According to the FT, the perspective deal between Caring and Sheikh Tahnoon’s IHC holding company could exceed more than £1bn and provide funding to take Caring’s hospitality brands such as The Ivy into new markets.
IHC is the most valuable company on Abu Dhabi’s stock exchange by market capitalisation and already has various hospitality investments including a stake in Greek luxury resorts chain Nammos.
The deal between IHC and Caring is anchored around the latter’s ongoing efforts to sell a stake in Troia, parent company of The Ivy Collection, which he originally announced in early 2024.
It is reported, though, that the scope of the talks has been expanded to include Caring’s other assets such as London private members’ clubs Annabel’s, George and Harry’s Bar.
The people involved stressed to the FT that there was no guarantee of a deal being agreed and highlighted shifting discussions over price and which assets could be included.
IHC told the FT that it ‘regularly engages in discussions around diverse opportunities across sectors’ and that it discloses ‘any material developments once a transaction is confirmed’, in line with applicable regulations.
Caring declined to comment.
It was previously reported in September last year that Si Advisers, a little-known London-based firm, was on the brink of agreeing with Caring to acquire Troia in a deal that would have valued the group at around £1bn.
However, despite suggestions earlier this year that the deal would still be going ahead , nothing has ever formally been announced.
Troia (UK) Restaurants saw income and profits both rise in its most recent financial results. Turnover for the year ended 31 December 2023 rose to £314.7m from £302.9m in 2022.
Profit before tax increased from £29m to £37.7m, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) climbed from £54.8m to £57.5m.