HSBC has started distributing marketing materials to potential buyers of the restaurant group, which includes The Ivy, The Ivy Café, and The Ivy Brasserie brands as well as The Ivy Asis, according to The Sunday Times.
Caring is a co-owner of the restaurant group in a 50/50 partnership with former Qatari Prime Minister Sheikh Hamad Bin-Jassim Bin-Jaber Al Thani.
In December it was revealed that Caring had appointed HSBC to advise on the process with plans to sell a stake in the business.
The Ivy brand has grown from one single Covent Garden site into a national chain since Caring began expanding it in 2014. He launched The Ivy Asia in 2018. The Ivy Collection currently operates some 41 restaurants under The Ivy brand as well as a further eight under The Ivy Asia name.
Last year, Troia (UK) Restaurants, the parent company of The Ivy Collection, reported ‘strong growth’ across both sales and profits, driven by the expansion of The Ivy Asia brand.
Turnover for the group grew by more than £100m in the year ended 1 January 2023, rising to £302m from £200m the year before. Profit before tax increased from £20.4m to £29m, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose from £37.9m to £54.8m
Caring’s other London restaurants, including Sexy Fish, Scott’s, Bacchanalia and J Sheekey, as well as his private members clubs, that include The Birley Clubs and Annabel's, are not included in the sale.