The chairman of Caprice Holdings Richard Caring is reportedly on the verge of selling his stake in The Ivy Restaurant Group to London-based private equity firm Si Advisers.
The sale, which is estimated to be worth around £1 billion, could go ahead as early as the next couple of weeks and would see the transfer of almost all of Caring's stake in the group, with other stakeholders also poised to sell their shares. As it stands, Caring is widely considered one of the most successful investors in upmarket hospitality of his generation.
The billionaire began searching for a buyer at the end of last year, when he started a £1 billion auction for his shares in the restaurant group.
Originally founded in 1917, The Ivy has truly stood the test of time, becoming one of London's biggest celebrity hangouts. The Ivy Collection now has over 40 sites around the country and is due to open its 42nd restaurant in Bournemouth later this year. The group has also taken its sites global with eight more restaurants across Asia, all of which are expected to be included in the sale.
Caring secured a multi-million pound deal to take over The Ivy and the Caprice Holdings Group back in 2005. Since then, he has expanded the group across all major UK cities, with the group's instantly recognisable, floral decor popping up across Birmingham, Manchester, Edinburgh and more.
It was thought that the original West End site would not be a part of the deal. However, it seems that it will be included as part of the sale. Caring’s stakes in a number of other prominent Caprice Holdings’ restaurants such as Scott’s, Bacchanalia and Sexy Fish, will not be included.
In other news, Rick Stein is set to open his first restaurant in central London.