late last year, is on the brink of signing a deal with Si Advisers, a little-known London-based firm. Sources said a deal could be formally struck within weeks and was expected to value at around the £1bn valuation mooted for the business over the last eight months. The deal is expected to see him offloading close to all of his stake in The Ivy Collection, which now spans dozens of restaurants in affluent locations across Britain. Other shareholders, including a Qatari fund, are also expected to sell. The deal will not include Caring's other restaurants, which include London's Scott's, Sexy Fish and J Sheekey, or clubs such as Annabel's and Mark's Club in Mayfair. Si Advisers, which was founded in 2019, lists its two directors as Hamza Ben Abderahmen and Ameel Somani, who is described as “a private equity investor and keen supporter of the arts”. Somani serves on a number of boards and previously worked for Helios Investment Partners, the Africa-focused private equity firm. The Ivy was founded at a site near Leicester Square in 1917 by two friends, Abel Giandolini and Mario Gallati, with the latter then going on to open Le Caprice, which was for decades one of the capital's most popular restaurants among A-list celebrities before it was closed in 2020. Caring took over Caprice Holdings in 2005 in a deal that included many of London's most prominent restaurants. He has since embarked on an expansion of The Ivy brand, taking it to dozens of locations across London and the south of England. Branches of The Ivy have also opened in Birmingham, Leeds, Manchester and York, as well as cities in Ireland, Scotland and Wales. Caring has also focused on expanding The Ivy Asia, a newer concept that numbers fewer than ten restaurants but which he aims to expand. Accounts filed at Companies House for Troia (UK) Restaurants for the period ending 1 January 2023, which comprises The Ivy Collection, showed turnover of £302,927,000, and adjusted Ebitda of £54.8m. Updated accounts are expected to be filed later this year. In 2019, Caring sold a 25% stake in Caprice Holdings to Hamad bin Jassim bin Jaber Al Thani, the former prime minister of Qatar, in a deal reportedly worth £200m. Caring has also been a shareholder in the company that owns the Soho House chain of private members' clubs. His initial wealth was made in the clothing trade, and saw him become a long-term business associate of Sir Philip Green, the former Arcadia owner. A spokesperson for Caring and HSBC both declined to comment, while Si Advisers could not be reached for comment. The Ivy Collection features in the Propel Turnover & Profits Blue Book, which is available exclusively to Premium Club members and features 958 companies. The Ivy Collection’s turnover of £302,927,000 is the 37th highest in the database. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email kai.kirkman@propelinfo.com to upgrade your subscription.