The Ivy restaurant group, part-owned by billionaire entrepreneur Richard Caring, is continuing its operational optimisation efforts as discussions advance toward a potential £1bn private equity sale, according to newly released financial results.

For 2023, the group reported strong performance, with pre-tax profit rising from £29m to £37.6m and revenues climbing from £302.9m to £314.7m, reflecting robust demand and continued customer loyalty despite a challenging macroeconomic backdrop. The company credited its success to a clear value proposition and ongoing operational enhancements.

The potential sale of The Ivy, first reported in late 2023, remains on track, with private equity firm SI Advisers leading negotiations. The process is progressing as SI Advisers seeks the right co-investor to support the next phase of growth for the celebrated hospitality brand.

Richard Caring owns up to 50% of The Ivy group, alongside other investors including former Qatari Prime Minister Sheikh Hamad bin Jassim bin Jaber al-Thani. The group remains focused on strategic investment and growth opportunities, with 2024 financial statements due later this year.

A statement from the board highlighted: “Whilst inflationary pressures reduced consumer confidence compared to the post-pandemic highs, the group’s value proposition continued to resonate strongly with customers.”

The Ivy’s forthcoming transaction underlines strong private equity appetite for premium hospitality assets, with investors attracted to well-established brands demonstrating pricing resilience and long-term growth potential.

Source: City AM