The Ivy Collection sees turnover double amid expansion drive

03-May-2019 - Last updated on 27-Apr-2021 at 12:19 GMT

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The Ivy Collection saw turnover double to £98.4m last year as it continued its expansion outside London.

Accounts for the year to 29 July 2018 show EBITDA increased to £11.53m, up from £4.71m the previous year.

The group, owned by restaurateur Richard Caring, opened 14 sites during the period – including its first in Dublin.

However, the investment in expansion included significant pre-opening costs, which led to the group reporting a post-tax loss for the financial period of £3.49m, compared to £3.45m the previous year.

In late 2018 The Ivy Collection also opened in Norwich, Leeds and Canary Wharf, and launched its first dual-concept site with two restaurants – including the debut Ivy Asia – in Manchester.

But the group says it expects the rate of new openings to slow going forward given "uncertainty around Brexit".

The original Ivy restaurant launched in London in 1917 and was bought by Caring alongside five sites in the Caprice Holdings group for £20m in 2005.

Its first spin-off, The Ivy Market Grill, opened in Covent Garden in 2014 and it has since grown to over 30 sites in the UK and Ireland.