Latest news with #RichardCaring
Irish Times
18-06-2025
- Business
- Irish Times
Famed Ivy to open second restaurant on Dawson Street
Having earned the distinction seven years ago of being the Ivy Collection's first location outside the UK, Dawson Street is set to become home to another of the group's restaurants. While the details of its arrival on the street have yet to be confirmed, The Irish Times understands that the Asian-inspired Ivy Asia has signed a deal to occupy the 12,500sq ft restaurant/retail space on the ground-floor and basement level of number 12 Dawson Street. The letting was handled by Savills, who declined to comment on the matter. Better known as the former, longstanding headquarters of New Ireland Assurance, number 12 Dawson Street was redeveloped in recent years by Paddy McKillen jnr's Oakmount and its partners, Core Capital, and is home today to Goodbody Stockbrokers. The space being taken by the Ivy Asia had, at one point, been earmarked for a restaurant to be operated by McKillen jnr's Press Up hospitality group. Number 12 Dawson Street is located immediately adjacent to the block occupied by the Ivy Collection's existing restaurant, the Ivy Dawson. Both the Ivy Dawson and Ivy Asia form part of the wider Ivy Collection, a diverse group of restaurants, cafes and brasseries under the same ownership as the original Ivy restaurant in Soho, in London. READ MORE They are part of Richard Caring's Caprice Holdings, which operates a string of high-profile restaurants and hospitality outlets across London and the UK, including Scott's, J Sheeky, Daphne's and Sexy Fish. According to its website, the Ivy Asia aims to bring diners through what it describes as 'a journey of the senses with a dining and drinking story inspired by Asian influence'. As is the case with its sister restaurants in the Ivy Collection, the Asian-themed venues 'offer a luxurious and theatrical setting in both design and decor'.
Times
15-06-2025
- Business
- Times
Ivy owner apologises for demanding discounts from suppliers
Richard Caring has apologised to suppliers of his restaurant businesses after a letter was sent out informing them there would be a 'mandatory' 2.5 per cent cut to their invoices. Caring's restaurant empire, which includes The Ivy Collection and Bills, wrote to suppliers earlier this month telling them that 'to ensure our business can remain strong' a 2.5 per cent 'discount' would be applied to their accounts. 'This mandatory discount is being applied in response to the current increased costs of trading,' the letter, dated June 3 and signed by Jeremy Evans, Richard Caring's head of indirect and beverage procurement, said. 'We are asking all of our supplier partners to work with us as we support each other through this difficult period.' After suppliers baulked at the unilateral demand for a discount, Caring told The Times that the letter had not been approved and apologised for it, adding that it was 'totally incorrect'. 'This letter should not have been written in the manner that it was. I had not seen it and certainly had not approved it. I want to apologise to our suppliers for the letter, which is totally incorrect,' Caring said. 'I want to make it clear that at no time would we put this into operation without the full agreement of each supplier and at no time should we have suggested a mandatory positioning.' It is understood that the idea of the cuts are not being reversed entirely, but the company will work with each of its suppliers to come to a decision. Nicholas Harmston, the chief executive and founder of We Can Source It, a catering supplier which received the letter, said he wrote back to tell them that he would increase his prices by 2.5 per cent and reduce the company's credit terms. 'I couldn't believe it. In 11 years of supplying [businesses], I've never seen a letter like that. It was unbelievable,' Harmston said. 'I've had no response [to my letter]. There was absolutely no way that was going to be accepted by my company, and I don't suppose many other suppliers will accept it either.' • Ivy braced to swallow £6m hit from national insurance rise At the time, the conglomerate justified the increase due to the 'many challenges regarding increased cost' that the restaurant sector is facing. 'The challenges facing us include, but are not limited to, an increased tax burden and cost of employment, cost of indirect products/services and also direct costs of food and beverages,' the letter went on to say. It ended by telling suppliers with concerns or queries to contact the business. 'I want to enlarge on the part of the letter that says if any supplier has any queries or concerns they should contact me,' Caring added. 'I would say we would like to work with each supplier in what is an extremely difficult marketplace so that we can successfully work together into the future hand in hand.' The apology comes as Caring is in advanced talks to sell a significant portion of his UK hospitality empire to an entity controlled by Sheikh Tahnoon bin Zayed al-Nahyan. According to the Financial Times, the deal between Caring and Sheikh Tahnoon's holding company, IHC, could exceed £1 billion.
Yahoo
16-05-2025
- Business
- Yahoo
Richard Caring in advanced talks to sell part of UK hospitality empire
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. 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. The 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. "Richard Caring in advanced talks to sell part of UK hospitality empire" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
16-05-2025
- Business
- Yahoo
Richard Caring in talks to sell stake in The Ivy to Abu Dhabi's ‘spy sheikh'
Richard Caring is in talks to sell a stake in his Ivy restaurant empire to an Abu Dhabi royal nicknamed the '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.' A spokesman for Mr Caring declined to comment. IHC was contacted for comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Telegraph
16-05-2025
- Business
- Telegraph
Richard Caring in talks to sell stake in The Ivy to Abu Dhabi's ‘spy sheikh'
Richard Caring is in talks to sell a stake in his Ivy restaurant empire to an Abu Dhabi royal nicknamed the '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.'
