Richard Caring in talks to sell stake in The Ivy to Abu Dhabi's ‘spy sheikh'
Mr Caring, the hospitality tycoon known as the 'King of Mayfair', is in advanced negotiations with Sheik Tahnoun bin Zayed Al Nahyan to sell a significant share in his hospitality company Troia for around £1bn, the Financial Times reported.
The company owns The Ivy restaurant in central London and its offshoots across the country.
Negotiations are said to be fluid and other clubs and restaurants owned by Mr Caring could also be thrown into the deal. Mr Caring also owns Sexy Fish, an Asian restaurant and bar in Mayfair, J Sheekey, a fish restaurant near Leicester Square and Annabel's, the renown private members club, among others.
A source close to the talks said a deal was not imminent.
Mr Caring has been seeking to sell a stake in The Ivy for almost a year and was last autumn said to be close to a deal with London-based firm Si Advisers, a little known investment firm.
A deal with Sheik Tahnoun's International Holding Company (IHC) would represent a significantly more high-profile transaction. IHC is currently the most valuable firm listed on Abu Dhabi's stock exchange, with investments in industries ranging from property to fisheries.
Sheik Tahnoun is the son of the United Arab Emirates founder Zayed bin Sultan Al Nahyan and a leading figure in Abu Dhabi's royal family. He is also the UAE's intelligence chief, a position that has earned him the nickname the 'spy sheikh'.
The Abu Dhabi royal was hosted by Donald Trump at the White House in March this year and his Instagram accounts shows recent meetings with Mark Zuckerberg and Jeff Bezos.
The sheikh's many roles also including heading the UAE's state-owned AI investment fund and G42, the Emirati rival to ChatGPT-maker OpenAI.
Mr Caring, who started out in the fashion industry as a supplier to shops including Next and Marks & Spencer, bought the original Ivy restaurant in 2005. The site, which opened in 1917 in Covent Garden, is one of the capital's most famous restaurants, known for its popularity with actors.
Mr Caring took the brand and expanded it into a restaurant chain in 2014. Today, there are more than 40 Ivy cafes, brasseries and restaurants across the UK and Ireland.
Documents sent out to potential investors suggest Mr Caring is likely to stay with the business following any sale. A presentation seen by The Telegraph last year stated: 'Richard Caring is open to retaining a minority stake and also remaining a part of future operations as required.'
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