What's happened
Richard Caring is reportedly close to finalizing a £1 billion sale of the Ivy Collection, a group of over 40 restaurants in the UK, to the investment firm Si Advisors. This deal marks a significant shift in ownership for the iconic dining brand, which has been under Caring's control for nearly two decades.
Why it matters
What the papers say
According to The Guardian, Richard Caring is 'close to selling the Ivy chain of restaurants for £1bn to a little-known private equity group.' Sky News adds that the deal could be finalized within weeks, marking the end of Caring's nearly 20-year relationship with the brand. The Independent highlights that the sale will not include Caring's other restaurants, such as Scott's and Sexy Fish, indicating a strategic focus on the Ivy Collection. The Scotsman notes that the Ivy was founded in 1917 and has become a celebrity hotspot, further emphasizing its cultural significance.
How we got here
Caring, who acquired the Ivy in 2005, expanded the brand into a national chain. The Ivy Collection includes high-profile locations and has seen substantial growth, with reported earnings of £54.8 million for the year ending January 2023.
Common question
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What Does Richard Caring's Sale of the Ivy Collection Mean for London's Dining Scene?
Richard Caring's impending sale of the Ivy Collection restaurant group for around £1 billion is set to reshape London's dining landscape. As one of the city's most iconic restaurant chains, the implications of this sale extend beyond just ownership. What does this mean for the future of dining in London? Here are some key questions and insights surrounding this significant event.
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As dining experiences evolve, new establishments like 'The Corner Store' in Soho are capturing the attention of food lovers. This restaurant aims to blend classic dishes with a modern twist, creating a unique atmosphere that resonates with locals. But what exactly sets it apart from other dining options in the city? Here are some common questions about this exciting new venue and the broader dining trends shaping urban areas.
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Richard Allan Caring is a British businessman and multi-millionaire. He initially built a business, International Clothing Designs, supplying Hong Kong-manufactured fashion to UK retailers.
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