Richard Caring in advanced talks to sell Ivy stake to Abu Dhabi royal

Richard Caring is reportedly in advanced talks to sell a substantial stake in his UK hospitality empire to an entity backed by the Abu Dhabi royal Sheikh Tahnoon bin Zayed al-Nahyan, according to the Financial Times. 

People with knowledge of the matter told the FT that the discussions between Caring, who owns the Ivy restaurants chain and London private members’ club Annabel’s, and Sheikh Tahnoon’s holding company IHC have been “ongoing for some time and intensified in recent weeks”. 

The news comes as Caring planned to sell his collection of Ivy restaurants last year to Si Advisers in a £1bn deal.

However, people close to the matter are speculating that the new deal between Caring and Sheikh Tahnoon could exceed more than £1bn. 

If the sale is successful, it would mark a partial exit of Caring and also provide him with entrepreneur funding to expand his hospitality brands such as the Ivy into new markets.

The exact parameters of any transaction have yet to be disclosed, the FT has learnt that the deal is centred on Caring’s bid to sell a stake in Troia, the company that owns the Ivy Collection, consisting of more than 40 restaurants in the UK and Ireland. 

The FT also stated that the deal could potentially also include Caring’s other assets such as his elite private members’ clubs in Mayfair – Annabel’s, George and Harry’s Bar.

These clubs are owned through Mark Birley Holdings, a vehicle that is co-owned by Qatari royal and former prime minister Sheikh Hamad bin Jassim bin Jaber al-Thani.

In addition to Troia and Mark Birley Holdings, Caring’s also owns Bill’s, a casual dining chain, and Caprice Holdings, which operated high-end restaurants including ​​Sexy Fish, Scott’s and Bacchanalia. 

Caring runs his hospitality empire through a complex network of offshore entities based in Jersey and the British Virgin Islands. 

Meanwhile, Sheikh Tahnoon, UAE national security adviser and brother of the president controls IHC, which is Abu Dhabi’s largest listed company. 

IHC has existing hospitality investments and its subsidiary Alpha Dhabi Holding controls the National Corporation for Tourism and Hotels, which owns properties in Abu Dhabi, the Maldives and the Seychelles.  

The people involved told the FT that there was “no guarantee of a deal being agreed between IHC and Caring”, and highlighted the shifting nature of the discussions around price and assets. 

Caring has been contacted for comment.