Businessman Richard Caring is in advanced discussions to sell a substantial part of his hospitality business in the UK to the International Holding Company (IHC), overseen by its chairman Sheikh Tahnoon bin Zayed al-Nahyan, as reported by the Financial Times.
The sale encompasses the Ivy restaurants chain and Annabel’s, an exclusive London private members club.
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The potential deal, which has been under consideration for some time and has recently gained momentum, could exceed £1bn ($1.32bn).
The negotiations, which could lead to a partial exit for Caring, are primarily focused on selling a stake in Troia, the entity behind the Ivy Collection, which operates 40 restaurants across the UK and Ireland.
The deal could provide Caring with funding to expand his hospitality brands into new markets.
However, the deal’s specifics are still being finalised, with discussions around the price and assets involved still variable.
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By GlobalDataThe scope of the potential transaction has broadened and may now include Caring’s other assets, such as his Mayfair private members’ clubs George and Harry’s Bar —held under Mark Birley Holdings, which is co-owned by Qatar’s former prime minister Sheikh Hamad bin Jassim bin Jaber al-Thani.
Caring’s portfolio also includes casual dining chain Bill’s and Caprice Holdings, which owns upscale dining establishments Bacchanalia, Sexy Fish and Scott’s.
Despite ongoing talks, sources emphasise that there is no certainty that a deal will be reached between IHC and Caring.
Caring manages his business through a network of investment vehicles owned by Jersey and British Virgin Islands-based holding companies.
Corporate filings indicate that Troia, Caprice and Mark Birley Holdings have collectively guaranteed bank loans.
The conglomerate IHC already has a diverse portfolio in the hospitality sector.
Its listed subsidiary Alpha Dhabi Holdings holds a controlling interest in the National Corporation for Tourism and Hotels, which owns luxury hotels in Abu Dhabi, the Maldives and the Seychelles.
Additionally, via a joint venture with Monterock International, Alpha Dhabi has stakes in hospitality brands such as the Greek luxury resorts chain Nammos.
In September 2024, Caring was known to be in talks to sell the Ivy Collection restaurant group to a London-based investment company, Si Advisors.
