Richard Caring sells majority stake in Ivy empire for £1.4bn
Richard Caring has agreed to sell a controlling interest in his restaurant and private members’ club group to Abu Dhabi investor Diafa. The deal follows an extended sales process and brings fresh capital into a strained UK hospitality sector.
Richard Caring has sold a majority stake in the Ivy, Annabel’s, Scott’s and a wider collection of venues in a transaction valued at £1.4 billion, according to The Sunday Times. The buyer is Diafa, an Abu Dhabi-based luxury and hospitality investor affiliated with IHC Group, with completion expected imminently as per the report.
Caring, 77, is expected to remain as executive chairman; the agreement is set to end a period of uncertainty that has surrounded the ownership of the group since late 2023.
From early reports to agreement
The sale follows earlier reporting by the drinks business, which revealed in January 2024 that Caring had put his stake in the Ivy Collection up for auction, with a valuation of around £1 billion. At the time, documents shared by HSBC confirmed that the business was being marketed to potential buyers.
As previously reported, Caring had been exploring options for his 50% holding in the Ivy Collection, which he co-owns with Sheikh Hamad bin Jassim bin Jaber Al Thani, while retaining operational control. The estate includes the original Ivy restaurant in London, founded in 1917, alongside a network of around 50 sites across the UK, including the Ivy Asia format launched in 2018.
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The earlier process drew interest from a range of investors, including Saudi Arabia’s Public Investment Fund, which had been expanding its presence in luxury hospitality.
Abu Dhabi backing and leadership changes
Diafa’s parent group IHC, ranks among the most valuable companies listed in Abu Dhabi. It is chaired by Sheikh Tahnoon bin Zayed al Nahyan, deputy ruler of Abu Dhabi and brother to the UAE president Sheikh Mohamed bin Zayed al Nahyan.
The investor already holds stakes in hospitality brands such as Zuma and Roka. Ravi Thakran, formerly chairman of LVMH’s business in Asia and founder of L Capital Asia, is understood to have been brought in as chief executive of the enlarged group, according to the same Sunday Times report.
Scale of the portfolio
The transaction covers a broad portfolio of venues, including Sexy Fish, Noema, Harry’s Bar, George and Mark’s Club. These operations sit within Troia UK Restaurants, which reported adjusted earnings of £58 million on turnover of £303 million in its latest financial year.
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