Richard Caring has pulled off one of the biggest deals in restaurant history, with the much delayed sale of his hospitality group bagging him a billion-pound profit after two decades of ownership.
Following protracted negotiations since late 2023, it was revealed last weekend that he had sold his majority share in the group for a reported £1.4billion to an investment outfit controlled by Abu Dhabi’s Sheikh Tahnoon bin Zayed al-Nahyan, younger brother of UAE President Sheikh Mohamed bin Zayed.
Now aged 77, Caring made his first fortune in the clothing business and entered hospitality with the 2005 acquisition of Caprice Holdings for £31.5million, from which he span out the Ivy Collection. The sale also includes his restaurants Sexy Fish, Scott’s and J Sheekey along with Harry’s Bar, Annabel’s and other clubs in the Birley group.
Caring will remain as executive chairman, with a further £1billion invested to drive the group’s next phase of expansion, including opening branches of The Ivy and Annabel’s in the US.
The purchaser is Diafa, the luxury and hospitality subsidiary of Sheikh Tahnoon’s International Holding Company, the most valuable holding company in the Middle East, where it joins a portfolio that already includes Zuma and Roka. Ravi Thakran, former chairman of Bernard Arnault’s LVMH business in Asia, has been appointed as the combined entity’s new chief executive.
Caring said: “I am delighted to partner with the visionary Diafa team, and I am confident that we will bring our world-class brands to new markets and continue to elevate our vision for hospitality to exciting new heights.
“Diafa’s commitment to investing in exceptional luxury brands makes them the right partner, and I look forward to building something truly enduring together.”
Ravi Thakran said: “This transaction marks the beginning of a new chapter in global luxury hospitality.
“We are curating a portfolio of the world’s most iconic and culturally defining brands, with the ambition to shape how the next generation experiences dining, social connection, and lifestyle. Together with Richard Caring, we are building a platform of enduring value and global influence.”
The Caring-Tahnoon deal stands out among other billion-pound-plus restaurant sales in that it covers upmarket venues. Most other blockbuster deals involve massmarket fast-food chains, such as the sales of Subway, Dunkin’ Donuts and Tim Horton’s in recent times, all for more than $10billion. This week, Danish coffee shop company Joe & the Juice announced a strategic investment from Emirati investment outfit EIIC that valued the company at £1.33billion, and is designed to double the number of global outlets to 1,000 in the next two years.
